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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number 811-23319
Carlyle Tactical Private Credit Fund
(Exact Name of Registrant as Specified In Its Charter)
One Vanderbilt Avenue, Suite 3400
New York, New York 10017
(Address of principal executive offices) (Zip Code)
Joshua Lefkowitz, Esq.
Chief Legal Officer, Carlyle Tactical Private Credit Fund
One Vanderbilt Avenue, Suite 3400
New York, New York 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (833) 677-3646
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
Item 1. Reports to Stockholders
Carlyle_Logo_RGB.jpg
CARLYLE TACTICAL PRIVATE CREDIT FUND
SEMI-ANNUAL REPORT         
JUNE 30, 2026
Table of Contents
Section
Page
Top Holdings and Industries
Consolidated Schedule of Investments
Consolidated Statement of Assets and Liabilities
Consolidated Statement of Operations
Consolidated Statements of Changes in Net Assets
Consolidated Statement of Cash Flows
Consolidated Financial Highlights
Notes to Consolidated Financial Statements
Other Information
Portfolio Proxy Voting Policies and Procedures; Updates to Schedules of Investments
Privacy Notice
5
Top Holdings and Industries
Portfolio holdings and industries are subject to change. Percentages are as of June 30, 2026, and are based on the fair value as a percentage
of net assets.
Top Ten Industries(1)
Software
16.2%
Financial Services
11.6%
Health Care Providers & Services
10.7%
Consumer Services
7.6%
Hotels, Restaurants & Leisure
6.9%
Professional Services
5.1%
Commercial Services & Supplies
4.8%
Diversified Investment Vehicles
3.9%
IT Services
3.8%
Electronic Equipment, Instruments & Components
3.6%
(1) Although not industries, Collateralized Loan Obligations, which are well-diversified pools of loans in varying industries, and Money Market Funds,
which are short-term cash management vehicles, represent 19.1% and 2.2% of net assets, respectively.
Top Ten Holdings
Project Carbo S.a.r.l., Preferred Stock
1.7%
Vensure Employer Services, Inc., Term Loan
1.6%
Santiago Holdings, LP, Common Stock
1.4%
Deerfield Dakota Holding, LLC, Term Loan
1.3%
Nader Upside 2 S.a.r.l., Term Loan, Tranche B
1.3%
Excelitas Technologies Corp., Term Loan
1.3%
Rome Bidco Ltd., Term Loan
1.3%
CG Panther Parentco, L.P., Common Stock
1.2%
Argenbright Holdings IV, LLC, Term Loan
1.2%
Allied Benefit Systems Intermediate, LLC, Term Loan, 2nd Amendment
1.2%
6
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
First Lien Debt (98.0% of Net Assets)
1251 Insurance Distribution
Platform Payco, LP
Revolver
(4) (5) (6) (14)
Insurance
SOFR + 450
8.14%
3/31/2031
$1,937
$1,914
$1,917
1251 Insurance Distribution
Platform Payco, LP
Term Loan
(2) (3) (4) (5) (14)
Insurance
SOFR + 450
8.14%
3/31/2031
14,277
14,156
14,173
AAH Topco, LLC
Delayed Draw Term Loan,
Class C
(4) (5) (6) (13) (14)
Health Care Providers &
Services
SOFR + 500
8.74%
12/31/2027
620
612
615
Acrisure, LLC
Term Loan, Tranche B6
(2) (3) (4)
Insurance
SOFR + 300
6.64%
11/6/2030
8,106
8,106
7,316
Addev Group, Inc.
Term Loan
(4) (5) (21)
Distributors
SOFR + 550
9.23%
10/28/2032
7,732
7,588
7,616
Addev Group, Inc.
Delayed Draw Term Loan,
Acquisition Facility
(4) (5) (21)
Distributors
SONIA + 550
9.23%
10/28/2032
£2,894
3,918
3,781
Addev Group, Inc.
Delayed Draw Term Loan,
Acquisition Facility
(4) (5) (6) (21)
Distributors
EURIBOR + 550
7.79%
10/28/2032
€1,111
1,281
1,231
ADI Global Distribution Funding
LLC
Term Loan, Tranche B
(2) (4) (5) (20)
Capital Equipment
SOFR + 275
6.39%
6/17/2033
725
721
726
ADPD Holdings, LLC
Revolver
(4) (5) (8) (13) (14)
Consumer Services
SOFR + 100, 5.00%
PIK
9.93%
8/16/2028
919
912
772
ADPD Holdings, LLC
Term Loan
(2) (3) (4) (5) (8) (13)
(14)
Consumer Services
SOFR + 100, 5.00%
PIK
9.93%
8/16/2028
11,955
11,841
10,039
Advanced Infusion Solutions
Acquisition LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 500
8.64%
6/4/2032
1,510
1,478
1,477
Advanced Infusion Solutions
Acquisition LLC
Revolver
(4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 500
8.64%
6/4/2032
16
13
13
Advanced Web Technologies
Holding Company
Term Loan, 3rd Amendment
(4) (5) (8) (14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
405
403
401
Advanced Web Technologies
Holding Company
Delayed Draw Term Loan,
4th Amendment
(2) (4) (5) (8) (14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
486
482
482
Advanced Web Technologies
Holding Company
Term Loan, 4th Amendment
(2) (3) (4) (5) (6) (8)
(14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
1,047
1,038
1,030
Advanced Web Technologies
Holding Company
Delayed Draw Term Loan
(2) (3) (4) (5) (8) (14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
741
740
735
Advanced Web Technologies
Holding Company
Delayed Draw Term Loan 2
(2) (3) (4) (5) (8) (14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
1,072
1,070
1,062
Advanced Web Technologies
Holding Company
Term Loan
(2) (3) (4) (5) (8) (14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
3,967
3,961
3,931
Advanced Web Technologies
Holding Company
Delayed Draw Term Loan
(2) (3) (4) (5) (8) (14)
Containers, Packaging &
Glass
SOFR + 425, 2.25%
PIK
10.24%
12/17/2027
1,457
1,455
1,444
Advisor Group, Inc.
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 250
6.23%
8/2/2032
7,481
7,481
7,375
AI Aqua Merger Sub, Inc.
Term Loan, Tranche B
(2) (4) (20)
Commercial Services &
Supplies
SOFR + 250
6.14%
6/25/2033
4,660
4,637
4,655
AI Grace AUS Bidco Pty. Ltd.
Term Loan, Tranche B
(2) (3) (4) (5) (14)
(21)
Specialty Retail
SOFR + 525
8.90%
12/17/2029
18,286
18,286
18,249
Alera Group, Inc.
Term Loan, Tranche B
(2) (4) (20)
Insurance
SOFR + 275
6.39%
5/28/2032
6,948
6,917
6,591
Align Precision Group, LLC
Delayed Draw Term Loan
(4) (5) (6) (8) (14)
Aerospace & Defense
SOFR + 6.75% PIK
10.48%
7/3/2030
1,169
1,150
1,169
7
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Align Precision Group, LLC
Term Loan, Tranche A1
(2) (3) (4) (5) (8) (14)
Aerospace & Defense
SOFR + 6.75% PIK
10.48%
7/3/2030
6,412
6,412
6,412
Alliant Holdings Intermediate,
LLC
Term Loan, Tranche B
(2) (4) (20)
Insurance
SOFR + 250
6.14%
9/19/2031
9,838
9,828
9,697
Allied Benefit Systems
Intermediate, LLC
Term Loan, 2nd
Amendment
(2) (3) (4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 500
8.64%
10/31/2030
51,689
51,315
51,617
Allied Universal Holdco, LLC
Term Loan, Tranche B
(2) (4) (20)
Commercial Services &
Supplies
SOFR + 325
6.89%
8/20/2032
9,925
9,914
9,924
AllSpring Buyer, LLC
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 300
6.75%
11/1/2030
2,963
2,963
2,969
Alpine Acquisition Corp. II
Term Loan
(4) (5) (6) (14)
Transportation
SOFR + 500
8.64%
1/14/2031
1,940
1,940
1,940
Alpine Acquisition Corp. II
Term Loan
(4) (5) (6) (14)
Transportation
SOFR + 525
8.89%
1/14/2031
2,588
2,588
2,588
Alpine Acquisition Corp. II
Term Loan
(4) (5)
Transportation
SOFR + 500
8.64%
1/14/2031
75
75
75
Alterra Mountain Co.
Term Loan, Tranche B9
(2) (4) (14) (20)
Hotels, Restaurants & Leisure
SOFR + 250
6.14%
8/17/2028
3,135
3,128
3,135
American Airlines, Inc.
Term Loan, Tranche B
(2) (4) (20)
Passenger Airlines
SOFR + 300
6.66%
5/20/2033
2,752
2,725
2,715
American Airlines, Inc.
Term Loan, Tranche B
(2) (4) (20)
Passenger Airlines
SOFR + 275
6.43%
5/28/2032
1,995
1,993
1,995
American Auto Auction Group
LLC
Term Loan
(2) (4) (20)
Automotives
SOFR + 450
8.23%
5/28/2032
1,492
1,485
1,489
Amneal Pharmaceuticals, Inc.
Term Loan
(2) (4) (20)
Health Care Providers &
Services
SOFR + 300
6.66%
8/2/2032
3,491
3,491
3,502
AmpersCap LLC
Delayed Draw Term Loan,
1st Amendment
(4) (5) (6) (14)
Financial Services
SOFR + 525
8.98%
12/17/2032
9,088
8,814
8,866
AmpersCap LLC
Delayed Draw Term Loan
(2) (3) (4) (5) (14)
Financial Services
SOFR + 525
8.98%
12/17/2032
29,357
29,084
29,142
Amynta Agency Borrower, Inc.
Term Loan, Tranche B
(2) (3) (4)
Financial Services
SOFR + 250
6.14%
12/29/2031
3,639
3,639
3,586
Anticimex Global AB
Term Loan
(2) (3) (4) (20) (21)
Commercial Services &
Supplies
SOFR + 290
6.52%
11/17/2031
4,204
4,169
4,208
AP Plastics Acquisition Holdings,
LLC
Term Loan, Tranche B
(2) (3) (4) (5) (6) (13)
(14)
Chemicals, Plastics & Rubber
SOFR + 475
8.50%
8/10/2030
18,830
18,810
18,456
AP Plastics Acquisition Holdings,
LLC
Delayed Draw Term Loan
(2) (3) (4) (5) (13)
(14)
Chemicals, Plastics & Rubber
SOFR + 475
8.50%
8/10/2030
127
127
125
Apex Companies Holdings, LLC
Delayed Draw Term Loan
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.67%
1/31/2030
749
742
746
Apex Companies Holdings, LLC
Delayed Draw Term Loan,
Specified
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.66%
1/31/2030
146
145
146
Apex Companies Holdings, LLC
Term Loan
(2) (3) (4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.66%
1/31/2030
3,161
3,128
3,147
Apex Companies Holdings, LLC
Delayed Draw Term Loan,
Tranche A
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.67%
1/31/2030
1,200
1,200
1,195
Apex Companies Holdings, LLC
Delayed Draw Term Loan,
Tranche B
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.67%
1/31/2030
2,451
2,451
2,440
Apex Companies Holdings, LLC
Delayed Draw Term Loan,
3rd Amendment
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.66%
1/31/2030
5,854
5,847
5,828
Apex Companies Holdings, LLC
Delayed Draw Term Loan,
Specified
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.67%
1/31/2030
1,643
1,630
1,635
8
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Apex Companies Holdings, LLC
Term Loan, Incremental
(2) (3) (4) (5) (14)
Commercial Services &
Supplies
SOFR + 500
8.67%
1/31/2030
502
498
500
Apex Companies Holdings, LLC
Delayed Draw Term Loan
(4) (5) (6) (14)
Commercial Services &
Supplies
SOFR + 500
8.66%
1/31/2030
5,841
5,650
5,746
API Holdings III, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Aerospace & Defense
SOFR + 550
9.15%
6/3/2033
1,349
1,332
1,332
Appriss Health, LLC
Term Loan
(2) (3) (4) (5) (6) (13)
(14)
Health Care Providers &
Services
SOFR + 475
8.49%
5/6/2028
6,498
6,471
6,481
Arcline FM Holdings, LLC
Term Loan
(2) (4) (20)
Aerospace & Defense
SOFR + 275
6.60%
6/24/2030
5,940
5,928
5,956
Ardonagh Midco 3 Limited
Term Loan, Tranche B
(2) (4) (20) (21)
Insurance
SOFR + 300
6.63%
2/15/2031
4,938
4,938
4,768
Aretec Group, Inc.
Term Loan
(2) (4) (20)
Capital Markets
SOFR + 300
6.64%
8/9/2030
8,944
8,935
8,918
Argenbright Holdings IV, LLC
Term Loan
(5) (8)
Commercial Services &
Supplies
14.00% PIK
14.00%
12/2/2030
57,798
56,518
55,341
Armor Holdco Inc.
Term Loan
(2) (3) (4) (14) (20)
Commercial Services &
Supplies
SOFR + 375
7.39%
12/10/2031
10,248
10,198
10,230
Artifact Bidco, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 415
7.88%
7/28/2031
17,611
17,421
17,606
Ascend Buyer, LLC
Term Loan, 4th Amendment
(2) (3) (4) (5) (14)
Containers, Packaging &
Glass
SOFR + 525
8.98%
9/29/2028
1,114
1,105
1,110
Ascend Buyer, LLC
Revolver
(4) (5) (6) (14)
Containers, Packaging &
Glass
SOFR + 525
8.98%
9/29/2028
343
331
334
Ascend Buyer, LLC
Term Loan
(2) (3) (4) (5) (14)
Containers, Packaging &
Glass
SOFR + 525
8.98%
9/29/2028
16,074
15,947
16,016
Ascensus Holdings, Inc.
Term Loan, Tranche B
(2) (3) (4) (20)
Financial Services
SOFR + 300
6.64%
11/26/2032
10,819
10,782
10,553
Associations, Inc.
Delayed Draw Term Loan,
Special Purpose
(4) (5) (6) (13) (14)
Construction & Engineering
SOFR + 650
10.42%
7/2/2028
1,595
1,593
1,595
Associations, Inc.
Term Loan, Tranche A, 2nd
Amendment
(2) (3) (4) (5) (6) (13)
(14)
Construction & Engineering
SOFR + 650
10.42%
7/2/2028
38,623
38,594
38,623
Aston Bidco (Holding) Limited
Term Loan
(4) (5) (14) (21)
Software
SONIA + 600
9.73%
7/31/2032
£11,329
14,623
14,538
Aston IntermediateCo Limited
Term Loan
(4) (5) (8) (14) (21)
Software
SONIA + 10.75%
PIK
14.48%
7/31/2033
£11,305
14,646
14,508
Asurion, LLC
Term Loan, Tranche B14
(2) (3) (4)
Insurance
SOFR + 375
7.41%
8/19/2028
955
933
902
Athenahealth Group, Inc.
Term Loan, Tranche B
(2) (3) (4) (14)
Software
SOFR + 275
6.39%
2/15/2029
4,218
4,190
4,206
Athlete Buyer, LLC
Delayed Draw Term Loan
A, 3rd Amendment
(2) (3) (4) (5) (13)
(14)
Consumer Services
SOFR + 600
9.83%
4/26/2029
4,355
4,302
3,563
Athlete Buyer, LLC
Delayed Draw Term Loan
B, 3rd Amendment
(4) (5) (13) (14)
Consumer Services
SOFR + 600
9.83%
4/26/2029
13,297
13,136
10,877
Athlete Buyer, LLC
Delayed Draw Term Loan
C, 3rd Amendment
(4) (5) (13) (14)
Consumer Services
SOFR + 600
9.83%
4/26/2029
4,009
3,962
3,280
Athlete Buyer, LLC
Revolver
(4) (5) (6) (13) (14)
Consumer Services
SOFR + 600
9.83%
4/26/2029
894
878
628
Athlete Buyer, LLC
Delayed Draw Term Loan,
Tranche A
(2) (3) (4) (5) (13)
(14)
Consumer Services
SOFR + 600
9.83%
4/26/2029
3,023
2,985
2,472
Athlete Buyer, LLC
Delayed Draw Term Loan,
Tranche D
(2) (3) (4) (5) (13)
(14)
Consumer Services
SOFR + 600
9.83%
4/26/2029
1,472
1,454
1,204
Atlas US Finco, Inc.
Term Loan, 3rd Amendment
(2) (3) (4) (5) (6) (14)
Software
SOFR + 450
8.16%
12/9/2029
13,912
13,849
13,920
9
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Atlas US Finco, Inc.
Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 450
8.16%
12/9/2029
2,840
2,791
2,841
Atlas US Finco, Inc.
Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 450
8.16%
12/9/2029
1,315
1,298
1,315
Auctane, Inc.
Term Loan, 6th Amendment
(2) (3) (4) (5) (13)
(14)
Transportation
SOFR + 575
9.52%
7/1/2033
5,000
4,926
4,925
AuditBoard, Inc.
Delayed Draw Term Loan
(4) (5)
Software
SOFR + 500
8.73%
7/12/2031
7,143
7,090
7,003
AuditBoard, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 500
8.73%
7/12/2031
15,000
14,863
14,651
AuditBoard, Inc.
Term Loan, 1st Amendment
(2) (3) (4) (5) (14)
Software
SOFR + 500
8.73%
7/12/2031
2,857
2,837
2,801
Avalara, Inc.
Term Loan
(2) (4) (20)
Financial Services
SOFR + 250
6.23%
3/29/2032
3,945
3,928
3,771
Azuria Water Solutions, Inc.
Term Loan, Tranche B
(2) (4) (5) (6) (20)
Construction & Engineering
SOFR + 275
6.48%
1/27/2033
4,529
4,517
4,512
Azurite Intermediate Holdings, Inc.
Delayed Draw Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 600
9.64%
3/19/2031
18,347
18,149
18,046
Azurite Intermediate Holdings, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 600
9.64%
3/19/2031
8,073
7,969
7,901
Barnes & Noble, Inc.
Term Loan
(2) (3) (4) (5) (11)
(13) (14)
Specialty Retail
SOFR + 716
10.90%
5/7/2030
1,574
1,545
1,535
Bausch + Lomb Corporation
Term Loan
(2) (4) (20) (21)
Health Care Providers &
Services
SOFR + 375
7.39%
1/15/2031
11,808
11,752
11,823
BCPE Empire Holdings, Inc.
Term Loan, 10th
Amendment
(2) (4) (20)
Trading Companies &
Distributors
SOFR + 350
7.14%
12/29/2032
9,975
9,836
9,842
BCPE Empire Holdings, Inc.
Term Loan, Tranche B
(2) (4) (20)
Trading Companies &
Distributors
SOFR + 325
6.89%
12/11/2030
1,470
1,468
1,449
BCPE HIPH Parent, Inc.
Term Loan
(2) (4) (5) (20)
Trading Companies &
Distributors
SOFR + 400
7.64%
6/25/2033
77
77
77
BCPE HIPH Parent, Inc.
Term Loan
(2) (4) (5) (20)
Trading Companies &
Distributors
SOFR + 400
7.64%
6/25/2033
734
730
734
BCPE Pequod Buyer, Inc.
Term Loan, Tranche B
(2) (3) (4) (20)
Containers, Packaging &
Glass
SOFR + 275
6.39%
11/25/2031
8,987
8,949
8,708
BCTO Bobsled Purchaser, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 475
8.39%
1/14/2033
13,235
13,101
13,105
Berlin Packaging, LLC
Term Loan, Tranche B7
(2) (3) (4) (14)
Containers, Packaging &
Glass
SOFR + 325
6.98%
6/9/2031
3,905
3,857
3,882
Bianalisi S.p.A.
Delayed Draw Term Loan
(4) (5) (21)
Health Care Providers &
Services
EURIBOR + 600
8.29%
2/26/2032
€16,634
17,088
18,816
Bianalisi S.p.A.
Term Loan
(4) (5) (21)
Health Care Providers &
Services
EURIBOR + 600
8.29%
2/26/2032
€35,485
36,440
40,140
Big Bus Tours Bidco Ltd.
Term Loan, Tranche B
(2) (3) (4) (5) (8) (21)
Hotels, Restaurants & Leisure
EURIBOR + 810,
0.50% PIK
10.75%
6/4/2031
€17,373
18,553
18,709
Big Bus Tours Bidco Ltd.
Term Loan, Tranche B
(2) (3) (4) (5) (8) (21)
Hotels, Restaurants & Leisure
SOFR + 810, 0.50%
PIK
12.26%
6/4/2031
28,092
27,465
26,337
Big Bus Tours Bidco Ltd.
Delayed Draw Term Loan,
Acquisition Facility
(2) (3) (4) (5) (8) (21)
Hotels, Restaurants & Leisure
EURIBOR + 810,
0.50% PIK
10.75%
6/4/2031
€1,188
1,379
1,280
Big Bus Tours Bidco Ltd.
Delayed Draw Term Loan,
Capex Facility
(2) (3) (4) (5) (6) (8)
(21)
Hotels, Restaurants & Leisure
SOFR + 810, 0.50%
PIK
12.26%
6/4/2031
1,551
1,480
1,345
Bingo Group Buyer, Inc.
Delayed Draw Term Loan
(4) (5) (14)
Commercial Services &
Supplies
SOFR + 475
8.48%
7/10/2031
2,644
2,620
2,617
10
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Bingo Group Buyer, Inc.
Revolver
(4) (5) (6) (14)
Commercial Services &
Supplies
SOFR + 475
8.48%
7/10/2031
31
22
21
Bingo Group Buyer, Inc.
Term Loan
(2) (3) (4) (5) (14)
Commercial Services &
Supplies
SOFR + 475
8.48%
7/10/2031
8,456
8,374
8,370
Bingo Group Buyer, Inc.
Delayed Draw Term Loan
(4) (5) (6) (14)
Commercial Services &
Supplies
SOFR + 475
8.48%
7/10/2031
1,037
988
981
Bingo Group Buyer, Inc.
Term Loan
(2) (3) (4) (5) (14)
Commercial Services &
Supplies
SOFR + 475
8.48%
7/10/2031
2,486
2,464
2,461
BlueCat Networks, Inc.
Delayed Draw Term Loan,
Tranche A
(4) (5) (14) (21)
Software
SOFR + 550
9.16%
8/8/2028
450
447
443
BlueCat Networks, Inc.
Delayed Draw Term Loan,
Tranche B
(4) (5) (14) (21)
Software
SOFR + 550
9.16%
8/8/2028
166
165
163
BlueCat Networks, Inc.
Term Loan, Tranche A
(2) (3) (4) (5) (14)
(21)
Software
SOFR + 550
9.16%
8/8/2028
3,191
3,165
3,137
BlueCat Networks, Inc.
Term Loan
(2) (3) (4) (5) (14)
(21)
Software
SOFR + 550
9.16%
8/8/2028
8,922
8,843
8,772
Bond German BidCo 2 GmbH
Term Loan, Tranche B
(2) (4) (20)
Chemicals, Plastics & Rubber
SOFR + 350
7.16%
5/6/2033
2,700
2,687
2,707
Boxer Parent Company Inc.
Term Loan, Tranche B
(2) (3) (4)
Software
SOFR + 275
6.42%
7/30/2031
2,948
2,942
2,647
BroadStreet Partners, Inc.
Term Loan, Tranche B4
(2) (3) (4)
Insurance
SOFR + 250
6.14%
6/13/2031
4,886
4,855
4,708
Bullhorn, Inc.
Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 500
8.64%
10/1/2029
5,756
5,746
5,671
Bullhorn, Inc.
Delayed Draw Term Loan,
8th Amendment
(4) (5) (14)
Software
SOFR + 500
8.64%
10/1/2029
16,700
16,645
16,453
Bullhorn, Inc.
Term Loan
(2) (3) (4) (5) (14)
Software
SONIA + 500
8.73%
10/1/2029
£10,422
13,030
13,620
Bullhorn, Inc.
Revolver
(2) (4) (5) (6)
Software
SOFR + 500
8.64%
10/1/2029
184
181
164
BusinesSolver.com, Inc.
Term Loan, 5th Amendment
(2) (3) (4) (5) (6) (14)
Software
SOFR + 450
8.23%
12/3/2032
10,781
10,720
10,604
Buyer's Edge Company, Inc.
Term Loan, Tranche B
(2) (4) (5) (20)
Financial Services
SOFR + 275
6.39%
4/28/2031
1,592
1,574
1,587
Calabrio, Inc.
Term Loan
(2) (3) (4) (5)
Computers & Electronics
Retail
SOFR + 400
7.67%
11/26/2032
9,975
9,509
7,689
Cascade Acquiror, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 500
8.63%
5/18/2033
1,544
1,527
1,527
CD&R Hydra Buyer, Inc.
Term Loan, Tranche B
(2) (3) (4) (13)
Trading Companies &
Distributors
SOFR + 400
7.74%
3/25/2031
2,930
2,924
2,931
Central Parent, Inc.
Term Loan
(2) (4) (20)
Software
SOFR + 325
6.98%
7/6/2029
1,960
1,637
1,267
Ceva Santé Animale S.A.
Term Loan, Tranche B
(2) (3) (4) (21)
Health Care Providers &
Services
SOFR + 275
6.39%
11/8/2030
1,955
1,942
1,957
CFC Bidco 2022 Limited
Term Loan, Tranche B
(2) (3) (4) (5) (21)
Insurance
SOFR + 350
7.23%
7/1/2032
4,975
4,931
4,660
Chamberlain Group, Inc.
Term Loan, Tranche B
(2) (4) (20)
Construction & Engineering
SOFR + 300
6.64%
9/8/2032
10,842
10,826
10,838
CHG Healthcare Services, Inc.
Term Loan, Tranche B
(2) (4) (20)
Health Care Providers &
Services
SOFR + 300
6.66%
9/29/2031
3,491
3,483
3,491
City Football Group Limited
Term Loan
(2) (3) (4) (13) (14)
(21)
Hotels, Restaurants & Leisure
SOFR + 300
6.93%
7/22/2030
6,803
6,789
6,769
Clarios Global LP
Term Loan, Tranche B
(2) (4) (20)
Automotives
SOFR + 250
6.14%
1/28/2032
8,458
8,449
8,458
11
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Cliffwater LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Financial Services
SOFR + 450
8.14%
4/22/2032
27,059
26,802
26,914
Cloud Software Group, Inc.
Term Loan, Tranche B
(2) (4) (14) (20)
Software
SOFR + 325
6.98%
8/13/2032
5,933
5,933
5,115
Clydesdale Acquisition Holdings,
Inc.
Term Loan, Tranche B
(2) (4) (20)
Containers, Packaging &
Glass
SOFR + 325
6.89%
4/1/2032
8,885
8,827
8,528
Cobham Ultra SeniorCo S.a.r.l.
Term Loan, Tranche B
(2) (3) (4) (13) (14)
(20)
Electronic Equipment,
Instruments & Components
SOFR + 375
7.79%
8/3/2029
3,174
3,174
3,182
ConnectWise, LLC
Term Loan, Tranche B
(2) (4) (13) (14) (20)
Software
SOFR + 350
7.49%
9/29/2028
4,793
4,786
4,394
Cordstrap Holding B.V.
Term Loan
(2) (3) (5) (8) (21)
Transportation
11.00% PIK
11.00%
7/4/2027
€1,274
1,499
1,448
CoreLogic, Inc.
Term Loan
(2) (4) (13) (14) (20)
Commercial Services &
Supplies
SOFR + 350
7.26%
6/2/2028
6,994
6,986
6,906
CoreWeave Compute Acquisition
Co., II, LLC
Delayed Draw Term Loan
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 962
13.30%
7/30/2028
2,291
2,272
2,313
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan 1
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.70%
6/28/2029
2,226
2,205
2,204
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan
10
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.70%
3/20/2030
647
639
641
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan
11
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.67%
4/23/2030
3,849
3,799
3,811
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan
12
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.67%
4/25/2030
936
924
927
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan 2
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.67%
7/26/2029
3,333
3,301
3,300
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan 4
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.67%
10/11/2029
8,303
8,221
8,220
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan 5
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.67%
10/28/2029
4,264
4,222
4,221
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan 7
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.65%
12/10/2029
2,074
2,054
2,053
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan 8
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 600
9.73%
12/31/2029
4,080
4,035
4,039
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan,
5th Amendment
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 425
7.99%
9/30/2030
1,856
1,833
1,833
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan,
5th Amendment, 1
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 425
7.98%
9/30/2030
20,693
20,408
20,434
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan,
5th Amendment, 2
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 425
7.89%
11/19/2030
19,015
18,758
18,777
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan,
5th Amendment, 3
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 425
7.98%
12/30/2030
5,986
5,906
5,911
CoreWeave Compute Acquisition
Co., IV, LLC
Delayed Draw Term Loan,
5th Amendment, 4
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 425
7.89%
2/13/2031
2,461
2,428
2,436
CoreWeave Financing DDTL V,
LLC
Delayed Draw Term Loan
(2) (3) (4) (6)
Electronic Equipment,
Instruments & Components
SOFR + 450
8.12%
11/6/2031
384
373
405
Cornerstone Building Brands, Inc.
Term Loan, Tranche B
(2) (4) (5) (20)
Building Products
SOFR + 450
8.16%
5/15/2031
10,977
10,718
5,576
Cornerstone Building Brands, Inc.
Term Loan
(2) (4)
Building Products
SOFR + 563
9.29%
8/1/2028
9,386
9,353
5,350
12
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Cornerstone OnDemand, Inc.
Term Loan
(2) (4) (13) (14) (20)
Software
SOFR + 375
7.51%
10/16/2028
3,969
3,851
2,510
Cotiviti Holdings, Inc.
Term Loan
(2) (4) (20)
Health Care Technology
SOFR + 275
6.40%
5/1/2031
4,893
4,882
4,468
Cotiviti Holdings, Inc.
Term Loan, 2nd
Amendment
(2) (4) (20)
Health Care Technology
SOFR + 275
6.40%
3/26/2032
4,950
4,908
4,486
Coupa Holdings, LLC
Delayed Draw Term Loan
(2) (4) (5)
Software
SOFR + 525
8.90%
2/27/2030
578
572
578
Coupa Holdings, LLC
Revolver
(2) (4) (5) (6)
Software
SOFR + 525
8.90%
2/27/2030
295
290
295
Coupa Holdings, LLC
Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 525
8.91%
2/27/2030
6,349
6,252
6,349
Creative Artists Agency, LLC
Term Loan, Tranche B
(2) (4) (20)
Media
SOFR + 250
6.14%
10/1/2031
1,975
1,975
1,973
Crestyl Residential PL 1
Term Loan
(5) (8) (21)
Real Estate Management &
Development
12.00% PIK
12.00%
6/30/2031
€972
1,123
1,110
Crown Finance U.S., Inc.
Term Loan, Tranche B
(2) (4) (20)
Media
SOFR + 450
8.14%
12/2/2031
1,492
1,483
1,494
CST Holding Company
Term Loan
(2) (3) (4) (5) (6) (13)
(14)
Consumer Goods: Non-
Durable
SOFR + 500
8.74%
11/1/2028
2,405
2,369
2,400
Cvent, Inc.
Term Loan, Tranche B
(2) (4) (20)
Commercial Services &
Supplies
SOFR + 275
6.48%
6/17/2030
995
943
950
Da Vinci Purchaser Corp.
Term Loan
(2) (4) (20)
Health Care Providers &
Services
SOFR + 275
6.39%
2/25/2032
1,990
1,954
1,974
Daffodil Bidco Ltd.
Term Loan, Tranche B1
(2) (3) (4) (5) (8) (21)
Financial Services
SONIA + 650,
1.50% PIK
11.73%
4/30/2031
£30,695
38,425
41,530
Daffodil Bidco Ltd.
Term Loan, Tranche B1
(4) (5) (8) (21)
Financial Services
SONIA + 12.50%
PIK
16.23%
4/30/2031
£33,563
42,553
45,522
Daffodil Bidco Ltd.
Term Loan, Tranche B2
(2) (3) (4) (5) (8) (21)
Financial Services
SONIA + 650,
1.50% PIK
11.73%
4/30/2031
£3,848
5,105
5,730
Daffodil Bidco Ltd.
Term Loan, Tranche B2
(4) (5) (8) (21)
Financial Services
SONIA + 12.50%
PIK
16.23%
4/30/2031
£3,575
4,745
5,490
Daintree BidCo Pty. Ltd.
Term Loan, Tranche B
(2) (3) (4) (5) (21)
Business Services
BBSY + 500
9.35%
4/11/2033
A$36,900
26,369
25,165
Daintree BidCo Pty. Ltd.
Term Loan, Tranche B
(2) (3) (4) (5) (21)
Business Services
SOFR + 450
8.16%
4/11/2033
8,000
7,882
7,880
Dance Midco S.a.r.l.
Term Loan, Tranche B1
(2) (3) (4) (5) (21)
Hotels, Restaurants & Leisure
EURIBOR + 500
7.44%
10/25/2031
€38,383
40,943
43,528
Dance Midco S.a.r.l.
Delayed Draw Term Loan,
Tranche B2
(4) (5) (6) (21)
Hotels, Restaurants & Leisure
EURIBOR + 500
7.44%
10/25/2031
€16,423
17,746
18,587
Dayforce, Inc.
Term Loan
(2) (4) (20)
Professional Services
SOFR + 300
6.66%
2/4/2033
8,000
7,981
7,269
DCA Buyer LLC
Term Loan, Tranche B-1
Last Out
(4) (5) (14)
Health Care Providers &
Services
SOFR + 500
8.73%
6/2/2031
449
445
449
DCA Buyer LLC
Term Loan
(2) (3) (4) (5) (8)
Health Care Providers &
Services
SOFR + 425, 2.25%
PIK
10.16%
6/2/2031
3,034
3,034
3,034
Dealer Tire, LLC
Term Loan, Tranche B
(2) (4) (20)
Distributors
SOFR + 300
6.64%
7/2/2031
4,477
4,477
4,432
Deerfield Dakota Holding, LLC
Revolver
(4) (5) (6) (14)
Financial Services
SOFR + 525
8.89%
9/13/2032
2,037
1,987
1,917
Deerfield Dakota Holding, LLC
Term Loan
(2) (3) (4) (5) (8) (14)
Financial Services
SOFR + 300, 2.75%
PIK
9.48%
9/13/2032
60,266
59,728
58,964
Delfin FLNG 1 HoldCo LLC
Delayed Draw Term Loan
(5) (6)
Energy: Oil & Gas
9.00%
9.00%
6/2/2033
9,324
9,119
9,118
Delta TopCo, Inc.
Term Loan, Tranche B
(2) (3) (4)
Computers & Electronics
Retail
SOFR + 275
6.40%
11/30/2029
4,913
4,904
4,639
13
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Deltatre Bidco Limited
Term Loan
(2) (3) (4) (5) (8)
Entertainment
SOFR + 125, 9.00%
PIK
13.91%
9/14/2028
6,409
6,336
5,832
Deltatre Bidco Limited
Term Loan, Tranche B
Facility
(2) (3) (4) (5) (8) (21)
Entertainment
EURIBOR + 125,
9.00% PIK
12.77%
9/14/2028
€21,983
23,913
22,354
Denali Intermediate Holdings, Inc.
Term Loan
(2) (3) (4) (5) (14)
Professional Services
SOFR + 550
9.15%
8/26/2032
7,150
7,085
7,098
Denali Intermediate Holdings, Inc.
Revolver
(4) (5) (6) (14)
Professional Services
SOFR + 550
9.15%
8/26/2032
129
123
124
Denali Midco 2, LLC
Delayed Draw Term Loan,
2022-1
(4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
562
556
558
Denali Midco 2, LLC
Delayed Draw Term Loan,
2023-1
(4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
6,286
6,216
6,248
Denali Midco 2, LLC
Delayed Draw Term Loan,
Tranche 2A
(4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
1,308
1,296
1,300
Denali Midco 2, LLC
Delayed Draw Term Loan,
Tranche 2B
(4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
281
278
279
Denali Midco 2, LLC
Delayed Draw Term Loan,
Tranche 3
(4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
957
948
951
Denali Midco 2, LLC
Delayed Draw Term Loan,
Tranche 4
(4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
1,132
1,121
1,125
Denali Midco 2, LLC
Delayed Draw Term Loan,
Tranche 5
(4) (5) (6)
Consumer Services
SOFR + 550
9.14%
12/22/2028
8,844
8,756
8,774
Denali Midco 2, LLC
Term Loan, Incremental
(2) (3) (4) (5) (14)
Consumer Services
SOFR + 550
9.14%
12/22/2028
4,201
4,159
4,175
DG Investment Intermediate
Holdings 2, Inc.
Term Loan
(2) (4) (14) (20)
Software
SOFR + 325
6.89%
7/9/2032
5,662
5,638
5,669
Digital Intelligence Systems, LLC
Term Loan
(2) (3) (4) (5) (13)
Consumer Services
SOFR + 725
10.99%
2/19/2030
25,126
24,735
24,498
Diligent Corporation
Revolver
(4) (5) (6) (14)
Telecommunications
SOFR + 500
8.67%
8/4/2030
1,359
1,342
1,250
Diligent Corporation
Term Loan, Tranche A1
(2) (3) (4) (5) (14)
Telecommunications
SOFR + 500
8.67%
8/4/2030
32,103
31,913
31,087
Diligent Corporation
Term Loan, Tranche A1
(2) (3) (4) (5) (8) (14)
Telecommunications
SOFR + 500, 3.42%
PIK
12.09%
8/4/2030
5,503
5,471
5,329
Discovery Global Holdings, Inc.
Term Loan, Tranche B
(2) (4) (20)
Media
SOFR + 250
6.14%
6/30/2033
7,846
7,827
7,845
Dwyer Instruments, Inc.
Delayed Draw Term Loan,
4th Amendment
(4) (5)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.48%
7/20/2029
2,821
2,802
2,821
Dwyer Instruments, Inc.
Term Loan, 4th Amendment
(2) (3) (4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.48%
7/20/2029
21,558
21,407
21,558
Dwyer Instruments, Inc.
Delayed Draw Term Loan
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.48%
7/20/2029
963
959
963
Dwyer Instruments, Inc.
Delayed Draw Term Loan,
Upsize
(4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.48%
7/20/2029
1,380
1,373
1,380
Dwyer Instruments, Inc.
Revolver
(4) (5) (6) (14)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.48%
7/20/2029
4,586
4,564
4,586
Dwyer Instruments, Inc.
Term Loan
(2) (3) (4) (5) (14)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.48%
7/20/2029
18,795
18,709
18,795
Edelman Financial Center, LLC
Term Loan, Tranche B
(2) (4) (20)
Capital Markets
SOFR + 400
7.64%
11/28/2031
505
500
506
Edition Holding, Inc.
Term Loan
(2) (3) (4) (5) (6)
Software
SOFR + 450
8.14%
12/18/2032
6,509
6,482
6,450
14
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Edition Holding, Inc.
Revolver
(4) (5) (6)
Software
SOFR + 450
8.15%
12/18/2032
21
19
17
EFS Cogen Holdings I LLC
Term Loan, Tranche B
(2) (3) (4) (20)
Utilities
SOFR + 250
6.23%
10/3/2031
9,995
9,976
10,002
Einstein Parent, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 525
8.91%
1/22/2031
45,557
44,747
43,543
Electronics for Imaging, Inc.
Term Loan
(2) (3) (4) (5) (13)
(14)
High Tech Industries
SOFR + 500
8.73%
7/23/2026
4,565
4,523
3,131
Element Materials Technology
Group US Holdings, Inc.
Term Loan
(2) (4) (14) (20)
Professional Services
SOFR + 350
7.23%
7/6/2029
6,531
6,521
6,553
Eliassen Group, LLC
Delayed Draw Term Loan
(4) (5) (14)
Professional Services
SOFR + 575
9.48%
4/14/2028
1,187
1,181
1,134
Eliassen Group, LLC
Term Loan
(2) (3) (4) (5) (14)
Professional Services
SOFR + 575
9.48%
4/14/2028
19,658
19,553
18,782
Ellkay, LLC
Term Loan, 5th Amendment
(2) (3) (4) (5) (6) (8)
(14)
Health Care Providers &
Services
SOFR + 300, 3.50%
PIK
10.17%
9/14/2030
13,417
13,303
12,868
Eltera Bidco AS
Term Loan, Tranche B
(4) (5) (6) (21)
Health Care Technology
NIBOR + 500
9.54%
5/12/2033
kr15,340
1,637
1,518
Embark Intermediate Holdings,
LLC
Delayed Draw Term Loan
(4) (5) (6) (14)
Professional Services
SOFR + 450
8.14%
9/2/2032
3,325
3,282
3,282
Embark Intermediate Holdings,
LLC
Term loan, Tranche B
(2) (3) (4) (5) (6) (14)
Professional Services
SOFR + 450
8.14%
9/2/2032
5,908
5,844
5,844
Engineered Machinery Holdings,
Inc.
Term Loan
(2) (3) (4) (14)
Capital Equipment
SOFR + 325
6.98%
11/26/2032
1,905
1,902
1,914
Enkindle Ltd.
Delayed Draw Term Loan
(4) (5) (6) (8) (11)
(21)
Financial Services
SONIA + 385,
4.20% PIK
11.78%
4/16/2031
£3,261
4,137
4,160
Enkindle Ltd.
Term Loan, Acquisition
(4) (5) (8) (11) (21)
Financial Services
SONIA + 385,
4.20% PIK
11.78%
4/16/2031
£698
902
905
Enkindle Ltd.
Term Loan, Tranche B2
(4) (5) (8) (11) (21)
Financial Services
SONIA + 385,
4.21% PIK
11.79%
4/16/2031
£10,550
13,950
13,679
Ensemble RCM LLC
Term Loan
(2) (4) (20)
Health Care Technology
SOFR + 300
6.66%
2/9/2033
2,500
2,479
2,489
EOC Borrower, LLC
Term Loan, Tranche B
(2) (4) (20)
Media
SOFR + 275
6.39%
3/24/2032
2,723
2,711
2,721
EP Wealth Advisors LLC
Term Loan, Tranche B
(2) (4) (5) (20)
Financial Services
SOFR + 250
6.17%
10/18/2032
1,995
1,995
1,993
Epicor Software Corp.
Term Loan
(2) (4) (20)
Software
SOFR + 275
6.39%
5/30/2031
6,100
6,084
5,818
Espresso Bidco Inc.
Term Loan
(2) (3) (4) (5) (6) (8)
(14)
Software
SOFR + 263, 3.13%
PIK
9.49%
3/25/2032
24,134
23,801
23,768
Espresso Bidco Inc.
Delayed Draw Term Loan
(4) (5) (6) (8)
Software
SOFR + 263, 3.13%
PIK
9.49%
3/25/2032
5,971
5,891
5,883
Essential Services Holding Corp.
Revolver
(4) (5) (6) (14)
Commercial Services &
Supplies
SOFR + 525
8.93%
6/17/2030
1,636
1,610
1,601
Essential Services Holding Corp.
Term Loan
(2) (3) (4) (5) (8) (14)
Commercial Services &
Supplies
SOFR + 288, 2.88%
PIK
9.43%
6/17/2031
30,467
30,235
30,182
Ethos Bidco Ltd.
Term Loan, Tranche B
(4) (5) (21)
Health Care Technology
SONIA + 525
8.98%
3/12/2033
£21,100
27,756
27,568
Excel Fitness Holdings, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Hotels, Restaurants & Leisure
SOFR + 475
8.48%
4/29/2030
11,948
11,797
11,672
Excel Fitness Holdings, Inc.
Delayed Draw Term Loan
(4) (5) (14)
Hotels, Restaurants & Leisure
SOFR + 475
8.48%
4/29/2030
1,864
1,851
1,824
Excelitas Technologies Corp.
Term Loan
(2) (3) (4) (5) (14)
Capital Equipment
EURIBOR + 525
7.46%
8/13/2029
€3,828
4,151
4,367
Excelitas Technologies Corp.
Term Loan
(2) (3) (4) (5) (6) (14)
Capital Equipment
SOFR + 525
8.89%
8/13/2029
56,393
56,368
56,311
15
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
FCG Acquisitions, Inc.
Term Loan, Tranche B
(2) (3) (4) (14) (20)
Commercial Services &
Supplies
SOFR + 325
6.89%
3/4/2033
6,762
6,748
6,782
Fertitta Entertainment, LLC
Term Loan, Tranche B
(2) (3) (4) (14)
Hotels, Restaurants & Leisure
SOFR + 325
6.89%
1/27/2029
5,753
5,722
5,745
Fiesta Purchaser, Inc.
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 275
6.39%
2/12/2031
995
973
975
Finastra USA, Inc.
Term Loan
(2) (4) (20)
Software
SOFR + 400
7.75%
9/15/2032
4,983
4,937
4,576
First Advantage Holdings, LLC
Term Loan, Tranche B
(2) (4) (20)
Professional Services
SOFR + 275
6.48%
10/31/2031
4,252
4,235
4,192
First Eagle Holdings, Inc.
Term Loan
(2) (4) (6) (20)
Financial Services
SOFR + 350
7.23%
8/16/2032
2,125
2,097
2,121
Floating Infrastructure Holdings
Finance, LLC
Term Loan, Tranche A
(2) (3) (5)
Transportation
9.00%
9.00%
8/13/2027
12,626
12,561
12,595
Flynn Restaurant Group LP
Term Loan, Incremental
(2) (3) (4) (20)
Hotels, Restaurants & Leisure
SOFR + 375
7.39%
1/28/2032
9,738
9,683
9,628
Focus Financial Partners, LLC
Term Loan, Tranche B
Incremental
(2) (4) (20)
Capital Markets
SOFR + 250
6.14%
9/15/2031
4,962
4,962
4,836
FPG Intermediate Holdco, LLC
Term Loan, 15th
Amendment, Tranche A
(4) (5) (8)
Consumer Services
SOFR + 5.00% PIK
8.67%
6/30/2029
17
17
17
FPG Intermediate Holdco, LLC
Term Loan, 15th
Amendment, Tranche B
(4) (5) (8) (11) (15)
Consumer Services
SOFR + 5.00% PIK
8.67%
6/30/2029
7
6
7
FPG Intermediate Holdco, LLC
Delayed Draw Term Loan,
Tranche B
(4) (5) (6) (8)
Consumer Services
SOFR + 5.00% PIK
8.63%
6/30/2029
6
6
6
FPG Intermediate Holdco, LLC
Delayed Draw Term Loan,
Tranche A
(4) (5) (8)
Consumer Services
SOFR + 5.00% PIK
8.63%
3/5/2027
3
3
3
Fullsteam Operations LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 525
8.90%
8/8/2031
8,164
8,069
7,745
Fullsteam Operations LLC
Revolver
(4) (5) (6) (14)
Software
SOFR + 525
8.90%
8/8/2031
295
287
260
Gaia Purchaser, Inc.
Term Loan, Tranche B
(2) (4) (5) (20)
Hotels, Restaurants & Leisure
SOFR + 400
7.67%
6/16/2033
2,000
1,990
1,998
GB AIT Buyer, Inc.
Term Loan, Tranche B
(2) (4) (20)
Transportation
SOFR + 425
7.91%
4/22/2033
2,000
1,980
2,000
Generator U.S. Buyer, Inc.
Revolver
(4) (5) (14)
Machinery
SOFR + 450
8.23%
7/22/2030
370
370
365
Generator U.S. Buyer, Inc.
Term Loan
(2) (3) (4) (5) (14)
Machinery
SOFR + 450
8.23%
7/22/2030
3,766
3,717
3,711
Genesys Cloud Services Holdings
II, LLC
Term Loan, Tranche B
(2) (4) (20)
Software
SOFR + 250
6.14%
1/30/2032
7,900
7,883
7,552
GFL Environmental Services Inc.
Term Loan, Tranche B
(2) (4) (20) (21)
Utilities
SOFR + 250
6.16%
3/3/2032
4,963
4,963
4,960
GI DI Emerald Intermediate Ltd.
Term Loan
(4) (5) (6) (14) (21)
Business Services
SOFR + 475
8.48%
2/12/2033
8,826
8,669
8,670
GI DI Emerald Intermediate Ltd.
Term Loan
(4) (5) (14) (21)
Business Services
EURIBOR + 475
7.04%
2/12/2033
€5,440
6,395
6,157
Gladiator Acquisition Sub, LLC
Delayed Draw Term Loan
(4) (5) (6) (14)
Consumer Services
SOFR + 475
8.41%
4/1/2033
146
136
136
Gladiator Acquisition Sub, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Consumer Services
SOFR + 475
8.39%
4/1/2033
2,489
2,460
2,460
Global Medical Response, Inc.
Term Loan, Tranche B
(2) (4) (20)
Health Care Providers &
Services
SOFR + 325
6.89%
9/20/2032
6,471
6,456
6,486
Goose Borrower, L.P.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 475
8.48%
3/2/2033
6,092
6,010
6,011
Grant Thornton Advisors, LLC
Term Loan, Tranche B
(2) (4) (20)
Professional Services
SOFR + 275
6.39%
5/30/2031
2,487
2,344
2,363
Greenhouse Software, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 575
9.48%
9/1/2028
7,598
7,572
7,509
Greenhouse Software, Inc.
Term Loan, 2nd
Amendment
(2) (3) (4) (5) (6) (14)
Software
SOFR + 575
9.48%
9/1/2028
1,600
1,582
1,582
16
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Gryphon Debt Merger Sub, Inc.
Term Loan, Tranche B
(2) (4) (20)
Electronic Equipment,
Instruments & Components
SOFR + 275
6.41%
9/13/2032
4,988
4,965
4,989
GS AcquisitionCo, Inc.
Delayed Draw Term Loan,
7th Supplemental
(4) (5) (14)
Software
SOFR + 525
8.98%
5/25/2028
173
173
165
GS AcquisitionCo, Inc.
Revolver
(4) (5) (6) (14)
Software
SOFR + 525
8.98%
5/25/2028
652
651
620
GS AcquisitionCo, Inc.
Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 525
8.98%
5/25/2028
13,551
13,529
12,885
GTCR Everest Borrower, LLC
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 250
6.23%
9/5/2031
2,985
2,976
2,969
Guidehouse LLP
Term Loan
(2) (3) (4) (5) (14)
Sovereign & Public Finance
SOFR + 475
8.39%
12/14/2030
40,288
40,287
38,155
Gymspa SAS
Term Loan, Acquisition
(4) (5) (8) (21)
Hotels, Restaurants & Leisure
EURIBOR + 575,
1.75% PIK
9.48%
5/14/2031
€3,764
4,103
4,322
Gymspa SAS
Delayed Draw Term Loan
(4) (5) (6) (8) (21)
Hotels, Restaurants & Leisure
EURIBOR + 575,
1.75% PIK
9.48%
5/14/2031
€941
982
1,088
Gymspa SAS
Term Loan
(4) (5) (8) (21)
Hotels, Restaurants & Leisure
EURIBOR + 575,
1.75% PIK
9.48%
5/14/2031
€20,230
22,053
23,230
Hadrian Acquisition Limited
Delayed Draw Term Loan
(2) (3) (4) (5) (8) (11)
(14) (21)
Financial Services
SONIA + 519,
3.29% PIK
12.00%
2/28/2029
£12,495
15,626
16,615
Hadrian Acquisition Limited
Term Loan, Acquisition
(2) (3) (4) (5) (8) (11)
(14) (21)
Financial Services
SONIA + 519,
3.29% PIK
12.00%
2/28/2029
£7,807
10,304
10,381
Hadrian Acquisition Limited
Term Loan, Tranche B2
(2) (3) (4) (5) (8) (11)
(14) (21)
Financial Services
SONIA + 519,
3.29% PIK
12.00%
2/28/2029
£21,057
27,719
27,932
Heartland Home Services, Inc.
Delayed Draw Term Loan,
2nd Amendment
(4) (5) (13) (14)
Consumer Services
SOFR + 575
9.58%
12/15/2026
4,691
4,686
4,613
Heartland Home Services, Inc.
Delayed Draw Term Loan,
1st Amendment
(4) (5) (13) (14)
Consumer Services
SOFR + 600
9.83%
12/15/2026
8,367
8,337
8,237
Heartland Home Services, Inc.
Term Loan
(2) (3) (4) (5) (13)
(14)
Consumer Services
SOFR + 600
9.83%
12/15/2026
6,681
6,671
6,578
Heartland Home Services, Inc.
Delayed Draw Term Loan
(2) (3) (4) (5) (13)
(14)
Consumer Services
SOFR + 600
9.83%
12/15/2026
2,219
2,215
2,185
Heartland Home Services, Inc.
Revolver
(4) (5) (13) (14)
Consumer Services
SOFR + 675
10.56%
12/15/2026
715
714
704
Hercules Borrower, LLC
Term Loan, 8th Amendment
(2) (3) (4) (5) (6) (14)
Environmental Industries
SOFR + 475
8.48%
12/14/2028
8,225
8,172
8,165
Hermes Bidco Germany GmbH
Term Loan, Tranche B
(4) (5) (14) (21)
Health Care Providers &
Services
EURIBOR + 525
7.34%
4/29/2033
€2,111
2,417
2,364
HIG Intermediate, Inc.
Term Loan, 6th Amendment
(2) (3) (4) (5) (6) (14)
Insurance
SOFR + 450
8.14%
6/11/2031
11,209
11,145
11,119
HighTower Holding, LLC
Term Loan, Tranche B
(2) (4) (5) (20)
Capital Markets
SOFR + 275
6.41%
2/3/2032
3,482
3,466
3,452
Hoosier Intermediate, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 500
8.65%
11/15/2028
11,835
11,729
11,835
Horizon Avionics Buyer, LLC
Revolver
(4) (5) (6) (14)
Aerospace & Defense
SOFR + 475
8.48%
3/26/2032
83
82
82
Horizon Avionics Buyer, LLC
Term Loan
(2) (3) (4) (5)
Aerospace & Defense
SOFR + 475
8.48%
3/28/2032
756
753
753
Horizon Avionics Buyer, LLC
Delayed Draw Term Loan
(4) (5) (6)
Aerospace & Defense
SOFR + 475
8.48%
3/28/2032
124
123
123
HS Spa Holdings Inc.
Delayed Draw Term Loan,
2nd Amendment
(4) (5) (14)
Consumer Services
SOFR + 525
8.91%
6/2/2029
632
628
627
HS Spa Holdings Inc.
Revolver
(4) (5) (6) (14)
Consumer Services
SOFR + 525
8.89%
6/2/2028
363
355
354
17
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
HS Spa Holdings Inc.
Term Loan
(2) (3) (4) (5) (14)
Consumer Services
SOFR + 525
8.92%
6/2/2029
8,302
8,219
8,245
Hudson River Trading LLC
Term Loan, Tranche B
(2) (4) (20)
Banking, Finance, Insurance
& Real Estate
SOFR + 250
6.14%
3/18/2030
3,830
3,821
3,801
Hunter Douglas Inc.
Term Loan, Tranche B
(2) (4) (20)
Consumer Goods: Durable
SOFR + 300
6.73%
1/20/2032
6,206
6,180
6,193
Hunter Holdco 3 Ltd.
Term Loan, Tranche B
(2) (3) (4) (5) (13)
(14) (21)
Health Care Providers &
Services
SOFR + 425
8.08%
8/19/2028
1,565
1,562
1,494
Hyperion Refinance S.a.r.l.
Term Loan, Tranche B
(2) (4) (14) (20) (21)
Insurance
SOFR + 275
6.39%
2/15/2031
8,732
8,711
8,180
Hyperion Refinance S.a.r.l.
Term Loan, Tranche B
(2) (4) (14) (20) (21)
Insurance
SOFR + 275
6.39%
4/18/2030
4,890
4,876
4,600
Hyphen Solutions, LLC
Term Loan, 3rd Amendment
(2) (3) (4) (5) (6) (14)
Software
SOFR + 450
8.14%
8/6/2032
4,499
4,472
4,424
IceFall Parent, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 450
8.23%
1/26/2030
12,610
12,428
12,506
iCIMS, Inc.
Revolver
(4) (5) (6) (14)
Software
SOFR + 575
9.42%
8/18/2028
707
692
602
iCIMS, Inc.
Term Loan
(2) (3) (4) (5) (14)
Software
SOFR + 575
9.42%
8/18/2028
27,544
27,383
26,353
IEM New Sub 2, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Electronic Equipment,
Instruments & Components
SOFR + 475
8.37%
12/3/2031
16,890
16,799
16,809
IG Investments Holdings, LLC
Term Loan, Refinancing
(2) (3) (4) (5) (6) (14)
IT Services
SOFR + 500
8.66%
9/22/2028
4,055
4,055
4,055
IGT Holding IV AB
Term Loan
(2) (4) (5) (20) (21)
Hotels, Restaurants & Leisure
SOFR + 300
6.73%
9/1/2031
5,352
5,343
5,221
IMA Financial Group, Inc.
Term Loan
(2) (4) (20)
Insurance
SOFR + 300
6.64%
11/1/2028
3,482
3,471
3,468
Imprivata, Inc.
Term Loan, Tranche B
(2) (4) (20)
Health Care Technology
SOFR + 375
7.39%
12/3/2029
2,137
2,116
2,134
Imprivata, Inc.
Term Loan, Tranche B
(2) (4) (20)
Health Care Technology
SOFR + 300
6.73%
12/1/2027
1,990
1,983
1,987
Infront Luxembourg Finance
S.a.r.l.
Term Loan, Tranche B
(2) (3) (4) (5) (8) (21)
Hotels, Restaurants & Leisure
EURIBOR + 450,
5.50% PIK
12.23%
5/28/2027
€22,287
26,821
25,465
Instructure Holdings, Inc.
Term Loan
(2) (4) (20)
Software
SOFR + 275
6.45%
11/13/2031
5,720
5,707
5,339
ION Platform Finance US Inc.
Term Loan
(2) (4) (20)
Financial Services
SOFR + 375
7.48%
10/7/2032
9,626
9,251
6,830
IQN Holding Corp.
Revolver
(4) (5) (6) (14)
Professional Services
SOFR + 525
8.98%
5/2/2028
293
292
289
IQN Holding Corp.
Term Loan
(2) (3) (4) (5) (14)
Professional Services
SOFR + 525
8.98%
5/2/2029
6,948
6,916
6,891
Iron Infinity Buyer Sub, Inc.
Delayed Draw Term Loan,
Tranche A
(2) (3) (4) (5) (14)
Software
SOFR + 450
8.23%
10/16/2032
9,005
8,984
8,900
Iron Infinity Buyer Sub, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 450
8.23%
10/16/2032
25,815
25,723
25,346
iSolved, Inc.
Term Loan
(2) (3) (4)
Professional Services
SOFR + 275
6.39%
10/15/2030
4,400
4,385
4,108
Janney Montgomery Scott, LLC
Term Loan
(2) (3) (4) (6)
Financial Services
SOFR + 275
6.39%
11/28/2031
5,502
5,479
5,502
Jawbreaker Parent, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 475
8.48%
1/31/2033
20,614
20,366
20,369
Jeg's Automotive, LLC
Term Loan
(2) (3) (4) (5) (8) (14)
(15)
Automotives
SOFR + 290, 6.00%
PIK
12.60%
12/31/2029
7,178
6,223
7,178
Jeg's Automotive, LLC
Revolver
(4) (5) (8) (14) (15)
Automotives
SOFR + 100, 6.00%
PIK
10.70%
12/31/2029
1,190
1,037
1,190
Jordanes Equity AS
Term Loan, Tranche A
(5) (21)
Beverage, Food & Tobacco
10.00%
10.00%
12/27/2031
kr291,278
24,285
28,249
Jordanes Equity AS
Delayed Draw Term Loan,
Tranche B
(5) (21)
Beverage, Food & Tobacco
10.00%
10.00%
12/27/2031
kr166,445
13,876
16,143
Jupiter Borrower, Inc.
Term Loan
(2) (4) (20)
Financial Services
SOFR + 275
6.48%
3/25/2033
3,342
3,327
3,335
Kestra Advisor Services Holdings
A, Inc.
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 300
6.64%
3/24/2031
4,453
4,448
4,408
18
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
KRE HYOD Owner, LLC
Term Loan, Tranche A1
(4) (5) (14)
Real Estate Management &
Development
SOFR + 442
8.01%
4/1/2028
1,321
1,321
1,314
KRE HYOD Owner, LLC
Term Loan, Tranche A2
(4) (5) (11) (14)
Real Estate Management &
Development
SOFR + 442
8.01%
4/1/2028
3,720
3,720
3,701
LDS Intermediate Holdings, LLC
Delayed Draw Term Loan
(4) (5)
Transportation
SOFR + 500
8.64%
2/9/2032
5,485
5,428
5,397
LDS Intermediate Holdings, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Transportation
SOFR + 500
8.64%
2/7/2032
27,698
27,364
27,187
LDS Intermediate Holdings, LLC
Term Loan, Incremental
(4) (5) (6) (14)
Transportation
SOFR + 500
8.64%
2/9/2032
2,008
1,922
1,851
Leia Finco US LLC
Term Loan
(2) (4) (20)
Software
SOFR + 325
6.99%
10/9/2031
2,533
2,522
2,304
Leo BuyerCo, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Capital Equipment
SOFR + 475
8.48%
11/25/2032
6,429
6,345
6,346
Leo BuyerCo, LLC
Revolver
(4) (5) (6) (14)
Capital Equipment
SOFR + 475
8.48%
11/25/2032
429
410
410
Lernen Bidco Limited
Term Loan B3
(2) (4) (14) (20) (21)
Financial Services
SOFR + 350
7.11%
10/27/2031
1,496
1,460
1,470
Lofty Brickell, LLC
Delayed Draw Term Loan
(4) (5) (6) (14)
Real Estate Management &
Development
SOFR + 475
8.37%
9/25/2028
38,066
37,687
37,566
LSF12 Crown U.S. Commercial
Bidco, LLC
Term Loan, Tranche B
(2) (4) (20)
Commercial Services &
Supplies
SOFR + 300
6.65%
12/2/2031
4,528
4,491
4,536
LSF12 Helix Parent, LLC
Delayed Draw Term Loan
(2) (4) (20)
Capital Equipment
SOFR + 350
7.14%
2/10/2033
3,650
3,632
3,578
Madison Safety & Flow, LLC
Term Loan, Tranche B
(2) (4) (20)
Machinery
SOFR + 250
6.15%
9/26/2031
3,261
3,254
3,261
Material Holdings, LLC
Term Loan, Tranche A
(2) (3) (4) (5) (6) (8)
(13) (14)
Professional Services
SOFR + 229, 3.71%
PIK
9.83%
8/19/2027
10,644
10,644
6,983
Material Holdings, LLC
Delayed Draw Term Loan,
6th Amendment
(2) (3) (4) (5) (6) (8)
(13) (14)
Professional Services
SOFR + 6.00% PIK
9.83%
8/19/2027
833
833
833
Material Holdings, LLC
Term Loan, Tranche B
(4) (5) (8) (13) (14)
(15)
Professional Services
SOFR + 6.00% PIK
9.74%
8/19/2027
3,030
1,003
—
Matterhorn Finco, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Business Services
SOFR + 550
9.23%
3/4/2033
14,444
14,284
14,285
Mavis Tire Express Services Corp.
Term Loan, Incremental
(2) (4) (20)
Specialty Retail
SOFR + 325
6.92%
5/6/2033
6,500
6,468
6,489
Mavis Tire Express Services Corp.
Term Loan
(2) (3) (4) (14) (20)
Specialty Retail
SOFR + 300
6.67%
5/4/2028
8,274
8,228
8,255
McAfee, LLC
Term Loan, Tranche B
(2) (3) (4) (14) (20)
Software
SOFR + 300
6.64%
3/1/2029
8,779
8,422
7,769
Meca Dev SAS
Term Loan, Tranche B1
(5) (21)
Aerospace & Defense
11.38%
11.38%
6/8/2033
€15,780
17,896
17,579
Meca Dev SAS
Term Loan, Tranche B1
(4) (5) (21)
Aerospace & Defense
EURIBOR + 1000
12.60%
6/8/2033
€5,086
5,768
5,710
Meca Dev SAS
Term Loan, Tranche B2
(4) (5) (6) (21)
Aerospace & Defense
EURIBOR + 750
10.10%
6/8/2033
€2,217
2,305
2,351
MECP1 Reno 1, LLC
Delayed Draw Term Loan
(4) (5) (6)
Real Estate Management &
Development
SOFR + 375
7.37%
12/17/2028
3,549
3,063
3,028
Merative LP
Term Loan
(2) (3) (4) (5) (6) (14)
Health Care Technology
SOFR + 450
8.23%
9/30/2032
49,165
48,892
49,165
Merlin Buyer, Inc.
Term Loan
(2) (4) (5) (20)
Machinery
SOFR + 400
7.73%
4/15/2033
3,000
2,985
3,004
Mindbody, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Leisure Products
SOFR + 600
9.73%
3/30/2033
8,590
8,449
8,449
Minerva Bidco Ltd.
Delayed Draw Term Loan
(2) (3) (4) (5) (21)
Utilities
SONIA + 425
7.98%
11/7/2030
£4,185
5,148
5,551
Minerva Bidco Ltd.
Term Loan
(2) (3) (4) (5) (21)
Utilities
SONIA + 425
7.98%
11/7/2030
£21,761
26,754
28,865
Mister Car Wash Holdings, Inc.
Term Loan, Tranche B
(2) (4) (20)
Consumer Services
SOFR + 300
6.64%
3/27/2031
3,000
2,971
3,007
Mitchell International, Inc.
Term Loan
(2) (3) (4)
Health Care Providers &
Services
SOFR + 300
6.64%
6/17/2031
6,775
6,775
6,434
19
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
MJH Healthcare Holdings, LLC
Repriced Term Loan,
Tranche B
(2) (4) (5) (20)
Media
SOFR + 275
6.39%
1/29/2029
2,977
2,732
2,819
Monarch Buyer, Inc.
Delayed Draw Term Loan
(4) (5) (6)
Business Services
SOFR + 475
8.45%
6/2/2032
1,544
1,483
1,447
Monarch Buyer, Inc.
Revolver
(4) (5) (6)
Business Services
SOFR + 475
8.49%
6/2/2032
649
622
606
Monarch Buyer, Inc.
Term Loan
(2) (3) (4) (5) (14)
Business Services
SOFR + 475
8.48%
6/2/2032
17,183
17,032
16,951
More Cowbell II, LLC
Term Loan, 2nd
Amendment
(2) (3) (4) (5) (6) (14)
Financial Services
SOFR + 450
8.24%
9/1/2030
15,938
15,938
15,938
MorettiHolding S.p.A.
Term Loan
(5) (8) (21)
Professional Services
13.00% PIK
13.00%
3/18/2032
€24,248
26,053
27,152
Nader Upside 2 S.a.r.l.
Term Loan, Tranche B
(4) (5) (8) (21)
Health Care Providers &
Services
EURIBOR + 9.25%
PIK
11.54%
3/29/2030
€49,029
53,180
58,962
National Mentor Holdings, Inc.
Term Loan, Tranche B
(2) (4) (20)
Health Care Providers &
Services
SOFR + 600
9.64%
12/12/2030
4,988
4,851
5,017
NEFCO Holding Company, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Building Products
SOFR + 450
8.24%
1/13/2033
10,766
10,704
10,705
NEFCO Holding Company, LLC
Revolver
(4) (5) (6) (14)
Building Products
SOFR + 350
7.24%
1/13/2033
846
839
839
Neptune Bidco U.S., Inc.
Term Loan, Tranche B
(2) (4) (13) (20)
Professional Services
SOFR + 500
8.86%
2/3/2033
2,000
1,917
1,982
North Haven Fairway Buyer, LLC
Revolver
(4) (5) (6) (14)
Consumer Services
SOFR + 500
8.70%
5/17/2028
2,126
2,108
2,112
North Haven Fairway Buyer, LLC
Term Loan
(2) (3) (4) (5) (14)
Consumer Services
SOFR + 500
8.73%
5/17/2028
9,868
9,794
9,812
North Haven Fairway Buyer, LLC
Delayed Draw Term Loan,
Tranche C1
(4) (5) (14)
Consumer Services
SOFR + 500
8.72%
5/17/2028
94
92
93
North Haven Fairway Buyer, LLC
Delayed Draw Term Loan,
Tranche C2
(4) (5) (14)
Consumer Services
SOFR + 500
8.67%
5/17/2028
10,905
10,723
10,843
North Haven Fairway Buyer, LLC
Delayed Draw Term Loan
(2) (3) (4) (5) (14)
Consumer Services
SOFR + 500
8.68%
5/17/2028
11,753
11,634
11,687
North Haven Fairway Buyer, LLC
Term Loan
(2) (3) (4) (5) (14)
Consumer Services
SOFR + 500
8.66%
5/17/2028
8,021
7,971
7,976
Nuvei Technologies Corp.
Term Loan, Tranche B
(2) (4) (20) (21)
Financial Services
SOFR + 250
6.14%
11/17/2031
7,339
7,345
7,131
Nuzoa Bidco, S.L.U.
Term Loan
(4) (5) (6) (21)
Distributors
EURIBOR + 550
8.11%
6/24/2032
€1,647
1,820
1,805
Nuzoa Bidco, S.L.U.
Term Loan, Tranche B
(4) (5) (21)
Distributors
EURIBOR + 550
8.10%
6/24/2032
€6,341
7,233
7,136
Oak Purchaser, Inc.
Delayed Draw Term Loan
(4) (5) (14)
Professional Services
SOFR + 550
9.23%
5/31/2028
203
201
200
Oak Purchaser, Inc.
Term Loan
(2) (3) (4) (5) (14)
Professional Services
SOFR + 550
9.23%
5/31/2028
836
828
822
Oak Purchaser, Inc.
Delayed Draw Term Loan
(4) (5) (14)
Professional Services
SOFR + 550
9.23%
5/31/2028
2,445
2,436
2,426
Oak Purchaser, Inc.
Revolver
(4) (5) (6) (14)
Professional Services
SOFR + 550
9.20%
5/31/2028
176
173
170
Oak Purchaser, Inc.
Term Loan
(2) (3) (4) (5) (14)
Professional Services
SOFR + 550
9.23%
5/31/2028
5,030
5,012
4,991
Oak Purchaser, Inc.
Delayed Draw Term Loan,
3rd Amendment
(4) (5) (6) (14)
Professional Services
SOFR + 550
9.23%
5/31/2028
1,254
1,235
1,211
Oak Purchaser, Inc.
Term Loan, 3rd Amendment
(2) (3) (4) (5) (14)
Professional Services
SOFR + 550
9.23%
5/31/2028
358
356
352
Oak-Eagle AcquireCo Inc.
Term Loan, Tranche B
(2) (4) (20)
Leisure Products
SOFR + 350
7.14%
3/24/2033
3,000
2,955
3,006
OEConnection, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Automotives
SOFR + 450
8.14%
12/23/2032
11,372
11,279
11,118
OEI, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Construction & Engineering
SOFR + 450
8.23%
12/29/2032
23,373
23,104
23,732
OID-OL Intermediate I, LLC
Term Loan
(2) (4)
Software
SOFR + 600
9.66%
2/1/2029
8,897
8,781
8,590
OID-OL Intermediate I, LLC
Term Loan
(2) (3) (4) (13)
Software
SOFR + 425
8.06%
2/1/2029
5,221
4,534
3,208
20
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Olympus Water U.S. Holding
Corp.
Term Loan, Tranche B
(2) (4) (20)
Chemicals, Plastics & Rubber
SOFR + 325
6.90%
11/3/2032
2,985
2,903
2,980
OMNIA Partners, LLC
Term Loan
(2) (4) (20)
Professional Services
SOFR + 275
6.42%
12/31/2032
1,990
1,990
1,991
OneDigital Borrower LLC
Term Loan
(2) (4) (14) (20)
Insurance
SOFR + 300
6.64%
7/2/2031
4,900
4,885
4,740
Ontario Gaming GTA LP
Term Loan, Tranche B
(2) (3) (4) (21)
Hotels, Restaurants & Leisure
SOFR + 425
7.98%
8/1/2030
1,930
1,924
1,834
Onward AcquireCo, Inc.
Term Loan
(2) (3) (4) (5) (6) (8)
(14)
Software
SOFR + 238, 2.68%
PIK
8.69%
4/1/2033
4,674
4,620
4,620
Opal Bidco SAS
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 250
6.23%
4/28/2032
1,995
1,982
1,992
Optimizely North America, Inc.
Term Loan
(2) (3) (4) (5) (8) (14)
Software
EURIBOR + 325,
2.50% PIK
7.96%
10/30/2031
€2,254
2,429
2,371
Optimizely North America, Inc.
Term Loan
(2) (3) (4) (5) (8) (14)
Software
SONIA + 350,
2.50% PIK
9.73%
10/30/2031
£902
1,160
1,106
Optimizely North America, Inc.
Term Loan
(2) (3) (4) (5) (6) (8)
(14)
Software
SOFR + 300, 2.50%
PIK
9.14%
10/30/2031
6,671
6,603
6,076
ORBCOMM, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Telecommunications
SOFR + 525
8.89%
4/26/2032
1,959
1,935
1,935
Orifarm Holding AS
Term Loan
(5) (21)
Health Care Providers &
Services
10.00%
10.00%
11/29/2031
€41,590
40,584
46,333
Orion Advisor Solutions, Inc.
Term Loan
(2) (4) (20)
Financial Services
SOFR + 275
6.41%
9/9/2030
3,491
3,454
3,454
Orthrus Ltd.
Term Loan
(2) (3) (4) (5) (6) (8)
(21)
Financial Services
SONIA + 350,
2.75% PIK
9.98%
12/4/2031
£8,422
10,719
11,037
Orthrus Ltd.
Delayed Draw Term Loan
(4) (5) (8) (21)
Financial Services
SOFR + 350, 2.75%
PIK
9.90%
12/4/2031
2,877
2,877
2,849
Orthrus Ltd.
Term Loan
(2) (3) (4) (5) (8) (21)
Financial Services
EURIBOR + 350,
2.75% PIK
8.55%
12/4/2031
€7,525
7,900
8,512
Orthrus Ltd.
Term Loan
(2) (3) (4) (5) (8) (21)
Financial Services
SOFR + 350, 2.75%
PIK
9.90%
12/4/2031
19,881
19,647
19,683
OVG Business Services, LLC
Term Loan, Tranche B
(2) (4) (5) (20)
Hotels, Restaurants & Leisure
SOFR + 300
6.64%
6/25/2031
6,451
6,422
6,447
Paint Intermediate III, LLC
Term Loan, Tranche B
(2) (4) (20)
Distributors
SOFR + 300
6.65%
10/9/2031
3,482
3,482
3,489
PAM Bidco Ltd.
Delayed Draw Term Loan,
Tranche B3
(5) (21)
Utilities
10.75%
10.75%
10/29/2031
£481
615
630
PAM Bidco Ltd.
Delayed Draw Term Loan,
Tranche B4
(4) (5) (21)
Utilities
SONIA + 730
11.03%
10/29/2031
£1,646
2,106
2,167
PAM Bidco Ltd.
Delayed Draw Term Loan,
Capex Facility A
(5) (6) (21)
Utilities
10.75%
10.75%
10/29/2031
£1,238
1,583
1,594
PAM Bidco Ltd.
Delayed Draw Term Loan,
Capex Facility B
(4) (5) (6) (21)
Utilities
SONIA + 730
11.03%
10/29/2031
£4,238
5,420
5,523
PAM Bidco Ltd.
Term Loan, Tranche B1
(2) (3) (5) (21)
Utilities
10.75%
10.75%
10/29/2031
£6,490
8,302
8,501
PAM Bidco Ltd.
Term Loan, Tranche B2
(2) (3) (4) (5) (21)
Utilities
SONIA + 730
11.03%
10/29/2031
£22,220
28,422
29,252
Parexel International Corporation
Term Loan, Tranche B
(2) (4) (20)
Health Care Providers &
Services
SOFR + 250
6.14%
12/12/2031
4,975
4,963
4,975
Parrot Borrower, LP
Delayed Draw Term Loan
(4) (5) (14)
Software
SOFR + 475
8.48%
3/2/2033
7,397
7,326
7,327
PDI TA Holdings, Inc.
Revolver
(4) (5) (14)
Software
SOFR + 550
9.24%
2/1/2031
2,317
2,301
2,164
21
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
PDI TA Holdings, Inc.
Term Loan
(2) (3) (4) (5) (8) (14)
Software
SOFR + 350, 2.50%
PIK
9.66%
2/1/2031
27,819
27,621
25,984
Pegasus BidCo B.V.
Term Loan, Tranche B
(2) (4) (20) (21)
Beverage, Food & Tobacco
SOFR + 275
6.39%
7/12/2029
2,000
2,000
1,998
Pelican Pipeline, LLC
Term Loan B
(2) (4) (5) (20)
Energy: Oil & Gas
SOFR + 275
6.48%
3/25/2033
1,000
995
1,000
PEX Holdings LLC
Term Loan, Tranche B
(2) (4) (20)
Financial Services
SOFR + 275
6.48%
11/19/2031
4,938
4,927
4,925
Pinnacle Buyer, LLC
Term Loan
(2) (4) (6) (20)
Real Estate Management &
Development
SOFR + 250
6.23%
10/1/2032
2,510
2,503
2,514
Pioneer AcquisitionCo LLC
Term Loan, Tranche B
(2) (4) (20)
Professional Services
SOFR + 325
6.89%
10/27/2032
900
896
903
Pioneer AcquisitionCo LLC
Term Loan
(2) (4) (5) (20)
Professional Services
SOFR + 250
6.15%
10/27/2032
1,721
1,717
1,720
Planet U.S. Buyer, LLC
Term Loan, Tranche B
(2) (3) (4)
Professional Services
SOFR + 300
6.66%
2/10/2031
3,626
3,620
3,637
Planview Parent, Inc.
Term Loan
(2) (4) (20)
Software
SOFR + 350
7.23%
12/17/2027
8,823
8,630
7,541
Playtika Ltd.
Term Loan, Tranche B
(2) (4) (13) (20)
Hotels, Restaurants & Leisure
SOFR + 275
6.51%
3/13/2028
1,492
1,414
1,446
PointClickCare Technologies Inc.
Term Loan, Tranche B
(2) (3) (4) (21)
Health Care Technology
SOFR + 275
6.41%
11/3/2031
5,807
5,795
5,779
Portugal Street East Limited
Term Loan
(5) (6) (21)
Real Estate Management &
Development
11.50%
11.50%
12/20/2026
£22,832
29,601
30,285
PPV Intermediate Holdings, LLC
Delayed Draw Term Loan
(4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 525
8.90%
8/31/2029
5,079
4,995
4,565
PPV Intermediate Holdings, LLC
Delayed Draw Term Loan,
1st Amendment
(2) (3) (4) (5) (14)
Health Care Providers &
Services
SOFR + 600
9.67%
8/31/2029
89
89
87
PPV Intermediate Holdings, LLC
Revolver
(4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 575
9.40%
8/31/2029
237
236
219
PPV Intermediate Holdings, LLC
Term Loan
(2) (3) (4) (5) (14)
Health Care Providers &
Services
SOFR + 575
9.42%
8/31/2029
7,876
7,859
7,721
Pro Mach Group, Inc.
Term Loan, Tranche B
(2) (4) (20)
Machinery
SOFR + 250
6.14%
10/18/2032
2,985
2,985
2,986
Proampac PG Borrower, LLC
Term Loan, Tranche B
(2) (3) (4) (14)
Containers, Packaging &
Glass
SOFR + 400
7.66%
3/7/2033
5,745
5,742
5,639
Project Alpha Intermediate
Holding, Inc.
Term Loan, Tranche B
(2) (4) (20)
Software
SOFR + 325
6.98%
10/28/2030
6,942
6,730
4,997
Project Boost Purchaser, LLC
Term Loan, Tranche B
(2) (4) (20)
Software
SOFR + 275
6.48%
7/16/2031
1,492
1,449
1,451
Project Castle, Inc.
Term Loan
(2) (3) (4) (5) (14)
(15)
Professional Services
SOFR + 550
9.19%
6/1/2029
4,813
4,551
1,111
Project Leopard Holdings, Inc.
Term Loan, Tranche B
(2) (4) (13) (14) (20)
Software
SOFR + 525
9.01%
7/20/2029
11,832
10,818
7,109
Project Ruby Ultimate Parent
Corp.
Term Loan
(2) (4) (13) (20)
Health Care Technology
SOFR + 275
6.51%
3/10/2028
2,985
2,985
2,980
Proofpoint, Inc.
Term Loan
(2) (4) (14) (20)
Software
SOFR + 300
6.73%
8/31/2028
7,156
7,129
6,897
Prophix Software Inc.
Revolver
(4) (5) (6) (14) (21)
Software
SOFR + 525
8.92%
5/1/2029
675
675
671
Prophix Software Inc.
Delayed Draw Term Loan
(4) (5) (14) (21)
Software
SOFR + 525
8.89%
2/1/2027
2,987
2,987
2,976
Prophix Software Inc.
Term Loan, Restatement
(2) (3) (4) (5) (14)
(21)
Software
SOFR + 525
8.89%
5/1/2029
39,804
39,506
39,658
Propio LS, LLC
Revolver
(4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 475
8.48%
5/10/2030
19
18
17
22
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Propio LS, LLC
Term Loan
(2) (3) (4) (5) (14)
Health Care Providers &
Services
SOFR + 475
8.48%
5/12/2030
2,984
2,959
2,914
Propulsion (BC) Finco S.a.r.l.
Term Loan, Tranche B
(2) (4) (20) (21)
Aerospace & Defense
SOFR + 250
6.23%
12/1/2032
4,988
4,976
4,998
PROS Parent, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Transportation
SOFR + 475
8.40%
12/9/2032
27,585
27,513
27,533
PXO Holdings I Corp.
Delayed Draw Term Loan
(4) (5) (13) (14)
Chemicals, Plastics & Rubber
SOFR + 550
9.31%
3/8/2028
2,305
2,290
2,265
PXO Holdings I Corp.
Revolver
(4) (5) (6) (13) (14)
Chemicals, Plastics & Rubber
SOFR + 550
9.38%
3/8/2028
730
722
707
PXO Holdings I Corp.
Term Loan
(2) (3) (4) (5) (13)
(14)
Chemicals, Plastics & Rubber
SOFR + 550
9.38%
3/8/2028
17,766
17,629
17,458
PXO Holdings I Corp.
Term Loan, 1st Amendment
(2) (3) (4) (5) (13)
(14)
Chemicals, Plastics & Rubber
SOFR + 550
9.31%
3/8/2028
2,147
2,125
2,110
QBS Parent, Inc.
Delayed Draw Term Loan
(2) (4) (5) (6)
Energy: Oil & Gas
SOFR + 450
8.23%
6/3/2032
316
294
255
QBS Parent, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Energy: Oil & Gas
SOFR + 450
8.23%
6/3/2032
44,151
43,947
43,576
Rackspace Technology Global,
Inc.
Term Loan
(2) (4) (13) (14)
Software
SOFR + 275
6.50%
5/15/2028
5,857
3,082
5,299
Radwell Parent LLC
Delayed Draw Term Loan
(4) (5) (14)
Distributors
SOFR + 475
8.48%
4/1/2030
2,004
1,992
2,003
Radwell Parent LLC
Revolver
(4) (5) (6) (14)
Distributors
SOFR + 475
8.45%
4/1/2030
372
358
371
Radwell Parent LLC
Term Loan, 1st Amendment
(2) (3) (4) (5) (14)
Distributors
SOFR + 475
8.48%
4/1/2030
17,953
17,678
17,937
Raven Acquisition Holdings, LLC
Term Loan, Tranche B
(2) (3) (4) (6)
Health Care Providers &
Services
SOFR + 300
6.64%
11/19/2031
5,820
5,794
5,732
RealPage, Inc.
Term Loan
(2) (3) (4) (13) (14)
Software
SOFR + 300
6.99%
4/24/2028
2,875
2,829
2,684
Redstone Holdco 2 LP
Term Loan, Tranche A2
(2) (3) (4) (5) (13)
(14)
Computers & Electronics
Retail
SOFR + 475
8.68%
12/31/2030
1,470
1,265
1,152
Resilience Parent, LLC
Term Loan, Tranche B
(2) (4) (20)
Capital Equipment
SOFR + 250
6.23%
2/28/2033
4,200
4,190
4,190
Rialto Management Group, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Real Estate Management &
Development
SOFR + 500
8.64%
12/5/2030
23,538
23,417
23,270
Rialto Management Group, LLC
Term Loan, 1st Amendment
(2) (3) (4) (5) (14)
Real Estate Management &
Development
SOFR + 500
8.64%
12/5/2030
5,839
5,813
5,776
Rocket Software, Inc.
Term Loan
(2) (4) (14) (20)
Software
SOFR + 375
7.39%
11/28/2028
4,752
4,720
4,506
Rome Bidco Ltd.
Delayed Draw Term Loan
(2) (3) (4) (5) (6) (8)
(14) (21)
Hotels, Restaurants & Leisure
SONIA + 189,
5.86% PIK
11.48%
12/23/2027
£5,377
6,994
7,133
Rome Bidco Ltd.
Term Loan
(2) (3) (4) (5) (8) (14)
(21)
Hotels, Restaurants & Leisure
SONIA + 189,
5.86% PIK
11.48%
12/23/2027
£42,411
55,074
56,256
Rotation Buyer, LLC
Delayed Draw Term Loan
(4) (5) (6)
Machinery
SOFR + 475
8.42%
12/27/2031
554
536
508
Rotation Buyer, LLC
Revolver
(4) (5) (6) (14)
Machinery
SOFR + 475
8.48%
12/27/2031
478
469
455
Rotation Buyer, LLC
Term Loan
(2) (3) (4) (5)
Machinery
SOFR + 475
8.48%
12/27/2031
8,679
8,607
8,500
Savor Acquisition, Inc.
Term Loan, Tranche B
(2) (4) (6) (20)
Beverage, Food & Tobacco
SOFR + 300
6.66%
2/19/2032
2,714
2,708
2,728
SCHP Purchaser, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 450
8.16%
10/24/2032
12,401
12,267
12,292
SCP Eye Care HoldCo, LLC
Revolver
(4) (5) (6)
Health Care Providers &
Services
SOFR + 575
9.39%
10/7/2029
5
4
5
SCP Eye Care HoldCo, LLC
Delayed Draw Term Loan,
Incremental
(4) (5) (13) (14)
Health Care Providers &
Services
SOFR + 575
9.49%
10/7/2029
1,091
1,078
1,091
23
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
SCP Eye Care HoldCo, LLC
Term Loan, Incremental
(2) (3) (4) (5) (13)
(14)
Health Care Providers &
Services
SOFR + 575
9.49%
10/7/2029
538
531
538
SCP Eye Care HoldCo, LLC
Delayed Draw Term Loan
(4) (5) (13) (14)
Health Care Providers &
Services
SOFR + 575
9.49%
10/5/2029
38
38
38
SCP Eye Care HoldCo, LLC
Term Loan
(4) (5) (13) (14)
Health Care Providers &
Services
SOFR + 575
9.49%
10/7/2029
116
115
116
Seahawk Bidco, LLC
Delayed Draw Term Loan
(4) (5) (14)
Consumer Services
SOFR + 500
8.73%
12/19/2031
11,557
11,536
11,452
Seahawk Bidco, LLC
Revolver
(4) (5) (6) (14)
Consumer Services
SOFR + 500
8.73%
12/19/2031
612
593
581
Seahawk Bidco, LLC
Term Loan
(2) (3) (4) (5) (14)
Consumer Services
SOFR + 500
8.73%
12/19/2031
36,856
36,627
36,523
Sharp Services, LLC
Term Loan, Tranche B
(2) (4) (20)
Commercial Services &
Supplies
SOFR + 300
6.73%
9/29/2032
4,726
4,705
4,736
Sigma Irish AcquiCo Ltd.
Delayed Draw Term Loan
(4) (5) (21)
Capital Markets
EURIBOR + 525
7.54%
3/19/2032
€1,596
1,872
1,805
Sigma Irish AcquiCo Ltd.
Term Loan, Tranche B
(4) (5) (6) (21)
Capital Markets
SOFR + 525
8.87%
3/19/2032
20,444
20,030
20,141
Sigma Irish AcquiCo Ltd.
Term Loan, Tranche B
(4) (5) (21)
Capital Markets
EURIBOR + 525
7.54%
3/19/2032
€11,937
12,792
13,503
Sila Solutions Group, Inc.
Delayed Draw Term Loan
(4) (5) (6) (14)
Consumer Services
SOFR + 500
8.73%
12/19/2031
1,159
1,104
1,051
SitusAMC Holdings Corp.
Term Loan, Incremental
(2) (3) (4) (5) (14)
Professional Services
SOFR + 550
9.23%
5/14/2031
20,613
20,526
20,486
Skyshield U.S. Bidco Ltd.
Term Loan, Tranche B
(2) (4) (5) (20)
Capital Equipment
SOFR + 250
6.25%
6/2/2033
1,000
998
999
Smarsh, Inc.
Delayed Draw Term Loan
(4) (5) (6) (14)
Software
SOFR + 475
8.48%
2/18/2029
113
110
105
Smarsh, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 475
8.48%
2/18/2029
5,357
5,308
5,261
Smarsh, Inc.
Revolver
(4) (5) (6) (14)
Software
SOFR + 475
8.39%
2/18/2029
439
434
426
SonicWall US Holdings, Inc.
Term Loan
(2) (3) (4) (5) (14)
(20)
Electronic Equipment,
Instruments & Components
SOFR + 500
8.75%
4/26/2030
10,139
3,959
3,959
SonicWall US Holdings, Inc.
Term Loan
(2) (3) (4) (5) (14)
(20)
Electronic Equipment,
Instruments & Components
SOFR + 750
11.25%
4/26/2030
2,300
2,193
2,193
Sophia, LP
Term Loan, Tranche B
(2) (4) (14) (20)
Software
SOFR + 250
6.14%
10/9/2029
4,975
4,955
4,790
Sophos Holdings, LLC
Term Loan, Incremental
(2) (4) (13) (20)
Software
SOFR + 350
7.26%
3/5/2027
969
960
897
Sovos Compliance, LLC
Term Loan, Tranche B
(2) (4) (14) (20)
Software
SOFR + 325
6.89%
8/14/2029
4,882
4,850
4,566
Speciality Pharma III Inc.
Revolver
(4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 475
8.41%
12/23/2032
397
382
388
Speciality Pharma III Inc.
Term Loan
(2) (3) (4) (5) (14)
Health Care Providers &
Services
SOFR + 475
8.48%
12/23/2032
24,615
24,499
24,544
Speedstar Holding, LLC
Delayed Draw Term Loan,
3rd Amendment
(4) (5) (6) (14)
Automotives
SOFR + 600
9.73%
7/22/2027
1,294
1,275
835
Speedstar Holding, LLC
Term Loan, 3rd Amendment
(2) (3) (4) (5) (14)
Automotives
SOFR + 600
9.73%
7/22/2027
11,848
11,797
9,764
Spotless Brands, LLC
Delayed Draw Term Loan
(4) (5) (14)
Consumer Services
SOFR + 575
9.60%
7/25/2028
7,346
7,250
7,346
Spotless Brands, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Consumer Services
SOFR + 575
9.60%
7/25/2028
20,391
20,220
20,391
Spotless Brands, LLC
Delayed Draw Term Loan,
Tranche A
(4) (5) (14)
Consumer Services
SOFR + 575
9.60%
7/25/2028
4,030
3,997
4,030
Spotless Brands, LLC
Delayed Draw Term Loan,
Tranche B
(4) (5) (14)
Consumer Services
SOFR + 575
9.60%
7/25/2028
911
904
911
24
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Spotless Brands, LLC
Delayed Draw Term Loan,
Tranche E
(4) (5) (14)
Consumer Services
SOFR + 550
9.22%
7/25/2028
25,120
24,979
25,075
Spotless Brands, LLC
Delayed Draw Term Loan,
6th Amendment
(4) (5) (6) (14)
Consumer Services
SOFR + 500
8.72%
7/25/2028
4,437
4,372
4,332
Star Parent, Inc.
Term Loan, Tranche B
(2) (4) (20)
Health Care Providers &
Services
SOFR + 400
7.73%
9/27/2030
2,933
2,903
2,935
Starlight Parent, LLC
Term Loan
(2) (4) (20)
IT Services
SOFR + 400
7.67%
4/16/2032
8,928
8,696
7,443
StubHub Holdco Sub LLC
Term Loan
(2) (4) (20)
Entertainment
SOFR + 475
8.39%
3/15/2030
1,351
1,330
1,358
Summit Bidco, Inc.
Delayed Draw Term Loan
(4) (5) (14) (21)
Insurance
CORRA + 475
7.04%
10/1/2032
C$7,207
5,123
5,037
Summit Bidco, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
(21)
Insurance
CORRA + 475
7.04%
10/1/2032
C$15,117
10,725
10,545
Sword Purchaser LLC
Term Loan, Tranche B
(2) (4) (20)
Containers, Packaging &
Glass
SOFR + 400
7.64%
4/11/2033
2,000
1,902
1,948
Tamko Building Products LLC
Term Loan, Incremental
(2) (4) (5) (20)
Building Products
SOFR + 300
6.73%
9/11/2030
1,385
1,378
1,383
Tank Holding Corp.
Term Loan
(2) (3) (4) (13) (14)
Capital Equipment
SOFR + 575
9.49%
3/31/2028
43,096
42,800
39,409
Tank Holding Corp.
Term Loan, Incremental
(2) (3) (4) (5) (13)
(14)
Capital Equipment
SOFR + 600
9.74%
3/31/2028
9,814
9,711
9,005
Tank Holding Corp.
Delayed Draw Term Loan,
Incremental
(2) (3) (4) (5) (13)
(14)
Capital Equipment
SOFR + 600
9.74%
3/31/2028
4,255
4,210
3,904
Tank Holding Corp.
Revolver
(4) (5) (6)
Capital Equipment
PRIME + 475
11.50%
3/31/2028
193
183
28
Tecta America Corp.
Term Loan, Tranche B
(2) (4) (20)
Building Products
SOFR + 250
6.14%
2/18/2032
1,980
1,976
1,976
The Chartis Group, LLC
Delayed Draw Term Loan
(4) (5) (6)
Health Care Providers &
Services
SOFR + 425
7.98%
9/17/2031
2,344
2,272
2,344
The Chartis Group, LLC
Term Loan
(2) (3) (4) (5) (6) (14)
Health Care Providers &
Services
SOFR + 425
7.98%
9/17/2031
30,761
30,480
30,761
Thor (BC) BidCo AB
Term Loan, Tranche B
(4) (5) (6) (21)
Distributors
STIBOR + 500
7.06%
6/1/2033
Skr18,560
1,969
1,891
Tiger Acquisition, LLC
Term Loan, Tranche B
(2) (3) (4) (14)
High Tech Industries
SOFR + 250
6.15%
8/23/2032
4,159
4,155
4,168
TK Elevator U.S. Newco, Inc.
Term Loan, Tranche B
(2) (4) (20)
Machinery
SOFR + 275
6.38%
4/30/2030
9,794
9,789
9,831
Total Power Limited
Revolver
(2) (4) (5) (6) (14)
(21)
Machinery
CORRA + 450
6.99%
7/22/2030
C$185
117
106
Total Power Limited
Delayed Draw Term Loan
(2) (4) (5) (6) (14)
(21)
Machinery
CORRA + 450
6.79%
7/22/2030
C$3,455
2,387
2,377
Total Power Limited
Term Loan, Tranche A
(2) (3) (4) (5) (14)
(21)
Machinery
CORRA + 450
6.79%
7/22/2030
C$19,104
13,713
13,266
TPG RE Finance Trust, Inc.
Term Loan, Tranche B
(2) (4) (5) (20)
Mortgage Real Estate
Investment Trusts (REITs)
SOFR + 275
6.39%
4/29/2033
628
626
627
TransDigm, Inc.
Term Loan, Tranche N
(2) (4) (20)
Aerospace & Defense
SOFR + 250
6.14%
8/19/2032
1,596
1,594
1,596
TransDigm, Inc.
Term Loan, Tranche M
(2) (4) (20)
Aerospace & Defense
SOFR + 250
6.14%
8/19/2032
4,962
4,951
4,963
TricorBraun Holdings, Inc.
Term Loan
(2) (4) (20)
Containers, Packaging &
Glass
SOFR + 325
6.89%
3/3/2031
995
954
929
Trintech, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Software
SOFR + 475
8.39%
1/28/2033
9,558
9,441
9,311
25
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Trio Bidco, Inc.
Term Loan, Tranche B
(2) (4) (6) (20)
Commercial Services &
Supplies
SOFR + 400
7.73%
10/29/2032
6,318
6,259
6,180
Trioworld Midco 2 AB
Term Loan
(4) (5) (8) (21)
Containers, Packaging &
Glass
EURIBOR +
10.25% PIK
12.49%
10/17/2028
€44,131
46,969
50,298
Triton Water Holdings, Inc.
Term Loan, Tranche B
(2) (4) (20)
Beverage, Food & Tobacco
SOFR + 275
6.48%
3/31/2031
4,988
4,964
5,008
Truist Insurance Holdings, LLC
Term Loan, Tranche B
(2) (4) (20)
Insurance
SOFR + 275
6.48%
5/6/2031
6,218
6,209
6,064
Tufin Software North America,
Inc.
Term Loan, 1st Amendment
(2) (3) (4) (5) (13)
(14)
Software
SOFR + 493
8.68%
8/25/2028
8,535
8,449
8,535
Tufin Software North America,
Inc.
Term Loan, 3rd Amendment
(2) (3) (4) (5) (13)
(14)
Software
SOFR + 493
8.68%
8/25/2028
2,668
2,651
2,668
Tufin Software North America,
Inc.
Term Loan
(2) (3) (4) (5) (6) (13)
(14)
Software
SOFR + 493
8.68%
8/17/2028
26,973
26,733
26,973
Turquoise TopCo Ltd.
Term Loan, Tranche B
(2) (4) (5) (20)
Hotels, Restaurants & Leisure
SOFR + 325
6.98%
12/30/2032
6,384
6,354
6,256
UFT Buyer LLC
Delayed Draw Term Loan
(4) (5) (6) (8) (14)
Environmental Industries
SOFR + 225, 2.75%
PIK
8.73%
12/4/2032
1,258
1,209
1,238
UFT Buyer LLC
Term Loan, Tranche B
(2) (3) (4) (5) (6) (8)
(14)
Environmental Industries
SOFR + 225, 2.75%
PIK
8.73%
12/4/2032
14,571
14,419
14,510
UKG, Inc.
Term Loan, Tranche B
(2) (4) (20)
Software
SOFR + 225
5.91%
2/10/2031
4,848
4,844
4,556
USR Parent, Inc.
Term Loan, 3rd Amendment
(2) (3) (4) (5) (11)
(14)
Specialty Retail
SOFR + 760
11.22%
4/25/2027
1,842
1,839
1,825
Vantor Holdings, Inc.
Term Loan, Tranche B
(2) (4) (20)
Aerospace & Defense
SOFR + 450
8.13%
3/3/2033
2,000
1,971
2,005
VC GB Holdings I Corp.
Term Loan, Tranche B
(2) (4) (13) (20)
Building Products
SOFR + 350
7.49%
7/24/2028
1,990
1,990
1,991
Vensure Employer Services, Inc.
Term Loan
(2) (3) (4) (5) (14)
Professional Services
SOFR + 500
8.70%
9/27/2031
73,938
73,347
72,803
Venture Global Calcasieu Pass
LLC
Term Loan, Tranche B
(2) (4) (20)
Energy: Oil & Gas
SOFR + 325
6.95%
4/2/2033
1,000
985
1,002
Verifone Systems, Inc.
Term Loan, Tranche B
(2) (4) (13) (20)
High Tech Industries
SOFR + 550
9.43%
8/21/2028
1,496
1,426
1,414
Vertex BidCo S.p.A.
Term Loan
(4) (5) (21)
IT Services
EURIBOR + 575
8.12%
3/11/2033
€11,771
13,326
13,180
Vertex BidCo S.p.A.
Delayed Draw Term Loan
(4) (5) (6) (21)
IT Services
EURIBOR + 575
8.12%
3/11/2033
€3,691
4,184
4,110
VGL FinCo Ltd.
Term Loan
(2) (3) (4) (5) (8) (21)
Consumer Services
SONIA + 15.30%
PIK
19.03%
2/12/2031
£4,669
6,359
6,193
VGL FinCo Ltd.
Term Loan
(2) (3) (4) (5) (8) (21)
Consumer Services
SONIA + 15.30%
PIK
19.03%
2/12/2031
£7,674
10,121
9,466
VGL Midco Ltd.
Term Loan, Tranche A
(2) (3) (5) (8) (21)
Consumer Services
15.00% PIK
15.00%
2/17/2031
£3,039
3,804
4,031
Victors Purchaser, LLC
Revolver, 1st Amendment
Incremental
(4) (5) (6) (14)
Business Services
SOFR + 450
8.24%
12/23/2032
99
94
96
Victors Purchaser, LLC
Term Loan, 1st Amendment
Incremental
(2) (3) (4) (5) (6) (14)
Business Services
SOFR + 450
8.23%
12/23/2032
6,790
6,771
6,773
Vienna Bidco Ltd.
Term Loan, Tranche B
(4) (5) (14) (21)
Health Care Equipment &
Supplies
SONIA + 565
9.38%
8/20/2030
£29,055
38,133
37,576
Vision Solutions, Inc.
Term Loan, Incremental
(2) (4) (13) (14) (20)
Software
SOFR + 400
7.93%
4/24/2028
7,496
7,297
5,704
Voyager Parent, LLC
Term Loan, Tranche B
(2) (4) (20)
IT Services
SOFR + 425
7.98%
7/1/2032
2,737
2,727
2,736
WestJet Loyalty LP
Term Loan, Tranche B
(2) (4) (20) (21)
Passenger Airlines
SOFR + 275
6.48%
2/14/2031
4,888
4,852
4,729
26
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Loans (99.0% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
White Cap Buyer, LLC
Term Loan, Tranche B
(2) (4) (20)
Trading Companies &
Distributors
SOFR + 325
6.89%
10/19/2029
4,925
4,907
4,914
Whitney Merger Sub, Inc.
Term Loan
(2) (3) (4) (5) (6) (14)
Hotels, Restaurants & Leisure
SOFR + 475
8.48%
7/3/2032
17,047
16,874
16,696
Windsor Holdings III, LLC
Term Loan, Tranche B
(2) (4) (20)
Chemicals, Plastics & Rubber
SOFR + 275
6.39%
8/1/2030
3,891
3,852
3,886
Wineshipping.com, LLC
Delayed Draw Term Loan,
3rd Amendment
(4) (5) (6) (8)
Beverage, Food & Tobacco
SOFR + 6.25% PIK
9.98%
12/31/2028
222
222
(179)
Wineshipping.com, LLC
Delayed Draw Term Loan
(2) (3) (4) (5) (8) (13)
(14)
Beverage, Food & Tobacco
SOFR + 6.25% PIK
10.13%
12/31/2028
429
427
282
Wineshipping.com, LLC
Term Loan
(2) (3) (4) (5) (8) (13)
(14)
Beverage, Food & Tobacco
SOFR + 6.25% PIK
10.13%
12/31/2028
15,900
15,828
10,457
Wineshipping.com, LLC
Revolver
(2) (3) (4) (5) (6) (8)
(13) (14)
Beverage, Food & Tobacco
SOFR + 6.25% PIK
10.13%
12/31/2028
2,045
2,035
1,263
Yellowstone Buyer Acquisition,
LLC
Term Loan
(2) (3) (4) (5) (14)
Consumer Goods: Durable
SOFR + 585
9.52%
9/13/2027
6,438
6,406
5,993
YLG Holdings, Inc.
Term Loan
(2) (3) (4) (5)
Commercial Services &
Supplies
SOFR + 475
8.43%
12/23/2030
512
508
511
YLG Holdings, Inc.
Delayed Draw Term Loan,
8th Amendment
(4) (5) (6) (14)
Commercial Services &
Supplies
SOFR + 475
8.41%
12/23/2030
57
57
57
YLG Holdings, Inc.
Revolver
(2) (3) (4) (5) (6) (14)
Commercial Services &
Supplies
SOFR + 475
8.41%
12/23/2030
4
4
4
Zelis Payments Buyer, Inc.
Term Loan, 5th Amendment
(2) (4) (20)
Health Care Technology
SOFR + 325
6.89%
11/26/2031
4,870
4,851
4,748
First Lien Debt Total
$4,417,035
$4,378,407
Second Lien Debt (1.0% of Net Assets)
AQA Acquisition Holding, Inc.
Term Loan, Incremental
(2) (3) (4) (5) (14)
Software
SOFR + 625
9.91%
3/2/2029
$18,856
$18,773
$15,075
Associations Finance, Inc.
Term Loan, Tranche A
(5) (8)
Construction & Engineering
14.25% PIK
14.25%
5/3/2030
14,749
14,706
14,749
Associations Finance, Inc.
Term Loan, Tranche B
(5) (8)
Construction & Engineering
14.25% PIK
14.25%
5/3/2030
5,632
5,616
5,646
Denali Midco 2, LLC
Term Loan, 3rd Amendment
(5) (8)
Consumer Services
13.00% PIK
13.00%
12/22/2029
4,601
4,553
4,540
PAI Holdco, Inc.
Term Loan
(2) (3) (4) (5) (8) (14)
Automotives
SOFR + 550,
2.00% PIK
11.17%
10/28/2028
3,787
3,749
3,598
TruGreen Limited Partnership
Term Loan
(2) (3) (4) (5) (13)
(14)
Consumer Services
SOFR + 850
12.43%
11/2/2028
2,000
1,984
1,770
Second Lien Debt Total
$49,381
$45,378
Corporate Loans Total
$4,466,416
$4,423,785
Investments—Corporate Bonds (5.7% of
Net Assets)
Footnotes
Industry
Reference Rate & Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Cost
Fair Value
Secured (4.3% of Net Assets)
Apex Structured Holdings Ltd.
(2) (3) (5) (8) (21)
Financial Services
13.00% PIK
13.00%
7/19/2054
€2,115
$2,458
$2,374
Apex Structured Holdings Ltd.
(5) (8) (21)
Financial Services
13.00% PIK
13.00%
7/19/2054
$21,485
21,144
21,109
Apex Structured Holdings Ltd.
(2) (3) (5) (8) (21)
Financial Services
13.00% PIK
13.00%
7/19/2054
10,789
10,590
10,600
27
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Corporate Bonds (5.7% of
Net Assets)
Footnotes
Industry
Reference Rate & Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Cost
Fair Value
Apex Structured Holdings Ltd.
(2) (3) (5) (8) (21)
Financial Services
13.00% PIK
13.00%
7/19/2054
€952
1,106
1,068
Apex Structured Holdings Ltd.
(2) (3) (5) (8) (21)
Financial Services
13.00% PIK
13.00%
7/19/2054
€7,434
8,582
8,345
Athena S.p.A.
(5) (21)
Entertainment
8.00%
8.00%
4/12/2027
€7,352
7,731
8,401
Birsa S.p.A.
(4) (5) (21)
Health Care Providers & Services
EURIBOR + 550
7.63%
6/30/2031
€12,689
13,373
14,245
Birsa S.p.A.
(4) (5) (21)
Health Care Providers & Services
EURIBOR + 550
7.91%
6/30/2031
€7,931
8,351
8,903
Bitnova Bidco S.p.A.
(4) (5) (6) (21)
IT Services
EURIBOR + 550
7.72%
2/19/2033
€16,303
18,720
18,212
Cartiere Villa Lagarina S.p.A.
(4) (5) (8) (15) (21)
Containers, Packaging & Glass
EURIBOR + 600, 5.50% PIK
13.55%
3/31/2030
€2,813
3,363
2,250
Cartitalia S.p.A.
(4) (5) (8) (15) (21)
Containers, Packaging & Glass
EURIBOR + 600, 5.50% PIK
13.55%
3/31/2030
€2,278
2,691
1,822
Cloud Software Group, Inc.
(7)
Software
9.00%
9.00%
9/30/2029
11,329
9,880
11,007
Cornerstone Building Brands, Inc.
(2) (3) (7)
Building Products
9.50%
9.50%
8/15/2029
4,000
4,000
2,477
EVODC Evocative, LLC
(5) (6)
IT Services
8.75%
8.75%
12/12/2030
9,524
9,393
9,310
Fideicomiso Fiduoccidente - Acciones
TCBuen
(5) (21)
Real Estate Management &
Development
9.62%
9.62%
12/30/2029
10,890
10,831
10,890
GPC CAR Issuer, LLC
(5)
Independent Power & Renewable
Electricity Producers
9.75%
9.75%
12/31/2031
2,373
2,349
2,344
GREC II CWF LLC
(2) (3) (5)
Independent Power & Renewable
Electricity Producers
8.25%
8.25%
7/24/2028
8,820
8,769
8,776
Holding Argon
(4) (5) (21)
Business Services
SOFR + 600
9.68%
4/16/2032
1,112
1,112
1,090
Holding Argon
(4) (5) (6) (21)
Business Services
EURIBOR + 600
8.24%
4/16/2032
€3,513
3,968
3,747
Holding Argon
(4) (5) (21)
Business Services
EURIBOR + 600
8.24%
4/16/2032
€5,054
5,607
5,616
Holding Argon
(4) (5) (21)
Business Services
EURIBOR + 600
8.24%
4/16/2032
€27,799
30,840
30,889
ION Platform Finance US Inc.
(2) (3) (7)
Financial Services
7.88%
7.88%
9/30/2032
7,500
7,455
5,439
Tolentino S.p.A.
(4) (5) (8) (15) (21)
Containers, Packaging & Glass
EURIBOR + 600, 5.50% PIK
13.55%
3/31/2030
€1,055
1,261
844
Zayo Group Holdings, Inc.
(2) (3) (7)
Telecommunications
9.25%
9.25%
3/9/2030
1,915
1,858
1,916
Secured Total
$195,432
$191,674
Unsecured (1.4% of Net Assets)
Aretec Group, Inc.
(2) (3) (7)
Capital Markets
7.50%
7.50%
4/1/2029
$9,140
$9,194
$9,099
Covanta Holding Corp.
(2) (3) (7)
Environmental Industries
4.88%
4.88%
12/1/2029
3,000
2,771
2,868
Monroe Capital Income Plus Corporation
(5)
Diversified Investment Vehicles
9.42%
9.42%
12/13/2028
15,700
15,700
16,132
Monroe Capital Income Plus Corporation
(5)
Diversified Investment Vehicles
9.42%
9.42%
11/15/2028
16,800
16,800
17,220
OnePoint SAS
(4) (5) (8) (21)
IT Services
EURIBOR + 9.00% PIK
11.13%
11/3/2031
€11,249
12,153
13,335
OnePoint SAS
(4) (5) (8) (21)
IT Services
EURIBOR + 9.00% PIK
11.13%
11/3/2031
€4,145
4,482
4,913
Unsecured Total
$61,100
$63,567
Corporate Bonds Total
$256,532
$255,241
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
AB BSL CLO 5 Ltd.
Series 2024-5A, Class E
(4) (5) (7)
SOFR + 610
9.78%
1/20/2038
$1,250
$1,250
$1,232
ABPCI Direct Lending Fund CLO I LLC
Series 2024-17A, Class D
(4) (5) (7)
SOFR + 470
8.36%
8/1/2036
3,300
3,300
3,274
28
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
Abry Liquid Credit CLO 2025-1 Ltd.
Series 2025-1A, Class E
(4) (5) (7)
SOFR + 600
9.68%
10/20/2038
3,000
3,000
3,023
Abry Liquid Credit CLO 2025-1A C Ltd.
Series 2025-1A, Class C
(4) (5) (7)
SOFR + 210
5.78%
10/20/2038
2,500
2,503
2,506
Abry Liquid Credit CLO 2025-2 Ltd.
Series 2025-2A, Class E
(4) (5) (7)
SOFR + 585
9.53%
1/15/2039
6,000
6,000
6,041
AGL CLO 19 Ltd.
Series 2022-19A, Class ER
(4) (5) (7)
SOFR + 550
9.17%
7/21/2038
6,050
6,050
5,498
AGL CLO 20 Ltd.
Series 2022-20A, Class ER
(4) (5) (7)
SOFR + 640
10.08%
10/20/2037
2,700
2,700
2,429
AGL CLO 43 Ltd.
Series 2025-43A, Class E
(4) (5) (7)
SOFR + 485
8.52%
9/10/2038
2,000
1,995
1,953
AGL CLO 9 Ltd.
Series 2020-9A, Class ER
(4) (5) (7)
SOFR + 650
10.18%
4/20/2037
5,600
5,600
4,903
Aimco CLO 20 Ltd.
Series 2023-20A, Class ER
(4) (5) (7)
SOFR + 460
8.28%
10/16/2038
5,000
5,000
4,977
Aimco CLO Series 2018-A Ltd.
Series 2018-AA, Class ER
(4) (5) (7)
SOFR + 525
8.93%
10/17/2037
1,330
1,330
1,330
Allegro CLO XV Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 550
9.18%
4/20/2038
2,500
2,500
2,390
Allegro CLO XVII Ltd.
Series 2025-2A, Class SUB
(4) (5) (7) (12)
7/25/2038
1,875
1,426
1,082
Anchorage Capital CLO Ltd.
Series 2026-37A, Class E
(4) (5) (7)
SOFR + 590
9.61%
4/20/2039
5,000
5,000
5,034
Apidos CLO XLVI Ltd.
Series 2023-46A, Class ER
(4) (5) (7)
SOFR + 485
8.52%
10/24/2038
5,000
5,000
4,993
Apidos CLO XVIII-R Ltd.
Series 2018-18A, Class ER2
(4) (5) (7)
SOFR + 550
9.16%
1/22/2038
5,450
5,450
5,358
Apidos CLO, Ltd.
Series 2020-33A, Class ER2
(4) (5) (7)
SOFR + 732
10.99%
4/24/2038
9,400
9,053
9,462
Apidos CLO, Ltd.
Series 2020-33A, Class FR2
(4) (5) (7)
SOFR + 855
12.22%
4/24/2038
250
231
234
Apidos CLO, Ltd.
Series 2020-33A, Class SUB
(4) (5) (7) (12)
10/24/2034
25,841
12,349
10,841
Arbour CLO IX DAC
Series 9X, Class E
(4) (5) (16) (21)
EURIBOR + 579
7.99%
4/15/2034
€2,337
2,242
2,655
Ares European CLO XVIII DAC
Series 18A, Class ER
(4) (5) (7) (21)
EURIBOR + 565
7.85%
10/15/2038
€2,750
3,196
3,146
Ares LV CLO Ltd.
Series 2020-55A, Class SUB
(4) (5) (7) (12)
10/15/2037
12,440
8,220
5,210
Ares XLIII CLO Ltd.
Series 2017-43A, Class ER2
(4) (5) (7)
SOFR + 600
9.67%
1/15/2038
6,340
6,340
6,261
Ares XLIX CLO Ltd.
Series 2018-49A, Class ER
(4) (5) (7)
SOFR + 650
10.16%
10/22/2036
1,113
1,158
1,060
Ares XXXIV CLO Ltd.
Series 2015-2A, Class ER2
(4) (5) (7)
SOFR + 550
9.18%
7/17/2038
4,070
4,070
3,919
Arini European CLO I DAC
Series 1X, Class ER
(4) (5) (16) (21)
EURIBOR + 575
7.95%
10/15/2038
€3,000
3,538
3,454
Arini European CLO V DAC
Series 5X, Class E
(4) (5) (16) (21)
EURIBOR + 470
6.90%
1/15/2039
€1,900
2,228
2,132
Arini European CLO VI DAC
Series 6A, Class E
(4) (5) (7) (21)
EURIBOR + 575
7.95%
7/15/2039
€3,730
4,384
4,301
Arini U.S. CLO II Ltd.
Series 2A, Class E
(4) (5) (7)
SOFR + 565
9.32%
3/31/2038
8,000
8,000
8,059
Audax Senior Debt CLO 12, LLC
Series 2025-12A, Class SUB
(4) (5) (7) (12)
4/22/2037
1,330
1,186
1,127
Audax Senior Debt CLO 9, LLC
Series 2024-9A, Class D
(4) (5) (7)
SOFR + 520
8.88%
4/20/2036
5,000
5,000
4,964
Avoca CLO XXIX DAC
Series 29A, Class ER
(4) (5) (7) (21)
EURIBOR + 530
7.50%
10/15/2038
€4,270
4,995
4,898
Avoca CLO XXXIII DAC
Series 33A, Class E
(4) (5) (7) (21)
EURIBOR + 535
7.55%
10/15/2038
€6,220
7,098
7,165
Babson CLO Ltd.
Series 2020-1A, Class ER2
(4) (5) (7)
SOFR + 550
9.17%
1/15/2038
1,600
1,600
1,503
Ballyrock CLO 20 Ltd.
Series 2022-20A, Class DR3
(4) (5) (7)
SOFR + 585
9.52%
10/15/2036
4,500
4,500
4,464
Ballyrock CLO 21 Ltd.
Series 2022-21A, Class DR
(4) (5) (7)
SOFR + 600
9.68%
10/20/2037
1,000
1,000
982
Ballyrock CLO 24 Ltd.
Series 2023-24A, Class DR
(4) (5) (7)
SOFR + 600
9.67%
7/13/2038
3,350
3,350
3,355
Ballyrock CLO 26 Ltd.
Series 2024-26A, Class C2
(4) (5) (7)
SOFR + 470
8.37%
7/25/2037
8,250
8,250
8,254
Ballyrock CLO 28 Ltd.
Series 2024-28A, Class SUB
(4) (5) (7) (12)
1/20/2038
5,000
3,968
2,899
Barings CLO 2019-II Ltd.
Series 2019-2A, Class ERR
(4) (5) (7)
SOFR + 600
9.67%
1/15/2038
10,000
10,000
9,621
29
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
Barings CLO 2023-II Ltd.
Series 2023-2A, Class ER
(4) (5) (7)
SOFR + 510
8.78%
10/20/2038
2,750
2,750
2,704
Barings CLO 2023-IV Ltd.
Series 2023-4A, Class ER
(4) (5) (7)
SOFR + 460
8.28%
1/20/2039
15,000
15,000
14,345
Barings CLO 2025-I Ltd.
Series 2025-1A, Class SUB
(4) (5) (7) (12)
4/20/2038
5,000
3,885
3,151
Barings CLO 2025-VIII Ltd.
Series 2025-8A, Class SUB
(4) (5) (7) (12)
1/15/2039
3,600
2,859
2,760
Barings Middle Market CLO Ltd.
Series 2023-IA, Class C
(4) (5) (7)
SOFR + 640
10.08%
1/20/2036
2,750
2,750
2,730
Benefit Street Partners CLO V-B Ltd.
Series 2018-5BA, Class ERR
(4) (5) (7)
SOFR + 550
9.16%
7/20/2039
5,710
5,710
5,736
Benefit Street Partners CLO XLVII Ltd
Series 2026-47A, Class E
(4) (5) (7)
SOFR + 440
8.07%
4/15/2039
7,500
7,500
7,438
Benefit Street Partners CLO XVIII Ltd.
Series 2019-18A, Class ER2
(4) (5) (7)
SOFR + 470
8.36%
10/15/2038
6,125
6,125
5,991
Benefit Street Partners CLO XX Ltd.
Series 2020-20A, Class ERR
(4) (5) (7)
SOFR + 490
8.57%
10/15/2038
7,560
7,560
7,434
Benefit Street Partners CLO XXI Ltd.
Series 2020-21A, Class ER2
(4) (5) (7)
SOFR + 495
8.62%
1/15/2039
2,000
2,000
1,974
Benefit Street Partners CLO XXXII Ltd.
Series 2023-32A, Class ER
(4) (5) (7)
SOFR + 470
8.37%
10/25/2038
3,800
3,800
3,707
Benefit Street Partners CLO XXXIV Ltd.
Series 2024-34A, Class E
(4) (5) (7)
SOFR + 670
10.37%
7/25/2037
4,000
4,000
4,000
Benefit Street Partners CLO XXXVIII Ltd.
Series 2024-38A, Class SUB
(4) (5) (7) (12)
1/25/2038
5,000
4,355
3,319
Birch Grove CLO 11 Ltd.
Series 2024-11A, Class E
(4) (5) (7)
SOFR + 580
9.46%
1/22/2038
6,000
6,000
6,008
Birch Grove CLO 13 Ltd.
Series 2025-13A, Class E
(4) (5) (7)
SOFR + 515
8.82%
10/23/2038
7,000
7,000
6,928
Birch Grove CLO 15 Ltd.
Series 2025-15A, Class E
(4) (5) (7)
SOFR + 520
8.91%
1/23/2039
2,000
2,000
2,005
Birch Grove CLO 9 Ltd.
Series 2024-9A, Class E
(4) (5) (7)
SOFR + 625
9.91%
10/22/2037
2,500
2,500
2,503
Birch Grove CLO Ltd.
Series 19A, Class ERR
(4) (5) (7)
SOFR + 694
10.62%
7/17/2037
7,000
6,940
7,019
BlackRock European CLO DAC
Series 5X, Class SUB
(4) (5) (12) (16) (21)
7/16/2031
€2,750
27
80
BlueMountain CLO XXIV Ltd.
Series 2019-24A, Class ER
(4) (5) (7) (13)
SOFR + 684
10.78%
4/20/2034
4,000
3,997
3,606
BlueMountain CLO XXV Ltd.
Series 2019-25A, Class ERR
(4) (5) (7)
SOFR + 742
11.09%
1/15/2038
5,725
5,622
5,238
BlueMountain CLO XXXI Ltd.
Series 2021-31A, Class E
(4) (5) (7) (13)
SOFR + 653
10.47%
4/19/2034
735
658
694
BlueMountain CLO XXXIII Ltd.
Series 2021-33A, Class SUB
(4) (5) (7) (12)
10/20/2038
5,900
3,980
1,623
Brant Point CLO 2023-2 Ltd
Series 2023-2A, Class D1R
(4) (5) (7)
SOFR + 275
6.42%
1/29/2039
2,400
2,400
2,401
Brant Point CLO 2025-9 Ltd.
Series 2025-9A, Class E
(4) (5) (7)
SOFR + 565
9.31%
1/20/2039
3,375
3,370
3,391
Bryant Park Funding 2024-25 Ltd.
Series 2024-25A, Class E
(4) (5) (7)
SOFR + 575
9.43%
1/18/2038
6,000
6,000
5,904
CBAM 2017-3 Ltd.
Series 2017-3A, Class ER
(4) (5) (7) (13)
SOFR + 711
11.05%
7/17/2034
4,000
3,973
4,000
Cedar Funding CLO Ltd.
Series 2016-6A, Class SUB
(4) (5) (7) (12)
4/20/2034
14,822
8,791
4,536
Churchill Mmslf CLO-III L.P.
Series 2023-3A, Class D2R
(4) (5) (7)
SOFR + 450
8.18%
4/20/2038
3,500
3,500
3,456
Churchill Mmslf CLO-III L.P.
Series 2023-3A, Class ER
(4) (5) (7)
SOFR + 625
9.93%
4/20/2038
5,550
5,550
5,425
CIFC European Funding CLO IV DAC
Series 4X, Class E
(4) (5) (16) (21)
EURIBOR + 597
8.21%
8/18/2035
€2,845
2,796
3,258
CIFC Funding 2015-IV, Ltd.
Series 2015-4A, Class SUB
(4) (5) (7) (12)
1/20/2039
8,744
2,983
2,184
CIFC Funding 2017-V, Ltd.
Series 2017-5A, Class ER
(4) (5) (7)
SOFR + 615
9.83%
7/17/2037
4,750
4,750
4,575
CIFC Funding 2018-III, Ltd.
Series 2018-3A, Class ER
(4) (5) (7)
SOFR + 480
8.48%
10/18/2038
2,250
2,250
2,220
CIFC Funding 2018-V, Ltd.
Series 2018-5A, Class ER
(4) (5) (7)
SOFR + 660
10.27%
7/15/2038
3,000
3,000
2,958
CIFC Funding 2019-II Ltd.
Series 2019-2A, Class ERR
(4) (5) (7)
SOFR + 485
8.53%
10/17/2038
2,850
2,850
2,779
CIFC Funding 2021-III, Ltd.
Series 2021-3A, Class ER
(4) (5) (7)
SOFR + 485
8.52%
10/15/2038
8,550
8,550
8,418
CIFC Funding 2023-I, Ltd.
Series 2023-1A, Class ER
(4) (5) (7)
SOFR + 470
8.37%
10/15/2038
4,500
4,500
4,402
30
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
CIFC Funding 2023-III Ltd.
Series 2023-3A, Class ER
(4) (5) (7)
SOFR + 460
8.26%
1/20/2039
8,750
8,750
8,509
CIFC Funding 2024-II, Ltd.
Series 2024-2A, Class E
(4) (5) (7)
SOFR + 640
10.06%
4/22/2037
5,650
5,650
5,664
Crown Point CLO Ltd.
Series 2021-10A, Class E
(4) (5) (7) (13)
SOFR + 685
10.79%
7/20/2034
3,000
2,940
2,867
Crown Point CLO Ltd.
Series 2019-8A, Class ER
(4) (5) (7) (13)
SOFR + 713
11.07%
10/20/2034
3,463
3,098
3,382
CVC Cordatus Loan Fund XXVII DAC
Series 27A, Class ER
(4) (5) (7) (21)
EURIBOR + 610
8.30%
4/15/2038
€2,125
2,373
2,443
Danby Park CLO Ltd.
Series 2022-1A, Class M1
(4) (5) (7) (12)
10/21/2035
7,191
—
106
Danby Park CLO Ltd.
Series 2022-1A, Class M2
(4) (5) (7) (12)
10/21/2035
7,191
—
246
Danby Park CLO Ltd.
Series 2022-1A, Class SUB
(4) (5) (7) (12)
10/21/2035
7,191
3,956
2,025
Diameter Capital CLO 12 Ltd.
Series 2025-12A, Class E
(4) (5) (7)
SOFR + 475
8.43%
10/20/2038
8,000
8,000
7,846
Eldridge MMPC CLO Ltd.
Series 2026-1A, Class ER
(4) (5) (7)
SOFR + 675
10.37%
1/15/2037
1,900
1,900
1,898
Elmwood CLO 17 Ltd.
Series 2022-4A, Class SUB
(4) (5) (7) (12)
7/17/2037
17,500
10,671
8,895
Elmwood CLO 17 Ltd.
Series 2022-4AR, Class FR2
(4) (5) (7)
SOFR + 691
10.58%
7/17/2039
2,930
2,696
2,659
Elmwood CLO 21 Ltd.
Series 2022-8A, Class ER2
(4) (5) (7)
SOFR + 535
9.02%
10/15/2038
2,550
2,550
2,552
Elmwood CLO 22 Ltd.
Series 2023-1A, Class ER
(4) (5) (7)
SOFR + 480
8.48%
4/17/2038
5,000
5,000
4,881
Elmwood CLO II Ltd.
Series 2019-2A, Class ERR
(4) (5) (7)
SOFR + 575
9.43%
10/20/2037
6,500
6,500
6,465
Elmwood CLO IX Ltd.
Series 2021-2A, Class ER
(4) (5) (7)
SOFR + 465
8.33%
4/20/2038
1,650
1,644
1,610
Empower CLO 2023-2 Ltd.
Series 2023-2A, Class ER
(4) (5) (7)
SOFR + 560
9.27%
10/15/2038
2,000
2,000
1,908
Generate CLO 18 Ltd.
Series 2024-18A, Class E
(4) (5) (7)
SOFR + 600
9.68%
1/20/2038
3,060
3,060
3,010
Generate CLO 5 Ltd.
Series 5A, Class D2R
(4) (5) (7)
SOFR + 510
8.76%
7/22/2037
6,750
6,750
6,751
Generate CLO 7 Ltd.
Series 7A, Class ER
(4) (5) (7)
SOFR + 694
10.60%
4/22/2037
6,540
6,490
6,021
Generate CLO 8 Ltd.
Series 8A, Class ER2
(4) (5) (7)
SOFR + 635
10.03%
1/20/2038
2,820
2,820
2,716
GoldenTree Loan Management CLO Ltd.
Series 2024-19A, Class ER
(4) (5) (7)
SOFR + 425
7.93%
7/20/2039
6,500
6,500
6,425
GoldenTree Loan Management CLO Ltd.
Series 2025-27A, Class E
(4) (5) (7)
SOFR + 475
8.43%
1/20/2039
2,000
2,000
2,007
Golub Capital Partners CLO Ltd.
Series 2025-84A, Class E
(4) (5) (7)
SOFR + 490
8.61%
1/20/2039
2,000
2,000
1,947
Golub Capital Partners CLO Ltd.
Series 2019-43A, Class ER
(4) (5) (7)
SOFR + 575
9.43%
10/20/2037
6,750
6,750
6,338
Golub Capital Partners CLO Ltd.
Series 2021-53A, Class ER
(4) (5) (7)
SOFR + 470
8.38%
7/20/2034
4,000
4,000
3,699
Harvest CLO XXIX DAC
Series 29X, Class ER
(4) (5) (16) (21)
EURIBOR + 627
8.47%
7/15/2037
€5,000
5,318
5,634
Henley CLO XIII DAC
Series 13A, Class E
(4) (5) (7) (21)
EURIBOR + 570
7.90%
10/15/2038
€3,880
4,560
4,493
HPS Private Credit CLO 2023-1 LLC
Series 2023-1A, Class ER
(4) (5) (7)
SOFR + 700
10.67%
10/15/2037
2,500
2,526
2,405
Invesco U.S. CLO 2024-1 Ltd.
Series 2024-1RA, Class D2R
(4) (5) (7)
SOFR + 550
9.17%
4/15/2037
10,000
10,000
10,067
Ivy Hill Middle Market Credit Fund XX Ltd.
Series 20A, Class ER
(4) (5) (7)
SOFR + 750
11.18%
7/19/2037
2,500
2,601
2,472
KKR CLO 36 Ltd.
Series 36A, Class SUB
(4) (5) (7) (12)
10/15/2034
8,600
4,899
947
KKR CLO 46 Ltd.
Series 2023-46A, Class ER
(4) (5) (7)
SOFR + 700
10.68%
10/20/2037
2,080
2,080
1,965
KKR CLO 54 Ltd.
Series 2024-54A, Class E
(4) (5) (7)
SOFR + 580
9.47%
1/15/2038
6,100
6,100
6,039
KKR CLO 58 Ltd.
Series 2025-58A, Class E
(4) (5) (7)
SOFR + 530
8.97%
10/15/2038
2,000
2,005
2,004
Madison Park Funding LIV Ltd.
Series 2022-54A, Class ER
(4) (5) (7)
SOFR + 650
10.17%
10/21/2037
750
750
672
Madison Park Funding LV Ltd.
Series 2022-55A, Class ER
(4) (5) (7)
SOFR + 600
9.68%
7/18/2037
5,500
5,500
4,782
Madison Park Funding LVIII Ltd.
Series 2024-58A, Class E
(4) (5) (7)
SOFR + 665
10.32%
4/25/2037
6,000
6,000
5,607
31
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
Madison Park Funding XLVII Ltd.
Series 2020-47A, Class DR
(4) (5) (7)
SOFR + 390
7.58%
4/19/2037
5,000
5,000
4,925
Madison Park Funding XLVII Ltd.
Series 2020-47A, Class ER
(4) (5) (7)
SOFR + 665
10.33%
4/19/2037
5,000
5,000
4,405
Madison Park Funding XXXII Ltd.
Series 2018-32A, Class ER2
(4) (5) (7)
SOFR + 640
10.06%
7/22/2037
1,800
1,800
1,596
Marble Point CLO XX Ltd.
Series 2021-1A, Class E
(4) (5) (7) (13)
SOFR + 711
11.04%
4/23/2034
2,500
2,484
2,330
Marble Point CLO XXI Ltd.
Series 2021-3A, Class E
(4) (5) (7) (13)
SOFR + 720
11.14%
10/17/2034
4,000
3,945
3,562
MidOcean Credit CLO XIV Ltd.
Series 2024-14A, Class SUB
(4) (5) (7) (12)
4/15/2037
3,375
2,110
1,505
Mountain Point CLO 1 Ltd.
Series 2026-1A, Class E
(4) (5) (7)
SOFR + 600
9.72%
4/20/2039
5,000
5,000
5,037
Neuberger Berman Loan Advisers CLO 36R Ltd.
Series 2020-36RA, Class E
(4) (5) (7)
SOFR + 490
8.58%
7/20/2039
4,270
4,270
4,168
Neuberger Berman Loan Advisers CLO 63 Ltd.
Series 2026-63A, Class E
(4) (5) (7)
SOFR + 440
8.12%
4/16/2039
6,000
6,000
5,961
Oaktree CLO 2019-2 Ltd.
Series 2019-2A, Class DR
(4) (5) (7)
SOFR + 719
10.86%
10/15/2037
4,550
4,510
4,349
Oaktree CLO 2021-1 Ltd.
Series 2021-1A, Class ER
(4) (5) (7)
SOFR + 610
9.77%
1/15/2038
5,750
5,750
5,580
Oaktree CLO 2025-31 Ltd.
Series 2025-31A, Class E
(4) (5) (7)
SOFR + 535
9.02%
7/15/2038
12,000
12,000
12,008
OCP CLO 2016-12, Ltd.
Series 2016-12A, Class E1R3
(4) (5) (7)
SOFR + 600
9.68%
10/18/2037
2,750
2,750
2,751
OCP CLO 2020-8R Ltd.
Series 2020-8RA, Class ER2
(4) (5) (7)
SOFR + 470
8.38%
10/17/2038
2,500
2,500
2,442
OCP CLO 2024-31 Ltd.
Series 2024-31A, Class ER
(4) (5) (7)
SOFR + 495
8.63%
4/20/2039
6,250
6,235
6,179
OCP Euro CLO 2017-1 DAC
Series 2017-1X, Class ERR
(4) (5) (16) (21)
EURIBOR + 525
7.39%
7/15/2038
€9,000
10,480
10,321
OCP Euro CLO 2020-4 DAC
Series 2020-4A, Class ERR
(4) (5) (7) (21)
EURIBOR + 560
7.84%
10/20/2039
€3,500
4,068
3,971
OCP Euro CLO 2025-14 DAC
Series 2025-14A, Class E
(4) (5) (7) (21)
EURIBOR + 535
7.52%
10/26/2038
€2,500
2,914
2,880
Octagon 58 Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 625
9.92%
4/15/2038
9,500
9,500
9,513
Octagon 62 Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 640
10.07%
1/23/2038
2,000
2,000
1,851
Octagon 70 Alto Ltd.
Series 2023-1A, Class E
(4) (5) (7)
SOFR + 666
10.34%
10/20/2036
1,575
1,510
1,448
Octagon Investment Partners 40 Ltd.
Series 2019-1A, Class SUB
(4) (5) (7) (12)
1/20/2035
22,500
10,868
1,222
OHA Credit Funding 16-R Ltd.
Series 2023-16RA, Class E
(4) (5) (7)
SOFR + 460
8.28%
10/20/2038
2,500
2,500
2,405
OHA Loan Funding 2015-1 Ltd.
Series 2015-1A, Class ER4
(4) (5) (7)
SOFR + 480
8.48%
10/19/2038
3,500
3,500
3,383
Palmer Square CLO 2018-1 Ltd.
Series 2018-1A, Class DR
(4) (5) (7)
SOFR + 694
10.62%
4/18/2037
3,300
3,315
3,036
Palmer Square CLO 2018-2 Ltd.
Series 2018-2A, Class DR
(4) (5) (7)
SOFR + 700
10.68%
4/16/2037
8,170
8,172
7,367
Palmer Square CLO 2021-3A Ltd.
Series 2021-3A, Class ER
(4) (5) (7)
SOFR + 545
9.12%
10/15/2038
4,545
4,592
4,439
Palmer Square CLO 2021-4A Ltd.
Series 2021-4A, Class ER
(4) (5) (7)
SOFR + 575
9.42%
7/15/2038
3,500
3,524
3,452
Palmer Square CLO 2022-1A Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 520
8.88%
10/20/2038
2,000
2,000
1,941
Palmer Square CLO 2022-4 Ltd.
Series 2022-4A, Class ER
(4) (5) (7)
SOFR + 550
9.18%
10/20/2037
2,667
2,667
2,621
Palmer Square CLO 2024-2 Ltd.
Series 2024-2A, Class SUB
(4) (5) (7) (12)
7/20/2037
6,600
5,352
3,424
Palmer Square CLO 2026-1 Ltd.
Series 2026-1A, Class E
(4) (5) (7)
SOFR + 440
8.07%
4/20/2039
4,200
4,200
4,163
Palmer Square European CLO 2022-2 DAC
Series 2022-2A, Class ERR
(4) (5) (7) (21)
EURIBOR + 575
7.95%
1/15/2038
€5,880
6,834
6,791
Palmer Square European CLO 2023-1 DAC
Series 2023-1A, Class ER
(4) (5) (7) (21)
EURIBOR + 570
7.90%
1/15/2038
€8,000
8,452
9,215
Palmer Square European CLO 2023-2 DAC
Series 2023-2A, Class ER
(4) (5) (7) (21)
EURIBOR + 540
7.60%
10/15/2038
€4,100
4,752
4,737
PennantPark CLO II Ltd.
Series 2020-2A, Class DR
(4) (5) (7)
SOFR + 495
8.62%
4/15/2036
5,000
5,000
4,961
Penta CLO 15 DAC
Series 2023-15A, Class ER
(4) (5) (7) (21)
EURIBOR + 570
7.90%
10/15/2038
€10,000
11,652
11,546
Providus CLO XIII DAC
Series 13X, Class E
(4) (5) (16) (21)
EURIBOR + 500
7.23%
11/19/2039
€8,000
9,365
9,171
32
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
RAD CLO 17 Ltd.
Series 2022-17A, Class ER
(4) (5) (7)
SOFR + 625
9.93%
1/20/2038
4,000
4,000
3,770
Reese Park CLO, Ltd.
Series 2020-1A, Class ERR
(4) (5) (7)
SOFR + 600
9.67%
1/15/2038
3,560
3,560
3,114
Regatta 30 Funding Ltd.
Series 2024-4A, Class E
(4) (5) (7)
SOFR + 540
9.07%
1/25/2038
2,560
2,560
2,523
Regatta 35 Funding Ltd.
Series 2025-5A, Class E
(4) (5) (7)
SOFR + 525
8.92%
10/15/2038
4,570
4,570
4,481
Regatta VIII Funding Ltd.
Series 2017-1A, Class ER
(4) (5) (7)
SOFR + 700
10.68%
4/17/2037
5,560
5,560
5,215
Regatta XIX Funding Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 525
8.93%
10/20/2038
2,125
2,125
2,068
Regatta XXIII Funding Ltd.
Series 2021-4A, Class ER
(4) (5) (7)
SOFR + 570
9.37%
10/15/2038
4,000
4,000
3,947
Regatta XXV Funding Ltd.
Series 2023-1A, Class ER
(4) (5) (7)
SOFR + 575
9.42%
7/15/2038
6,250
6,250
6,097
Riverbank Park CLO Ltd.
Series 2024-1A, Class SUB
(4) (5) (7) (12)
1/25/2038
19,550
14,522
10,486
RR Ltd.
Series 2022-24A, Class DR2
(4) (5) (7)
SOFR + 550
9.17%
1/15/2037
4,760
4,760
4,671
RRE 17 Loan Management DAC
Series 17A, Class DR
(4) (5) (7) (21)
EURIBOR + 520
7.40%
1/15/2041
€3,000
3,481
3,439
RRE 6 Loan Management DAC
Series 6A, Class DR
(4) (5) (7) (21)
EURIBOR + 515
7.35%
10/15/2038
€1,200
1,402
1,378
Silver Point CLO 1 Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 525
8.93%
1/20/2038
1,363
1,379
1,223
Silver Point CLO 11 Ltd.
Series 2025-11A, Class E
(4) (5) (7)
SOFR + 565
9.32%
7/15/2038
8,500
8,500
8,298
Silver Point CLO 13 Ltd.
Series 2025-13A, Class E
(4) (5) (7)
SOFR + 525
8.92%
10/15/2038
2,000
2,000
1,928
Silver Point CLO 14 Ltd.
Series 2025-14A, Class E
(4) (5) (7)
SOFR + 535
9.03%
1/15/2039
2,000
2,000
1,923
Silver Point CLO 7 Ltd.
Series 2024-7A, Class E
(4) (5) (7)
SOFR + 575
9.42%
1/15/2038
3,600
3,600
3,402
Sixth Street CLO IX Ltd.
Series 2017-9A, Class ER
(4) (5) (7)
SOFR + 625
9.92%
7/31/2037
6,250
6,250
6,088
Sixth Street CLO XII Ltd.
Series 2018-12A, Class ER2
(4) (5) (7)
SOFR + 505
8.73%
1/17/2039
988
988
959
Sixth Street CLO XIV Ltd.
Series 2019-14A, Class ER2
(4) (5) (7)
SOFR + 465
8.32%
1/20/2038
6,600
6,606
6,321
Sixth Street CLO XV Ltd.
Series 2020-15A, Class ER
(4) (5) (7)
SOFR + 605
9.72%
10/24/2037
5,000
5,000
4,845
Sixth Street CLO XVII Ltd.
Series 2021-17A, Class ER
(4) (5) (7)
SOFR + 475
8.43%
4/17/2038
3,000
2,992
2,857
Sixth Street CLO XXV Ltd.
Series 2024-25A, Class SUB
(4) (5) (7) (12)
7/24/2037
15,000
11,478
6,856
Sound Point CLO 29, Ltd.
Series 2021-1A, Class E
(4) (5) (7) (13)
SOFR + 685
10.78%
4/25/2034
4,000
3,947
2,986
Sound Point CLO 35 Ltd.
Series 2022-35A, Class ER
(4) (5) (7)
SOFR + 580
9.47%
4/26/2038
1,670
1,670
1,617
Symphony CLO XXXIII Ltd.
Series 2022-33A, Class E1R
(4) (5) (7)
SOFR + 535
9.02%
1/24/2038
5,000
5,000
4,812
TICP CLO XI Ltd.
Series 2018-11A, Class ER
(4) (5) (7)
SOFR + 670
10.37%
4/25/2037
4,700
4,700
4,651
Trimaran CAVU 2022-1 Ltd.
Series 2022-1A, Class ER
(4) (5) (7)
SOFR + 692
10.58%
10/22/2037
6,250
6,222
6,242
Trimaran CAVU 2025-2 Ltd.
Series 2023-2A, Class ER
(4) (5) (7)
SOFR + 540
9.08%
1/20/2039
5,000
5,000
5,003
Trimaran CAVU 2025-3 Ltd.
Series 2025-3A, Class E
(4) (5) (7)
SOFR + 575
9.32%
1/22/2039
6,000
6,000
6,027
Trinitas Euro CLO V DAC
Series 5A, Class ER
(4) (5) (7) (21)
EURIBOR + 580
7.97%
7/25/2039
€2,500
2,944
2,882
Trinitas Euro CLO VI DAC
Series 6A, Class ER
(4) (5) (7) (21)
EURIBOR + 595
8.15%
1/15/2039
€10,000
11,607
11,500
Trinitas Euro CLO X DAC
Series 10A, Class E
(4) (5) (7) (21)
EURIBOR + 505
7.33%
11/15/2038
€8,500
10,081
9,790
Twin Brook CLO 2024-1 LLC
Series 2024-1A, Class D
(4) (5) (7)
SOFR + 495
8.63%
7/20/2036
6,500
6,500
6,449
Venture 45 CLO, Ltd.
Series 2022-45A, Class E
(4) (5) (7)
SOFR + 770
11.38%
7/20/2035
10,000
9,814
3,442
Voya CLO 2020-3, Ltd.
Series 2020-3A, Class SUB
(4) (5) (7) (12)
1/20/2038
7,900
4,803
3,769
Voya CLO 2021-2, Ltd.
Series 2021-2A, Class ER
(4) (5) (7)
SOFR + 485
8.53%
4/20/2038
1,000
1,000
981
Voya CLO 2022-4, Ltd.
Series 2024-4A, Class ER
(4) (5) (7)
SOFR + 670
10.38%
4/20/2037
3,105
3,105
3,107
33
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Collateralized Loan Obligations (19.1% of Net Assets)
Footnotes
Reference Rate &
Spread
Interest
Rate
Maturity
Date
Par / Principal
Amount *
Amortized
Cost
Fair Value
Voya CLO 2024-2, Ltd.
Series 2024-2A, Class SUB
(4) (5) (7) (12)
7/20/2037
10,650
8,467
6,448
Voya CLO 2025-5 Ltd.
Series 2025-5A, Class E
(4) (5) (7)
SOFR + 480
8.47%
1/15/2039
5,000
5,000
4,925
Voya Euro CLO IX DAC
Series 9A, Class E
(4) (5) (7) (21)
EURIBOR + 560
7.80%
10/15/2038
€2,250
2,642
2,592
Voya Euro CLO V DAC
Series 5X, Class E
(4) (5) (16) (21)
EURIBOR + 581
8.01%
4/15/2035
€1,416
1,389
1,604
Wellman Park CLO Ltd.
Series 2021-1A, Class ER
(4) (5) (7)
SOFR + 630
9.97%
7/15/2037
6,000
6,000
5,176
Woodmont 2025-13, L.P.
Series 2025-13A, Class E
(4) (5) (7)
SOFR + 660
10.27%
1/15/2038
6,750
6,750
6,667
Collateralized Loan Obligations Total
$923,573
$854,061
Investments—Asset-Backed Securities (6.1% of Net Assets)
Footnotes
Industry
Reference
Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Absolute Issuer Co. LLC
Class A
(4) (5)
Diversified Investment Vehicles
SOFR + 225
6.03%
12/20/2033
$9,000
$9,000
$8,999
Absolute Issuer Co. LLC
Class B
(4) (5)
Diversified Investment Vehicles
SOFR + 275
6.53%
12/20/2033
19,500
19,500
19,438
Absolute Issuer Co. LLC
Class C
(4) (5)
Diversified Investment Vehicles
SOFR + 450
8.28%
12/20/2033
8,100
8,100
8,050
Absolute Issuer Co. LLC
Class D
(4) (5) (19)
Diversified Investment Vehicles
12/20/2033
23,400
23,035
23,460
Adams Outdoor Advertising LP
Series 2023-1, Class C
(5) (7)
Media
11.71%
11.71%
7/15/2053
10,000
10,000
10,229
Affirm Asset Securitization Trust 2024-X1
Series 2024-X1, Class CERT
(4) (5) (7) (19)
Consumer Finance
5/15/2029
109
—
386
CABF Glamor 2025-1 Trust
Series 2025-1
(4) (5) (19)
Consumer Finance
13,595
9,776
9,552
Craft Ltd.
Series 2023-IA, Class CLN
(4) (5) (7) (21)
Diversified Investment Vehicles
SOFR + 1175
15.38%
11/28/2032
1,510
1,510
1,547
CSS HIL 2024-1 Trust
Class A
(5)
Consumer Finance
7.00%
7.00%
4/20/2050
11,748
11,685
11,898
CSS HIL 2024-1 Trust
Class B
(5)
Consumer Finance
7.75%
7.75%
4/20/2050
2,804
2,738
2,849
CSS HIL 2024-1 Trust
Class C
(5)
Consumer Finance
7.75%
7.75%
4/20/2050
5,318
4,869
5,070
CSS HIL 2024-1 Trust
Class D
(5)
Consumer Finance
7.75%
7.75%
4/20/2050
1,741
1,331
1,256
CSS HIL 2024-1 Trust
Class E
(4) (5) (19)
Consumer Finance
4/20/2050
2,759
3,022
367
CSS PL 2023-1 Trust
Series 2023-1, Class SUBI 2
(4) (5) (10) (19)
Consumer Finance
15,238
3,923
2,959
CSS PL 2023-1 Trust
Series 2023-1, Class SUBI 1
(4) (5) (10) (19)
Consumer Finance
9,531
2,005
1,369
DWDK IV LLC
Class B
(5) (6)
Financial Services
15.00%
15.00%
2/19/2033
59
59
59
Guggenheim Investments Private Debt
Fund IV Rated Note Feeder, LLC
Class A1
(4) (5) (6)
Diversified Investment Vehicles
SOFR + 300
6.66%
4/10/2038
5,924
5,924
5,972
Guggenheim Investments Private Debt
Fund IV Rated Note Feeder, LLC
Class B1
(4) (5) (6)
Diversified Investment Vehicles
SOFR + 500
8.66%
4/10/2038
1,975
1,975
2,015
Guggenheim Investments Private Debt
Fund IV Rated Note Feeder, LLC
Class D
(4) (5) (6)
Diversified Investment Vehicles
SOFR + 864
12.30%
4/10/2038
7,899
7,715
7,990
L Catterton Direct Lending Fund Rated
Feeder LP
Class A
(4) (5) (6)
Diversified Investment Vehicles
SOFR + 325
6.92%
1/15/2028
8,748
8,748
8,815
L Catterton Direct Lending Fund Rated
Feeder LP
Class B
(4) (5) (6)
Diversified Investment Vehicles
SOFR + 500
8.67%
1/15/2028
4,790
4,790
4,725
L Catterton Direct Lending Fund Rated
Feeder LP
Class C
(4) (5) (6)
Diversified Investment Vehicles
SOFR + 800
11.67%
1/15/2028
2,708
2,708
2,639
Mercury Financial Credit Card Master Trust
Series 2025-1A, Class D
(5) (7)
Consumer Finance
11.70%
11.70%
12/22/2031
17,600
17,598
17,529
Mercury Financial Credit Card Master Trust
Series 2026-A, Class B
(4) (5) (7)
Consumer Finance
SOFR + 650
10.12%
12/22/2031
19,808
19,719
19,808
34
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Asset-Backed Securities (6.1% of Net Assets)
Footnotes
Industry
Reference
Rate &
Spread
Interest
Rate
Maturity
Date
Par /
Principal
Amount *
Amortized
Cost
Fair Value
Monroe Capital CFO I Ltd.
Class A
(4) (5)
Diversified Investment Vehicles
SOFR + 425
8.45%
5/15/2039
48,020
48,020
48,260
Parabellum Partners IV Leveraged Return,
LP
Class C
(4) (5) (6) (19)
Financial Services
106
106
106
SMB Private Education Loan Trust 2024-A
Series 2024-A, Class R
(4) (5) (7) (19)
Consumer Finance
3/15/2056
52
53,448
16,151
SoFi Consumer Loan Program 2025-1 Trust
Series 2025-1, Class R1
(4) (5) (7) (19)
Consumer Finance
2/27/2034
124
9,056
7,761
Thoma Bravo Credit Asset Funding ABS,
LLC
Series 2023-1A, Class BR
(5) (7)
Software
7.06%
7.06%
11/22/2033
3,582
3,582
3,563
Thoma Bravo Credit Asset Funding ABS,
LLC
Series 2023-1A, Class CR
(5) (7)
Software
8.41%
8.41%
11/22/2033
3,600
3,599
3,570
Thoma Bravo Credit Asset Funding ABS,
LLC
Series 2023-1A, Class DR
(5) (7)
Software
10.51%
10.51%
11/22/2033
2,516
2,516
2,351
VCP RRL ABS III LLC
Series 2024-1A, Class B
(4) (5) (7)
Financial Services
SOFR + 320
6.87%
4/20/2034
3,229
3,229
3,230
VCP RRL ABS III LLC
Series 2024-1A, Class C
(4) (5) (7)
Financial Services
SOFR + 550
9.17%
4/20/2034
7,271
7,271
7,254
VCP RRL ABS III LLC
Series 2024-1A, Class D
(4) (5) (7)
Financial Services
SOFR + 700
10.67%
4/20/2034
4,020
4,020
3,978
Asset-Backed Securities Total
$314,577
$273,205
Investments—Preferred Stock (7.1% of Net Assets)
Footnotes
Industry
Reference Rate &
Spread
Interest
Rate
Acquisition
Date
Units /
Shares
Cost
Fair Value
48Forty TopCo LLC
(5) (9) (10)
Transportation
1/14/2026
1
$6,447
$5,581
Ampersand Partners AIV Investors, LLC
Series A
(5) (9) (10)
Financial Services
7/9/2025
43
895
911
Arrowhead GS Holdings, Inc.
Series A
(4) (5) (8) (10) (14)
(15)
Trading Companies & Distributors
SOFR + 10.75% PIK
14.39%
10/19/2022
10
9,458
3,370
Blackbird Purchaser, Inc.
(5) (8) (10)
Capital Equipment
12.50% PIK
12.50%
12/14/2021
23
22,269
22,346
Buckeye Group Holdings, L.P.
Series A
(5) (9) (10)
Automotives
12/31/2024
5,123
1,523
—
Daintree TopCo Pty. Ltd.
(5) (8) (10) (21)
Business Services
14.00% PIK
14.00%
4/28/2026
43
30,402
29,404
HIG Intermediate, Inc.
Series A
(5) (10)
Insurance
10.50%
10.50%
12/10/2024
34
34,718
34,899
Integrity Marketing Acquisition, LLC
(5) (8) (10)
Financial Services
10.50% PIK
10.50%
12/21/2021
11,988
11,838
11,817
KKR Orbit Co-Invest L.P.
(5) (10) (21)
Entertainment
9.90%
9.90%
6/5/2026
3,563
4,168
4,132
Material Holdings, LLC
Series A
(5) (9) (10)
Professional Services
3/6/2026
0
—
—
Material Holdings, LLC
Series B
(5) (9) (10)
Professional Services
3/6/2026
0
—
—
Navacord Intermediate Holdings Inc.
Series A
(5) (6) (8) (10) (21)
Financial Services
11.00% PIK
11.00%
2/2/2026
16
11,837
11,412
NearU Holdings LLC
Series C
(5) (8) (10) (15)
Consumer Services
20.00% PIK
20.00%
8/9/2024
1
74
—
OnePoint SAS
Series A
(2) (3) (4) (5) (8)
(10) (21)
IT Services
EURIBOR + 9.00% PIK
11.13%
12/23/2025
2
16,935
17,220
PCF Holdco, LLC
Series A
(5) (8) (10) (14)
Insurance
14.00% PIK
14.00%
2/16/2023
16
14,687
15,858
Project Carbo S.a.r.l.
(5) (8) (10) (21)
IT Services
14.30% PIK
14.30%
1/27/2025
53,638
70,700
76,095
Project Roller S.a.r.l.
(5) (8) (10) (21)
Health Care Providers & Services
13.04% PIK
13.04%
3/24/2025
34,208
42,482
44,212
Project Tiger S.a.r.l.
(5) (8) (10) (21)
Professional Services
12.50% PIK
12.50%
3/18/2025
7,752
9,812
9,943
Zippy Shell Incorporated
Series A4
(5) (6) (8) (10)
Commercial Services & Supplies
13.00% PIK
13.00%
5/3/2024
432
30,996
30,941
Preferred Stock Total
$319,241
$318,141
35
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Common Stock (3.9% of Net Assets)
Footnotes
Industry
Acquisition
Date
Units /
Shares
Cost
Fair Value
48Forty TopCo LLC
(5) (9) (10)
Transportation
1/14/2026
1
$—
$—
Aimbridge Acquisition Co., Inc.
(2) (3) (5) (9) (10)
Hotels, Restaurants & Leisure
3/11/2025
4
211
229
Align Precision Group, LLC
(5) (9) (10)
Aerospace & Defense
7/3/2025
3
1,761
1,463
Apex Group Ltd.
(2) (3) (5) (9) (10) (21)
Financial Services
5/11/2022
0
250
305
Buckeye Group Holdings, L.P.
(5) (9) (10)
Automotives
12/31/2024
9,427
—
—
Buckeye Group Holdings, L.P.
(5) (9) (10)
Automotives
12/31/2024
5,123
—
—
CABF Guild 2025-1 Intermediary, LLC
(5) (6) (10)
Consumer Finance
11/6/2025
3,190
2,900
3,190
CCOF III Insignia Trust
(5) (9) (10) (21)
Business Services
4/28/2026
6,209
4,445
4,299
CG Panther Parentco, L.P.
(5) (9) (10) (21)
Energy: Oil & Gas
2/13/2026
55,322
55,837
55,693
Cobham Ultra 1 & CY S.C.A.
(5) (9) (10) (21)
Electronic Equipment, Instruments & Components
7/29/2022
484
5
5
Cobham Ultra S.a.r.l.
(5) (9) (10) (21)
Electronic Equipment, Instruments & Components
7/29/2022
8
9
169
CSS PL 2024-1 Trust
(5) (10)
Consumer Finance
2/28/2025
1,130
—
417
DCA TopCo LP
(5) (9) (10)
Health Care Providers & Services
6/2/2026
195
1,832
1,832
Dwyer Instruments, Inc.
(5) (9) (10)
Electronic Equipment, Instruments & Components
7/21/2021
5
52
154
FPG Parent, LLC
(5) (9) (10)
Consumer Services
7/25/2025
0
6
—
GC Lux Project 11 S.a.r.l.
(5) (9) (10) (21)
Consumer Services
11/14/2025
34,210
45,734
42,201
KKR Orbit Co-Invest L.P.
(5) (10) (21)
Entertainment
6/5/2026
25
30
30
KKR Orbit Co-Invest L.P.
(5) (10) (21)
Entertainment
6/5/2026
727
851
843
KRE HYOD Owner, LLC
(5) (9) (10)
Real Estate Management & Development
9/22/2021
154
154
148
L Catterton Direct Lending Fund Rated Feeder LP
(5) (10)
Diversified Investment Vehicles
3/7/2025
270
—
272
Material Holdings, LLC
(5) (9) (10)
Professional Services
3/6/2026
0
—
—
Material Holdings, LLC
(5) (9) (10)
Professional Services
6/14/2024
3
—
—
NearU Holdings LLC
(5) (9) (10)
Consumer Services
8/4/2022
10
988
—
PXO Holdings I Corp.
(5) (9) (10)
Chemicals, Plastics & Rubber
3/8/2022
5
523
353
RXR Atlas Mezz, LLC
(5) (9) (10)
Real Estate Management & Development
10/24/2025
34
34
34
RXR Atlas Mezz, LLC
(5) (9) (10)
Real Estate Management & Development
10/24/2025
398
398
398
Santiago Holdings, LP
(5) (6) (10)
Consumer Finance
9/6/2024
74,819
50,324
60,625
Sinch AB
(9) (21)
High Tech Industries
2/25/2022
5
—
21
Tank Holding Corp.
(5) (9) (10)
Capital Equipment
3/26/2019
200
—
569
Tufin Software North America, Inc.
(5) (9) (10)
Software
8/25/2022
679
971
1,830
Wineshipping.com, LLC
(5) (9) (10)
Beverage, Food & Tobacco
10/29/2021
1
55
—
WP Summit Co-Invest, L.P.
(5) (9) (10)
Insurance
4/27/2023
152
74
194
Common Stock Total
$167,444
$175,274
36
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Investments—Warrants (0.3% of Net Assets)
Footnotes
Industry
Acquisition
Date
Expiration
Date
Units / Shares
Cost
Fair Value
Jordanes Equity AS
(5) (9) (10) (21)
Beverage, Food & Tobacco
12/27/2024
12/27/2031
156
$1,998
$2,215
Orifarm Holding AS
(5) (9) (10) (21)
Health Care Providers & Services
11/29/2024
11/29/2031
5,852
6,184
9,227
PCF Holdco, LLC
(5) (9) (10)
Insurance
2/16/2023
2/16/2033
387
215
51
PCF Holdco, LLC
(5) (9) (10)
Insurance
2/16/2023
2/16/2033
387
814
1,445
Zippy Shell Incorporated
(5) (9) (10)
Commercial Services & Supplies
5/3/2024
5/3/2034
23
432
366
Warrants Total
$9,643
$13,304
Investments—Money Market Funds (2.2% of Net Assets)
Daily Yield
(Annualized)
Units / Shares
Cost
Fair Value
Fidelity Investments Money Market Government Portfolio
3.57%
97,591
$97,591
$97,591
Money Market Funds Total
$97,591
$97,591
Total Investments, at Fair Value (1)
143.4%
$6,555,017
$6,410,602
Net Other Assets (Liabilities)
(43.4)%
$(1,940,708)
Net Assets
100.0%
$4,469,894
Interest Rate Swaps as of June 30, 2026
Counterparty
Hedged Instrument
Footnotes
Fund Receives
Fund Pays
Maturity Date
Notional Amount
Fair Value
Change in Unrealized
Gain / (Loss)
Macquarie Bank Limited
Series A MRP Shares
(17)
3.55%
SOFR
3/8/2027
$75,000
$(200)
$(1,164)
Macquarie Bank Limited
Series B MRP Shares
(17)
3.29%
SOFR
3/7/2029
25,000
(434)
(1,110)
Macquarie Bank Limited
Series C MRP Shares
(17)
2.79%
SOFR
9/1/2027
75,000
(1,060)
(2,810)
Macquarie Bank Limited
Series C MRP Shares
(17)
4.07%
SOFR
9/1/2027
25,000
6
(294)
Goldman Sachs & Co. LLC
Series F MRP Shares
(17)
4.36%
SOFR
11/16/2027
50,000
199
(339)
Goldman Sachs & Co. LLC
Series G MRP Shares
(17)
4.27%
SOFR
9/17/2029
100,000
890
(1,215)
Goldman Sachs & Co. LLC
Series H MRP Shares
(17)
4.21%
SOFR
9/16/2031
100,000
1,242
(1,389)
Goldman Sachs & Co. LLC
Series I MRP Shares
(17)
3.75%
SOFR
9/9/2030
100,000
(734)
(1,925)
Goldman Sachs & Co. LLC
Series J MRP Shares
(17)
3.81%
SOFR
9/8/2032
100,000
(813)
(1,928)
Goldman Sachs & Co. LLC
Series K MRP Shares
(17)
3.89%
SOFR
4/2/2035
100,000
(964)
(1,748)
Goldman Sachs & Co. LLC
Series L MRP Shares
(17)
3.27%
SOFR
3/12/2029
100,000
(1,804)
(1,804)
Goldman Sachs & Co. LLC
Series M MRP Shares
(17)
3.65%
SOFR
6/23/2036
50,000
(1,665)
(1,665)
Total
$900,000
$(5,337)
$(17,391)
Cash Collateral Pledged / (Received)
(18)
—
3,791
—
Total Interest Rate Swaps
$900,000
$(1,546)
$(17,391)
37
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Forward Foreign Currency Contracts as of June 30, 2026
Amount to be Purchased
Amount to be Sold
Change in Unrealized
Counterparty
Settlement Date
Currency
Notional
Currency
Notional
Fair Value
Appreciation / (Depreciation)
Macquarie Bank Limited
7/2/2026
USD
11
CAD
15
$0
$0
Citibank, N.A.
7/6/2026
USD
165
EUR
138
7
7
Goldman Sachs & Co. LLC
7/6/2026
USD
165
EUR
141
4
6
Macquarie Bank Limited
7/6/2026
USD
1,026
EUR
936
(43)
39
Goldman Sachs & Co. LLC
7/7/2026
USD
614
EUR
525
14
22
Citibank, N.A.
7/7/2026
USD
628
GBP
469
6
6
Macquarie Bank Limited
7/8/2026
USD
2,657
EUR
2,257
77
77
Macquarie Bank Limited
7/9/2026
USD
279
EUR
249
(5)
10
Goldman Sachs & Co. LLC
7/10/2026
USD
11,996
GBP
8,843
266
184
Goldman Sachs & Co. LLC
7/14/2026
USD
296
EUR
262
(3)
11
Macquarie Bank Limited
7/14/2026
USD
893
EUR
768
16
14
Citibank, N.A.
7/16/2026
USD
51,598
EUR
44,090
1,188
1,188
Citibank, N.A.
8/4/2026
USD
6
EUR
5
0
0
Macquarie Bank Limited
8/4/2026
USD
1,148
EUR
1,026
(26)
42
Goldman Sachs & Co. LLC
8/4/2026
USD
1,584
GBP
1,204
(13)
28
Macquarie Bank Limited
8/5/2026
USD
338
CAD
458
15
13
Citibank, N.A.
8/6/2026
USD
58
EUR
49
2
2
Macquarie Bank Limited
8/6/2026
USD
27
EUR
21
3
4
Citibank, N.A.
8/7/2026
USD
714
AUD
987
31
31
Goldman Sachs & Co. LLC
8/11/2026
USD
363
GBP
277
(5)
6
Goldman Sachs & Co. LLC
8/14/2026
USD
1,023
GBP
803
(41)
17
Macquarie Bank Limited
8/18/2026
USD
32,914
GBP
24,379
579
503
Citibank, N.A.
8/20/2026
USD
11,809
CAD
16,181
374
374
Citibank, N.A.
8/20/2026
USD
62,174
EUR
53,115
1,356
1,356
Deutsche Bank AG
8/20/2026
USD
51,580
EUR
44,115
1,066
1,066
Citibank, N.A.
8/20/2026
USD
3,391
GBP
2,534
31
31
Deutsche Bank AG
8/20/2026
USD
42,921
GBP
32,088
359
359
Macquarie Bank Limited
8/20/2026
USD
32,895
GBP
24,583
288
288
Macquarie Bank Limited
8/25/2026
USD
41,784
GBP
30,876
830
633
Goldman Sachs & Co. LLC
8/28/2026
USD
50,621
GBP
37,405
1,007
1,007
Macquarie Bank Limited
8/28/2026
USD
1,481
GBP
1,133
(22)
21
Macquarie Bank Limited
9/4/2026
USD
36
SEK
330
1
1
Macquarie Bank Limited
9/8/2026
USD
40
NOK
371
3
3
Deutsche Bank AG
9/9/2026
USD
377
EUR
325
4
4
Goldman Sachs & Co. LLC
9/9/2026
USD
573
EUR
497
3
21
Citibank, N.A.
9/30/2026
USD
5,146
GBP
3,766
151
151
Macquarie Bank Limited
10/2/2026
USD
11
CAD
15
0
0
38
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Forward Foreign Currency Contracts as of June 30, 2026
Amount to be Purchased
Amount to be Sold
Change in Unrealized
Counterparty
Settlement Date
Currency
Notional
Currency
Notional
Fair Value
Appreciation / (Depreciation)
Citibank, N.A.
10/2/2026
USD
30,916
GBP
23,071
313
313
Citibank, N.A.
10/5/2026
USD
136
EUR
113
6
6
Goldman Sachs & Co. LLC
10/5/2026
USD
182
EUR
155
4
6
Macquarie Bank Limited
10/5/2026
USD
867
EUR
799
(49)
33
Macquarie Bank Limited
10/6/2026
USD
177
EUR
149
5
6
Goldman Sachs & Co. LLC
10/7/2026
USD
754
EUR
641
19
27
Citibank, N.A.
10/7/2026
USD
626
GBP
468
5
5
Macquarie Bank Limited
10/9/2026
USD
284
EUR
252
(5)
11
Goldman Sachs & Co. LLC
10/14/2026
USD
300
EUR
264
(3)
11
Macquarie Bank Limited
10/14/2026
USD
184
EUR
154
6
5
Macquarie Bank Limited
10/16/2026
USD
43,259
EUR
37,756
(80)
1,561
Macquarie Bank Limited
10/27/2026
USD
975
EUR
872
(27)
36
Goldman Sachs & Co. LLC
11/3/2026
USD
1,186
GBP
915
(28)
18
Macquarie Bank Limited
11/3/2026
USD
184
GBP
141
(3)
3
Macquarie Bank Limited
11/4/2026
USD
335
CAD
453
14
12
Citibank, N.A.
11/4/2026
USD
9
EUR
7
0
0
Macquarie Bank Limited
11/4/2026
USD
92
EUR
78
3
3
Citibank, N.A.
11/5/2026
USD
49
EUR
42
1
1
Macquarie Bank Limited
11/5/2026
USD
27
EUR
21
3
4
Macquarie Bank Limited
11/5/2026
USD
92
GBP
68
2
2
Citibank, N.A.
11/6/2026
USD
716
AUD
992
30
30
Macquarie Bank Limited
11/6/2026
USD
38,636
EUR
34,899
(1,461)
1,444
Goldman Sachs & Co. LLC
11/10/2026
USD
367
GBP
281
(6)
6
Goldman Sachs & Co. LLC
11/13/2026
USD
1,030
GBP
808
(42)
16
Goldman Sachs & Co. LLC
11/30/2026
USD
30,034
EUR
25,985
144
1,068
Macquarie Bank Limited
11/30/2026
USD
766
GBP
600
(30)
12
Macquarie Bank Limited
12/4/2026
USD
36
SEK
334
1
1
Macquarie Bank Limited
12/7/2026
USD
41
NOK
381
3
3
Deutsche Bank AG
12/9/2026
USD
387
EUR
333
4
4
Macquarie Bank Limited
12/30/2026
USD
9,662
EUR
8,136
290
332
Macquarie Bank Limited
1/4/2027
USD
11
CAD
15
0
0
Citibank, N.A.
1/5/2027
USD
132
EUR
110
6
6
Goldman Sachs & Co. LLC
1/5/2027
USD
183
EUR
155
4
6
Macquarie Bank Limited
1/5/2027
USD
875
EUR
802
(49)
33
Goldman Sachs & Co. LLC
1/7/2027
USD
631
EUR
536
14
22
Citibank, N.A.
1/7/2027
USD
621
GBP
465
4
4
Macquarie Bank Limited
1/8/2027
USD
57,070
EUR
50,612
(1,245)
2,057
39
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Forward Foreign Currency Contracts as of June 30, 2026
Amount to be Purchased
Amount to be Sold
Change in Unrealized
Counterparty
Settlement Date
Currency
Notional
Currency
Notional
Fair Value
Appreciation / (Depreciation)
Macquarie Bank Limited
1/11/2027
USD
286
EUR
253
(6)
10
Goldman Sachs & Co. LLC
1/14/2027
USD
301
EUR
264
(4)
11
Macquarie Bank Limited
1/14/2027
USD
185
EUR
155
6
5
Goldman Sachs & Co. LLC
1/15/2027
USD
89,996
GBP
70,779
(3,911)
1,344
Citibank, N.A.
2/2/2027
USD
11
EUR
9
0
0
Macquarie Bank Limited
2/2/2027
USD
1,173
EUR
1,044
(32)
41
Goldman Sachs & Co. LLC
2/2/2027
USD
1,175
GBP
902
(22)
18
Macquarie Bank Limited
2/3/2027
USD
332
CAD
449
13
11
Macquarie Bank Limited
2/3/2027
USD
79
EUR
66
2
3
Citibank, N.A.
2/4/2027
USD
50
EUR
42
1
1
Macquarie Bank Limited
2/4/2027
USD
27
EUR
21
3
4
Macquarie Bank Limited
2/4/2027
USD
80
GBP
59
2
2
Citibank, N.A.
2/5/2027
USD
715
AUD
994
29
29
Goldman Sachs & Co. LLC
2/11/2027
USD
33
GBP
25
0
0
Macquarie Bank Limited
2/26/2027
USD
752
GBP
590
(30)
11
Macquarie Bank Limited
3/4/2027
USD
36
SEK
335
1
1
Citibank, N.A.
3/5/2027
USD
16,063
EUR
13,491
481
481
Goldman Sachs & Co. LLC
3/5/2027
USD
9,281
EUR
7,861
202
313
Macquarie Bank Limited
3/5/2027
USD
42,791
EUR
39,220
(2,510)
1,562
Citibank, N.A.
3/5/2027
USD
11,919
GBP
8,936
62
62
Macquarie Bank Limited
3/5/2027
USD
41
NOK
380
3
3
Deutsche Bank AG
3/9/2027
USD
393
EUR
337
3
3
Macquarie Bank Limited
3/30/2027
USD
15,580
EUR
13,776
(349)
543
Macquarie Bank Limited
4/2/2027
USD
11
CAD
15
0
0
Citibank, N.A.
4/7/2027
USD
1,440
EUR
1,225
23
23
Goldman Sachs & Co. LLC
4/7/2027
USD
753
EUR
636
17
25
Citibank, N.A.
4/7/2027
USD
29,049
GBP
21,763
170
170
Goldman Sachs & Co. LLC
4/14/2027
USD
295
EUR
259
(4)
10
Macquarie Bank Limited
4/14/2027
USD
183
EUR
153
6
4
Macquarie Bank Limited
4/28/2027
USD
1,431
EUR
1,131
121
225
Macquarie Bank Limited
4/28/2027
USD
4,070
GBP
3,014
70
70
Citibank, N.A.
5/4/2027
USD
10
EUR
8
0
0
Macquarie Bank Limited
5/4/2027
USD
1,150
EUR
1,016
(27)
39
Goldman Sachs & Co. LLC
5/4/2027
USD
1,119
GBP
863
(26)
15
Macquarie Bank Limited
5/4/2027
USD
167
GBP
128
(3)
2
Macquarie Bank Limited
5/5/2027
USD
319
CAD
431
11
10
Citibank, N.A.
5/7/2027
USD
709
AUD
989
27
27
40
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Forward Foreign Currency Contracts as of June 30, 2026
Amount to be Purchased
Amount to be Sold
Change in Unrealized
Counterparty
Settlement Date
Currency
Notional
Currency
Notional
Fair Value
Appreciation / (Depreciation)
Citibank, N.A.
5/14/2027
USD
2,578
EUR
2,174
59
59
Goldman Sachs & Co. LLC
5/14/2027
USD
20,702
GBP
15,865
(353)
278
Macquarie Bank Limited
5/28/2027
USD
769
GBP
603
(31)
10
Macquarie Bank Limited
5/28/2027
USD
1,701
NOK
15,883
104
104
Macquarie Bank Limited
5/28/2027
USD
2,056
SEK
18,825
76
76
Deutsche Bank AG
6/9/2027
USD
409
EUR
350
3
3
Macquarie Bank Limited
7/2/2027
USD
11
CAD
15
0
0
Citibank, N.A.
7/7/2027
USD
367
EUR
311
5
5
Goldman Sachs & Co. LLC
7/7/2027
USD
636
EUR
537
12
20
Citibank, N.A.
7/8/2027
USD
413
EUR
351
6
6
Goldman Sachs & Co. LLC
7/14/2027
USD
15,073
EUR
13,182
(242)
497
Macquarie Bank Limited
7/14/2027
USD
9,326
EUR
7,769
299
206
Citibank, N.A.
8/3/2027
USD
10
EUR
8
0
0
Macquarie Bank Limited
8/3/2027
USD
1,110
EUR
980
(30)
36
Goldman Sachs & Co. LLC
8/3/2027
USD
1,169
GBP
898
(23)
16
Macquarie Bank Limited
8/4/2027
USD
16,682
CAD
22,557
492
510
Macquarie Bank Limited
8/4/2027
USD
75
EUR
63
2
2
Citibank, N.A.
8/6/2027
USD
702
AUD
982
26
26
Macquarie Bank Limited
8/31/2027
USD
770
GBP
603
(31)
10
Macquarie Bank Limited
9/2/2027
USD
618
CAD
843
13
14
Deutsche Bank AG
9/9/2027
USD
414
EUR
353
3
3
Goldman Sachs & Co. LLC
10/7/2027
USD
778
EUR
654
15
24
Citibank, N.A.
10/25/2027
USD
509
EUR
429
8
8
Macquarie Bank Limited
10/25/2027
USD
58,620
EUR
51,785
(1,817)
1,830
Macquarie Bank Limited
10/27/2027
USD
4,270
EUR
3,574
98
129
Goldman Sachs & Co. LLC
10/29/2027
USD
44,619
GBP
34,472
(1,123)
563
Macquarie Bank Limited
10/29/2027
USD
3,639
GBP
2,799
(75)
42
Citibank, N.A.
11/5/2027
USD
696
AUD
977
24
24
Macquarie Bank Limited
11/12/2027
USD
33,580
GBP
26,421
(1,477)
419
Macquarie Bank Limited
11/30/2027
USD
59,496
EUR
54,476
(4,180)
2,067
Deutsche Bank AG
12/9/2027
USD
414
EUR
352
2
2
Macquarie Bank Limited
12/27/2027
USD
58,357
NOK
673,914
(9,300)
(1,785)
Citibank, N.A.
12/30/2027
USD
14,820
EUR
12,718
(66)
(66)
Goldman Sachs & Co. LLC
12/30/2027
USD
49,141
EUR
43,349
(1,596)
1,531
Goldman Sachs & Co. LLC
12/31/2027
USD
30,274
EUR
25,462
471
875
Citibank, N.A.
1/7/2028
USD
751
EUR
634
9
9
Macquarie Bank Limited
1/24/2028
USD
87,951
EUR
80,457
(6,320)
2,793
41
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Forward Foreign Currency Contracts as of June 30, 2026
Amount to be Purchased
Amount to be Sold
Change in Unrealized
Counterparty
Settlement Date
Currency
Notional
Currency
Notional
Fair Value
Appreciation / (Depreciation)
Citibank, N.A.
2/7/2028
USD
692
AUD
973
23
23
Citibank, N.A.
2/15/2028
USD
19,825
EUR
16,303
704
704
Deutsche Bank AG
3/9/2028
USD
419
EUR
355
2
2
Macquarie Bank Limited
3/31/2028
USD
64,462
EUR
56,444
(1,868)
1,896
Citibank, N.A.
4/7/2028
USD
18,733
EUR
15,777
187
187
Citibank, N.A.
4/28/2028
USD
26,330
AUD
37,128
836
836
Macquarie Bank Limited
4/28/2028
USD
44,451
AUD
63,587
788
788
Deutsche Bank AG
6/12/2028
USD
24,909
EUR
21,033
112
112
Citibank, N.A.
7/10/2028
USD
419
EUR
351
5
5
Macquarie Bank Limited
9/26/2028
USD
16,324
CAD
22,119
236
374
Citibank, N.A.
2/6/2029
USD
6,429
EUR
5,252
184
184
Citibank, N.A.
6/29/2029
USD
5,638
EUR
4,666
60
60
Total
$(23,963)
$35,227
Cash Collateral Pledged / (Received)
—
—
Total Forward Foreign Currency Contracts
$(23,963)
$35,227
*    Par / Principal Amount is denominated in USD (“$”) unless otherwise noted, as denominated in Australian Dollar (“A$”), British Pound (“£”), Canadian Dollar (“C$”), Euro (“€”), Norwegian Krone (“kr”), or
Swedish Krone (“Skr”).
(1)  All of the Fund’s Corporate Loans, Corporate Bonds, Collateralized Loan Obligations, Asset-Backed Securities, Preferred Stocks, Common Stocks, Warrants, and Money Market Funds, if applicable, as of
June 30, 2026 represented 143.4% of the Fund’s net assets or 96.0% of the Fund’s total assets. Certain investments are subject to contractual restrictions on sales.
(2)  The security position has been segregated as collateral against outstanding borrowings. See Note 7, Borrowings.
(3)  All or a portion of this security is owned by OCPC Credit Facility SPV LLC (the “OCPC SPV”). See Note 1, Organization. As of June 30, 2026, the aggregate fair value of these securities is $2,736,965, or
42.7% of the Fund’s Total Investments, at Fair Value.
(4)  Represents the interest rate for a variable or increasing rate security, determined as Reference Rate + Basis Point spread. Stated interest rate represents the “all-in” rate as of June 30, 2026. Reference Rates are
defined as follows:
BBSY
Bank Bill Swap Bid Rate
CORRA
Canadian Overnight Repo Rate Average
EURIBOR
Euro Interbank Offered Rate
NIBOR
Norwegian Interbank Offered Rate
PRIME
U.S. Prime Rate
SOFR
Secured Overnight Financing Rate
SONIA
Sterling Overnight Index Average
STIBOR
Stockholm Interbank Offered Rate
As of June 30, 2026, the reference rates for our variable rate securities were the daily SOFR at 3.68%, the 1-month SOFR at 3.65%, the 3-month SOFR at 3.73%, the 6-month SOFR at 3.85%, the 3-month
BBSY at 4.51%, the 1-month CORRA at 2.28%, the 1-month EURIBOR at 2.20%, the 3-month EURIBOR at 2.32%,  the 3-month NIBOR at 4.57%, the daily SONIA at 3.73%, the 3-month STIBOR at
1.97%, and the daily PRIME at 6.75%. 
(5)  The value of this security was determined using significant unobservable inputs. See Note 3, Fair Value Measurements.
(6)  The Fund has an unfunded commitment to fund delayed draw debt, revolving debt, and/or equity investments. See Note 9, Commitments and Contingencies.
42
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
(7)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These securities amount to $945,915, or 21.2% of the
Fund’s net assets, at period end.
(8)  Interest or dividend is paid-in-kind, when applicable.
(9)  Non-income producing security as of June 30, 2026.
(10) Securities acquired in transactions exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted, excluding 144A
securities, Regulation S securities, and loans. As of June 30, 2026, the aggregate fair value of these securities is $511,026, or 11.4% of the Fund’s net assets.
(11) In addition to the interest earned based on the stated interest rate of this loan, the Fund is entitled to receive additional interest as a result of an agreement among lenders, which has been included in the spread
of each applicable loan. Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with
respect to principal, interest and other payments.
(12) Class SUB, M1, and M2 are considered equity tranches of collateralized loan obligation (“CLO”) issuances. These notes receive excess distributions, if any, once all other senior obligations are satisfied in the
CLO structure. CLO equity tranches are generally issued at a discount and have no contractual principal and interest payments.
(13) Securities include a credit spread adjustment that ranges from 0.10% to 0.43%.
(14) Securities include an interest rate floor feature, which generally ranges from 0.50% to 1.00%.
(15) Security was on non-accrual status as of June 30, 2026.
(16) Represents securities sold outside the U.S. and exempt from registration under the Securities Act, under Regulation S. As of June 30, 2026, the aggregate fair value of these securities is $38,309, or 0.9% of the
Fund’s net assets.
(17) Interest rate swap contains a variable rate structure and bears interest at a rate determined by three-month term SOFR.
(18) As of June 30, 2026, there was $23 of cash collateral available to offset with Macquarie Bank Limited, and $3,768 available to offset with Goldman Sachs & Co. LLC.
(19) Residual equity tranches of asset-backed security (“ABS”) issuances. These notes receive excess distributions, if any, once all other senior obligations are satisfied in the ABS structure. ABS residual equity
tranches are generally issued at a discount and have no contractual principal and interest payments.
(20) All or a portion of this security is owned by CTAC Barracuda SPV LLC (the “Barracuda SPV”). See Note 1, Organization. As of June 30, 2026, the aggregate fair value of these securities is $677,805, or
10.6% of the Fund’s Total Investments, at Fair Value.
(21) Securities with risks and economic exposures not primarily based in the United States.
43
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
The industry composition of investments at fair value is shown below as of June 30, 2026; although not industries, Collateralized Loan Obligations, which are
well-diversified pools of loans in varying industries, and Money Market Funds, which are short-term cash management vehicles, had fair values of $854.1 million
(19.1% of net assets) and $97.6 million (2.2% of net assets), respectively.
Industry
Fair Value
% of Net Assets
Software
$725,011
16.2%
Financial Services
520,719
11.6%
Health Care Providers & Services
478,410
10.7%
Consumer Services
340,338
7.6%
Hotels, Restaurants & Leisure
306,180
6.9%
Professional Services
227,645
5.1%
Commercial Services & Supplies
213,943
4.8%
Diversified Investment Vehicles
175,534
3.9%
IT Services
170,609
3.8%
Electronic Equipment, Instruments & Components
163,088
3.6%
Business Services
163,075
3.6%
Consumer Finance
161,187
3.6%
Insurance
160,932
3.6%
Capital Equipment
154,102
3.4%
Real Estate Management & Development
120,034
2.7%
Containers, Packaging & Glass
111,393
2.5%
Energy: Oil & Gas
110,644
2.5%
Health Care Technology
107,322
2.4%
Construction & Engineering
99,695
2.2%
Utilities
97,045
2.2%
Transportation
93,120
2.1%
Beverage, Food & Tobacco
68,164
1.5%
Capital Markets
62,260
1.4%
Aerospace & Defense
56,492
1.3%
Distributors
51,692
1.2%
Chemicals, Plastics & Rubber
51,047
1.1%
Machinery
48,370
1.1%
Automotives
43,630
1.0%
Entertainment
42,950
1.0%
Telecommunications
41,517
0.9%
Sovereign & Public Finance
38,155
0.9%
Health Care Equipment & Supplies
37,576
0.8%
Specialty Retail
36,353
0.8%
Building Products
30,297
0.7%
44
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2026
(amounts in thousands)
Industry
Fair Value
% of Net Assets
Media
27,081
0.6%
Environmental Industries
26,781
0.6%
Trading Companies & Distributors
23,317
0.5%
Computers & Electronics Retail
13,480
0.3%
Consumer Goods: Durable
12,186
0.3%
Leisure Products
11,455
0.3%
Independent Power & Renewable Electricity Producers
11,120
0.2%
Passenger Airlines
9,439
0.2%
High Tech Industries
8,734
0.2%
Banking, Finance, Insurance & Real Estate
3,801
0.1%
Consumer Goods: Non-Durable
2,400
0.1%
Mortgage Real Estate Investment Trusts (REITs)
627
0.0%
Total
$5,458,950
122.1%
The geographical composition of investments at fair value is shown below as of June 30, 2026, and is based on the risk and economic exposure of investments.
Geographic Region
Fair Value
% of Fair Value
% of Net Assets
United States
$4,473,370
69.8%
100.1%
Europe
1,607,032
25.1%
36.0%
North America (excl. United States)
234,313
3.6%
5.2%
Australia
84,997
1.3%
1.9%
South America
10,890
0.2%
0.2%
Total
$6,410,602
100.0%
143.4%
See accompanying Notes to Consolidated Financial Statements.
45
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2026
(amounts in thousands, except share and per share data, unless otherwise indicated)
June 30, 2026
ASSETS
Investments, at fair value (cost $6,555,017)
$6,410,602
Cash and restricted cash
86,258
Cash and restricted cash denominated in foreign currencies (cost of $38,145)
36,067
Forward foreign currency contracts, at fair value
7,932
Receivables and other assets:
Interest and dividends receivable
74,745
Subscriptions receivable
4,539
Deferred financing costs
7,431
Receivable for investments sold (including paydowns)
47,938
Prepaid expenses and other assets
2,605
Total assets
$6,678,117
LIABILITIES
Secured credit facilities
$991,176
Mandatory redeemable preferred shares (net of unamortized deferred issuance costs of $6,068)
1,082,695
Forward foreign currency contracts, at fair value
31,895
Income distribution payable
16,955
Payable for incentive fees
15,502
Payable for management fees
5,393
Interest payable on borrowings
18,192
Payable for investments purchased
34,969
Payable for administrative service fees
1,079
Payable for distribution and shareholder service plan fees
809
Payable for trustees’ compensation and expenses
23
Other accrued expenses and liabilities
9,535
Total liabilities
$2,208,223
Net Assets
$4,469,894
Commitments and Contingencies (Note 9)
COMPOSITION OF NET ASSETS
Par value of shares of beneficial interest
$557
Additional paid-in capital
4,797,370
Retained earnings (Accumulated deficit)
(328,033)
Net Assets
$4,469,894
46
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2026
(amounts in thousands, except share and per share data, unless otherwise indicated)
NET ASSET VALUE PER SHARE
Net Asset Value
of Share Class
Shares of
Beneficial Interest
Outstanding
Net Asset Value
per Share
Class A Shares:
Net asset value and redemption price per share
$347,564
43,384,484
$8.01
Maximum offering price per share (net asset value plus sales
charge of 3.00% of gross purchase price)
8.26
Class I Shares:
Net asset value and redemption price per share
$860,423
106,957,560
$8.04
Class L Shares:
Net asset value and redemption price per share
$1,914
239,090
$8.00
Maximum offering price per share (net asset value plus sales
charge of 3.50% of gross purchase price)
8.29
Class M Shares:
Net asset value and redemption price per share
$337,823
41,983,761
$8.05
Class N Shares:
Net asset value and redemption price per share
$2,177,310
272,011,710
$8.00
Class U Shares:
Net asset value and redemption price per share
$744,483
92,459,380
$8.05
Class Y Shares:
Net asset value and redemption price per share
$377
47,122
$8.01
See accompanying Notes to Consolidated Financial Statements.
47
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2026
(amounts in thousands)
Investment Income
June 30, 2026
Interest income
$256,131
Dividend income
1,945
PIK interest income
35,318
PIK dividend income
15,723
Other income
7,253
Total investment income
$316,370
Expenses
Management fees
$32,724
Incentive fees
32,014
Distribution and service plan fees:
Class A
841
Class L
5
Class M
1,278
Class U
2,783
Class Y
—
Transfer and shareholder servicing agent fees:
Class A
39
Class I
99
Class L
—
Class M
39
Class N
252
Class U
85
Class Y
—
Shareholder communications:
Class A
26
Class I
67
Class L
—
Class M
27
Class N
172
Class U
58
Class Y
—
Interest expense and fees on borrowings
60,805
Professional fees
4,401
Administration and custodian fees
2,574
Administrative service fees (Note 5)
1,345
Trustees’ fees and expenses
209
Other expenses
814
Total expenses
$140,657
Net Investment Income
$175,713
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions
$(59,190)
Forward foreign currency contracts
(3,888)
Foreign currency transactions
(5,525)
Net realized loss
$(68,603)
Net change in unrealized appreciation (depreciation) on:
Investment transactions
$(130,738)
Forward foreign currency contracts
46,223
Interest rate swaps
(860)
Foreign currency on secured credit facilities
3,983
Foreign currency transactions
(2,434)
Net change in unrealized depreciation
$(83,826)
Net Increase in Net Assets Resulting from Operations
$23,284
See accompanying Notes to Consolidated Financial Statements.
48
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30, 2026 and for the Year Ended December 31, 2025
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months Ended
June 30, 2026
Year Ended
December 31, 2025
Operations
Net investment income
$175,713
$368,736
Net realized gain (loss)
(68,603)
(41,652)
Net change in unrealized appreciation (depreciation)
(83,826)
(73,199)
Net increase in net assets resulting from operations
$23,284
$253,885
Dividends and/or Distributions to Shareholders
Class A
$(12,815)
$(23,390)
Class I
(34,934)
(73,087)
Class L
(73)
(166)
Class M
(12,539)
(24,803)
Class N
(89,302)
(196,207)
Class U
(27,333)
(56,987)
Class Y
(15)
(33)
Total Dividends and/or Distributions to Shareholders
$(177,011)
$(374,673)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest:
Class A
$19,393
$117,286
Class I
(12,837)
56,727
Class L
18
6
Class M
(6,666)
123,642
Class N
(139,183)
404,686
Class U
(19,938)
206,703
Class Y
(7)
34
Net increase (decrease) in Beneficial Interest Transactions
$(159,220)
$909,084
Net Assets
Total increase (decrease)
$(312,947)
$788,296
Beginning of period
4,782,841
3,994,545
End of Period
$4,469,894
$4,782,841
See accompanying Notes to Consolidated Financial Statements.
49
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2026
(amounts in thousands)
Six Months Ended
June 30, 2026
Cash Flows from Operating Activities
Net increase in net assets from operations
$23,284
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating
activities:
Purchase of investment securities, net of change in payable for investments purchased
(913,530)
PIK interest and dividend
(51,041)
Proceeds from disposition of investment securities (including paydowns), net of change in
receivable for investments sold
956,596
Proceeds from (Payments on) forward foreign currency contracts
(3,888)
Cash collateral received (posted) for derivative contracts
(3,791)
Premium amortization
32
Discount accretion
(8,363)
Amortization of deferred financing and issuance costs
2,440
Net realized loss
68,603
Net change in unrealized depreciation
83,826
Change in hedge basis adjustment for mandatory redeemable preferred shares
(13,699)
Change in unrealized appreciation for swaps not designated as hedging instruments
(860)
Change in assets:
Decrease in other assets
8,517
Increase in interest and dividends receivable
(1,188)
Change in liabilities:
Decrease in other liabilities
(248)
Net cash provided by operating activities
$146,690
Cash Flows from Financing Activities
Proceeds from secured credit facilities
$460,000
Payments on borrowings
(385,000)
Proceeds from note-on-note loans
2,605
Payments on note-on-note loans
(30,291)
Proceeds from mandatory preferred shares sold
150,000
Deferred financing and issuance costs
(1,386)
Proceeds from shares sold, net of subscriptions receivable
253,296
Payments on shares redeemed, net of redemptions payable
(477,223)
Cash distributions paid
(139,413)
Net cash used in financing activities
$(167,412)
Effect of exchange rate changes on cash
(5,525)
Net decrease in cash and restricted cash
$(26,247)
Cash, restricted cash, and foreign currency, beginning balance
148,572
Cash, restricted cash, and foreign currency, ending balance
$122,325
Supplemental Information
Reinvestment of dividends and distributions
$75,897
Cash paid for interest on borrowings
58,093
Reconciliation of Cash, Restricted Cash, and Foreign Currency, Ending Balance
Cash and restricted cash
$86,258
Cash and restricted cash denominated in foreign currencies
36,067
Total cash, restricted cash, and foreign currency, ending balance
$122,325
See accompanying Notes to Consolidated Financial Statements.
50
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
CLASS A
2025
2024
2023
2022
2021
Per Share Operating Data
Net asset value, beginning of
period
$8.28
$8.51
$8.48
$8.24
$9.02
$8.71
Income (loss) from investment
operations:
Net investment income (1)
0.30
0.69
0.78
0.85
0.67
0.55
Net realized and unrealized gain
(loss)
(0.27)
(0.22)
0.07
0.24
(0.78)
0.36
Total from investment operations
0.03
0.47
0.85
1.09
(0.11)
0.91
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.30)
(0.70)
(0.82)
(0.85)
(0.67)
(0.60)
Total dividends and/or
distributions to shareholders:
(0.30)
(0.70)
(0.82)
(0.85)
(0.67)
(0.60)
Net asset value, end of period
$8.01
$8.28
$8.51
$8.48
$8.24
$9.02
Total Return, at Net Asset
Value (2)
0.35%
5.86%
10.23%
13.83%
(1.42)%
10.77%
Ratios/Supplemental Data
Net assets, end of period
$347,564
$339,511
$229,722
$126,755
$53,960
$33,224
Average net assets
$339,337
$279,675
$175,679
$79,151
$46,369
$19,818
Ratios to average net assets (3):
Net investment income
7.56%
8.22%
9.13%
10.12%
7.84%
6.13%
Total expenses
6.56%
6.19%
5.90%
6.67%
5.63%
4.82%
Expenses after (recoupment of)
waivers and reimbursements of
expenses (4)
6.56%
6.19%
5.90%
6.73%
5.68%
4.68%
Expenses, before waivers and
reimbursements of expenses,
excluding specific expenses listed
below
1.89%
1.75%
1.65%
1.91%
1.87%
2.14%
Interest expense and fees from
borrowings
2.71%
2.38%
2.03%
2.35%
1.55%
0.69%
Distribution and shareholder
service fees
0.50%
0.50%
0.50%
0.51%
0.57%
0.50%
Deal expenses and incentive fees
1.46%
1.56%
1.72%
1.90%
1.64%
1.48%
Portfolio turnover rate
9%
13%
11%
14%
21%
31%
(1)  Per share amounts calculated based on the average shares outstanding during the period.
(2)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(3)  Annualized for periods less than one full year.
(4)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.89% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
51
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
CLASS I
2025
2024
2023
2022
2021
Per Share Operating Data
Net asset value, beginning of
period
$8.32
$8.55
$8.52
$8.28
$9.06
$8.74
Income (loss) from investment
operations:
Net investment income (1)
0.33
0.74
0.82
0.88
0.71
0.59
Net realized and unrealized gain
(loss)
(0.28)
(0.22)
0.07
0.24
(0.78)
0.38
Total from investment operations
0.05
0.52
0.89
1.12
(0.07)
0.97
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.33)
(0.75)
(0.86)
(0.88)
(0.71)
(0.65)
Total dividends and/or
distributions to shareholders:
(0.33)
(0.75)
(0.86)
(0.88)
(0.71)
(0.65)
Net asset value, end of period
$8.04
$8.32
$8.55
$8.52
$8.28
$9.06
Total Return, at Net Asset
Value (2)
0.74%
6.27%
10.80%
14.15%
(0.79)%
11.28%
Ratios/Supplemental Data
Net assets, end of period
$860,423
$902,695
$871,370
$692,827
$421,046
$315,036
Average net assets
$868,160
$823,988
$788,639
$494,441
$384,464
$226,255
Ratios to average net assets (3):
Net investment income
8.06%
8.73%
9.56%
10.55%
8.31%
6.60%
Total expenses
6.06%
5.65%
5.40%
6.16%
5.02%
4.32%
Expenses after (recoupment of)
waivers and reimbursements of
expenses (4)
6.06%
5.65%
5.50%
6.32%
5.15%
4.14%
Expenses, before waivers and
reimbursements of expenses,
excluding specific expenses listed
below
1.89%
1.74%
1.64%
1.90%
1.87%
2.18%
Interest expense and fees from
borrowings
2.71%
2.35%
2.03%
2.36%
1.53%
0.67%
Deal expense and incentive fees
1.46%
1.56%
1.73%
1.90%
1.63%
1.47%
Portfolio turnover rate
9%
13%
11%
14%
21%
31%
(1)  Per share amounts calculated based on the average shares outstanding during the period.
(2)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(3)  Annualized for periods less than one full year.
(4)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.89% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
52
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
CLASS L
2025
2024
2023
2022
2021
Per Share Operating Data
Net asset value, beginning of
period
$8.28
$8.50
$8.48
$8.24
$9.02
$8.70
Income (loss) from investment
operations:
Net investment income (1)
0.30
0.69
0.77
0.84
0.67
0.54
Net realized and unrealized gain
(loss)
(0.28)
(0.21)
0.06
0.24
(0.78)
0.38
Total from investment operations
0.02
0.48
0.83
1.08
(0.11)
0.92
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.30)
(0.70)
(0.81)
(0.84)
(0.67)
(0.60)
Total dividends and/or
distributions to shareholders:
(0.30)
(0.70)
(0.81)
(0.84)
(0.67)
(0.60)
Net asset value, end of period
$8.00
$8.28
$8.50
$8.48
$8.24
$9.02
Total Return, at Net Asset
Value (2)
0.35%
5.85%
10.05%
13.76%
(1.49)%
10.62%
Ratios/Supplemental Data
Net assets, end of period
$1,914
$1,961
$2,008
$1,953
$1,823
$569
Average net assets
$1,925
$1,987
$1,984
$1,880
$1,489
$735
Ratios to average net assets (3):
Net investment income
7.56%
8.24%
8.99%
10.09%
7.96%
6.02%
Total expenses
6.56%
6.16%
5.90%
6.69%
5.78%
4.98%
Expenses after (recoupment of)
waivers and reimbursements of
expenses (4)
6.56%
6.16%
6.08%
6.81%
5.88%
4.52%
Expenses, before waivers and
reimbursements of expenses,
excluding specific expenses listed
below
1.89%
1.74%
1.64%
1.89%
1.89%
2.46%
Interest expense and fees from
borrowings
2.71%
2.35%
2.03%
2.37%
1.65%
0.61%
Distribution and shareholder
service fees
0.50%
0.50%
0.50%
0.52%
0.58%
0.48%
Deal expense and incentive fees
1.46%
1.57%
1.73%
1.91%
1.66%
1.43%
Portfolio turnover rate
9%
13%
11%
14%
21%
31%
(1)  Per share amounts calculated based on the average shares outstanding during the period.
(2)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(3)  Annualized for periods less than one full year.
(4)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.89% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
53
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
CLASS M
2025
2024
2023
2022
2021
Per Share Operating Data
Net asset value, beginning of
period
$8.32
$8.55
$8.52
$8.28
$9.07
$8.74
Income (loss) from investment
operations:
Net investment income (1)
0.30
0.67
0.76
0.83
0.67
0.53
Net realized and unrealized gain
(loss)
(0.27)
(0.22)
0.07
0.24
(0.79)
0.38
Total from investment operations
0.03
0.45
0.83
1.07
(0.12)
0.91
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.30)
(0.68)
(0.80)
(0.83)
(0.67)
(0.58)
Total dividends and/or
distributions to shareholders:
(0.30)
(0.68)
(0.80)
(0.83)
(0.67)
(0.58)
Net asset value, end of period
$8.05
$8.32
$8.55
$8.52
$8.28
$9.07
Total Return, at Net Asset
Value (2)
0.24%
5.61%
9.96%
13.54%
(1.66)%
10.47%
Ratios/Supplemental Data
Net assets, end of period
$337,823
$356,042
$240,572
$140,863
$62,816
$19,906
Average net assets
$343,428
$305,768
$182,659
$91,772
$39,537
$11,904
Ratios to average net assets (3):
Net investment income
7.31%
7.97%
8.88%
9.84%
7.94%
5.89%
Total expenses
6.81%
6.45%
6.15%
6.91%
6.21%
5.18%
Expenses after (recoupment of)
waivers and reimbursements of
expenses (4)
6.81%
6.45%
6.15%
6.96%
6.21%
4.93%
Expenses, before waivers and
reimbursements of expenses,
excluding specific expenses listed
below
1.89%
1.75%
1.65%
1.90%
1.97%
2.24%
Interest expense and fees from
borrowings
2.71%
2.38%
2.03%
2.35%
1.73%
0.70%
Distribution and shareholder
service fees
0.75%
0.75%
0.75%
0.76%
0.83%
0.75%
Deal expense and incentive fees
1.46%
1.57%
1.72%
1.90%
1.68%
1.48%
Portfolio turnover rate
9%
13%
11%
14%
21%
31%
(1)  Per share amounts calculated based on the average shares outstanding during the period.
(2)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(3)  Annualized for periods less than one full year.
(4)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.89% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
54
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
CLASS N
2025
2024
2023
2022
2021
Per Share Operating Data
Net asset value, beginning of
period
$8.28
$8.51
$8.48
$8.24
$9.02
$8.70
Income (loss) from investment
operations:
Net investment income (1)
0.32
0.73
0.82
0.89
0.72
0.59
Net realized and unrealized gain
(loss)
(0.28)
(0.22)
0.07
0.24
(0.78)
0.37
Total from investment operations
0.04
0.51
0.89
1.13
(0.06)
0.96
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.32)
(0.74)
(0.86)
(0.89)
(0.72)
(0.64)
Total dividends and/or
distributions to shareholders:
(0.32)
(0.74)
(0.86)
(0.89)
(0.72)
(0.64)
Net asset value, end of period
$8.00
$8.28
$8.51
$8.48
$8.24
$9.02
Total Return, at Net Asset
Value (2)
0.72%
6.38%
10.77%
14.42%
(0.80)%
11.32%
Ratios/Supplemental Data
Net assets, end of period
$2,177,310
$2,392,477
$2,048,417
$1,431,371
$857,548
$511,836
Average net assets
$2,219,472
$2,211,275
$1,736,581
$1,090,490
$774,235
$248,911
Ratios to average net assets (3):
Net investment income
8.06%
8.74%
9.64%
10.63%
8.48%
6.65%
Total expenses
6.05%
5.67%
5.40%
6.15%
5.05%
4.34%
Expenses after (recoupment of)
waivers and reimbursements of
expenses (4)
6.05%
5.67%
5.40%
6.22%
5.02%
4.19%
Expenses, before waivers and
reimbursements of expenses,
excluding specific expenses listed
below
1.88%
1.74%
1.65%
1.89%
1.87%
2.15%
Interest expense and fees from
borrowings
2.71%
2.36%
2.03%
2.36%
1.54%
0.71%
Deal expense and incentive fees
1.46%
1.57%
1.72%
1.90%
1.64%
1.49%
Portfolio turnover rate
9%
13%
11%
14%
21%
31%
(1)  Per share amounts calculated based on the average shares outstanding during the period.
(2)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(3)  Annualized for periods less than one full year.
(4)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.88% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
55
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
Period Ended
December 31,
2022 (1)
CLASS U
2025
2024
2023
Per Share Operating Data
Net asset value, beginning of period
$8.33
$8.56
$8.53
$8.29
$8.53
Income (loss) from investment operations:
Net investment income (2)
0.30
0.67
0.76
0.82
0.25
Net realized and unrealized gain (loss)
(0.28)
(0.22)
0.07
0.24
(0.24)
Total from investment operations
0.02
0.45
0.83
1.06
0.01
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.30)
(0.68)
(0.80)
(0.82)
(0.25)
Total dividends and/or distributions to
shareholders:
(0.30)
(0.68)
(0.80)
(0.82)
(0.25)
Net asset value, end of period
$8.05
$8.33
$8.56
$8.53
$8.29
Total Return, at Net Asset Value (3)
0.24%
5.61%
9.96%
13.46%
0.17%
Ratios/Supplemental Data
Net assets, end of period
$744,483
$789,758
$602,082
$287,678
$11,604
Average net assets
$748,557
$702,334
$440,100
$104,553
$3,552
Ratios to average net assets (4):
Net investment income
7.30%
7.98%
8.87%
9.71%
8.82%
Total expenses
6.80%
6.44%
6.15%
6.87%
7.54%
Expenses after (recoupment of) waivers and
reimbursements of expenses (5)
6.80%
6.44%
6.15%
6.88%
7.42%
Expenses, before waivers and
reimbursements of expenses, excluding
specific expenses listed below
1.88%
1.74%
1.65%
1.93%
2.56%
Interest expense and fees from borrowings
2.71%
2.38%
2.03%
2.31%
2.36%
Distribution and shareholder service fees
0.75%
0.75%
0.75%
0.75%
0.74%
Deal expense and incentive fees
1.46%
1.57%
1.72%
1.88%
1.88%
Portfolio turnover rate
9%
13%
11%
14%
21%
(1)  For the period from September 1, 2022 (inception of offering) through December 31, 2022.
(2)  Per share amounts calculated based on the average shares outstanding during the period.
(3)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(4)  Annualized for periods less than one full year.
(5)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.88% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
56
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Six Months
Ended June
30, 2026
Year Ended December 31,
CLASS Y
2025
2024
2023
2022
2021
Per Share Operating Data
Net asset value, beginning of period
$8.28
$8.51
$8.49
$8.24
$9.02
$8.69
Income (loss) from investment
operations:
Net investment income (1)
0.31
0.71
0.77
0.87
0.68
0.56
Net realized and unrealized gain
(loss)
(0.27)
(0.22)
0.06
0.25
(0.78)
0.39
Total from investment operations
0.04
0.49
0.83
1.12
(0.10)
0.95
Dividends and/or distributions to
shareholders:
Dividends to shareholders
(0.31)
(0.72)
(0.81)
(0.87)
(0.68)
(0.62)
Total dividends and/or distributions to
shareholders:
(0.31)
(0.72)
(0.81)
(0.87)
(0.68)
(0.62)
Net asset value, end of period
$8.01
$8.28
$8.51
$8.49
$8.24
$9.02
Total Return, at Net Asset Value (2)
0.47%
6.12%
10.16%
14.13%
(1.03)%
11.02%
Ratios/Supplemental Data
Net assets, end of period
$377
$397
$374
$339
$442
$423
Average net assets
$383
$382
$354
$367
$422
$1,585
Ratios to average net assets (3):
Net investment income
7.81%
8.49%
9.08%
10.43%
7.98%
6.20%
Total expenses
6.31%
5.92%
5.65%
6.41%
5.19%
4.87%
Expenses after (recoupment of)
waivers and reimbursements of
expenses (4)
6.31%
5.92%
5.98%
6.48%
5.30%
4.22%
Expenses, before waivers and
reimbursements of expenses,
excluding specific expenses listed
below
1.89%
1.74%
1.64%
1.88%
1.85%
2.65%
Interest expense and fees from
borrowings
2.71%
2.36%
2.03%
2.37%
1.48%
0.59%
Distribution and shareholder service
fees
0.25%
0.25%
0.25%
0.25%
0.25%
0.23%
Deal expense and incentive fees
1.46%
1.57%
1.73%
1.91%
1.62%
1.40%
Portfolio turnover rate
9%
13%
11%
14%
21%
31%
(1)  Per share amounts calculated based on the average shares outstanding during the period.
(2)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the
deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.
(3)  Annualized for periods less than one full year.
(4)  For the period ended June 30, 2026, expenses after recoupment of waivers and reimbursements of expenses, excluding interest and fees from
borrowings, distribution and shareholder service fees, and deal expense and incentive fees was 1.89% of net assets on an annualized basis.
See accompanying Notes to Consolidated Financial Statements.
57
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Senior Securities
Class and Period Ended
Total Amount
Outstanding
Exclusive of
Treasury
Securities (1)
Asset
Coverage
Per Unit (2)
Involuntary
Liquidating
Preference
Per Unit (3)
Average
Market Value
Per Unit (4)
Credit Facility (Bank of America, N.A.)
June 30, 2026
$300,000
$6,619
—
N/A
December 31, 2025
225,000
7,048
—
N/A
Credit Facility (JPMorgan Chase Bank, National Association)
June 30, 2026
$691,176
$6,619
—
N/A
December 31, 2025
695,159
7,048
—
N/A
December 31, 2024
564,069
9,015
—
N/A
December 31, 2023
326,492
10,439
—
N/A
December 31, 2022
315,344
6,420
—
N/A
December 31, 2021
274,771
4,206
—
N/A
Credit Facility (Société Générale / HSBC)
December 31, 2020
$73,702
$4,124
—
N/A
December 31, 2019
47,611
3,522
—
N/A
Credit Facility (Société Générale)
December 31, 2018
$30,600
$3,809
—
N/A
Mandatory Redeemable Preferred Shares*
June 30, 2026
$1,100,000
$78.44
$25.00
N/A
December 31, 2025
950,000
88.00
25.00
N/A
December 31, 2024
650,000
106.23
25.00
N/A
December 31, 2023
400,000
117.29
25.00
N/A
December 31, 2022
300,000
82.25
25.00
N/A
Note-on-Note Loan (Axos Bank)+
December 31, 2025
$27,686
$7,048
—
N/A
December 31, 2024
15,399
9,015
—
N/A
*    There were no mandatory redeemable preferred shares outstanding as of December 31, 2021, December 31, 2020, December 31, 2019 and
December 31, 2018.
+  There were no note-on-note loans outstanding as of June 30, 2026, December 31, 2023, December 31, 2022, December 31, 2021, December
31, 2020, December 31, 2019 and December 31, 2018.
(1) Total amount of each class of senior securities outstanding at principal value at the end of the period presented.
(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all
liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness as calculated
separately for each of the Preferred Shares and the applicable borrowings in accordance with Section 18(h) of the Investment Company Act
of 1940. With respect to the Preferred Shares, the asset coverage per unit figure is expressed in terms of dollar amounts per share of
outstanding Preferred Shares (based on a per share liquidation preference of $25). With respect to the credit facilities and note-on-note loans,
the asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit”.
(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it.
The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior
securities.
(4) Not applicable to senior securities outstanding as of period end.
58
CARLYLE TACTICAL PRIVATE CREDIT FUND
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 Tactical Private Credit Fund (together with its consolidated subsidiaries, the “Fund”) is a Delaware
statutory trust formed on December 13, 2017, and structured as an externally managed, diversified, closed-end
investment company. The Fund is managed by its Adviser, Carlyle Global Credit Investment Management L.L.C.
(“CGCIM” or the “Adviser”). Carlyle Global Credit Administration L.L.C. (the “Administrator”) provides
the administrative services necessary for the Fund to operate. Both the Adviser and the Administrator are wholly owned
subsidiaries of Carlyle Investment Management L.L.C. The Fund is registered under the Investment Company Act of
1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”),
and operates as an interval fund. In addition, the Fund 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
Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset
value.
On June 4, 2018 (Commencement of Operations), the Fund completed its initial offering of shares of beneficial
interest and subsequently commenced substantial investment operations. Effective November 4, 2019, the Fund
changed its name from “OFI Carlyle Private Credit Fund” to “Carlyle Tactical Private Credit Fund.” Prior to October
24, 2019, the Fund’s Adviser was OC Private Capital, LLC, a joint venture between an affiliate of Invesco Ltd. and
Carlyle Investment Management L.L.C., the parent company of CGCIM.
OCPC Credit Facility SPV LLC (the “OCPC SPV”) is a Delaware limited liability company that was formed
on March 11, 2018. The OCPC SPV is a wholly owned subsidiary of the Fund and is consolidated in these consolidated
financial statements commencing from the date of its formation. As of June 30, 2026, the Fund’s net assets were
$4,469,894, of which $1,976,895 or 44.2% is represented by the OCPC SPV’s net assets.
CTAC Bedford Lender, LLC (“CTAC Bedford”) is a Delaware limited liability company that was formed on
February 6, 2024. CTAC Bedford is a wholly owned subsidiary of the Fund and is consolidated in these consolidated
financial statements commencing from the date of its formation. As of June 30, 2026, CTAC Bedford had no net assets.
See Note 7, Borrowings, for more information related to the activities of CTAC Bedford.
CTAC Barracuda SPV LLC (the “Barracuda SPV”) is a Delaware limited liability company that was formed
on October 18, 2024. Barracuda SPV is a wholly owned subsidiary of the Fund and is consolidated in these
consolidated financial statements commencing from the date of its formation. As of June 30, 2026, the net assets of the
Barracuda SPV were $342,830, which represents 7.7% of the Fund’s total net assets.
The Fund’s investment objective is to produce current income. The Fund seeks to achieve its investment
objective by opportunistically allocating its assets across a wide range of credit strategies. Under normal circumstances,
the Fund will invest at least 80% of its assets in private credit instruments. The Fund will opportunistically allocate its
investments in private credit instruments across any number of the following credit strategies: (a) liquid credit
(including broadly syndicated loans); (b) direct lending (including first lien loans, second lien loans, unitranche loans,
and mezzanine debt); (c) opportunistic credit; (d) structured credit (including collateralized loan obligations, or
“CLOs”); (e) asset-backed finance; and (f) real assets credit (including infrastructure, aviation, and real estate). To a
lesser extent, the Fund also may invest in hybrid capital, including credit-oriented investments, structured equity
solutions, and stressed/dislocated investments. The Fund may invest in additional strategies in the future as
opportunities in different strategies present. While some of the loans in which the Fund will invest pursuant to the
foregoing may be secured, the Fund may also invest in debt and equity securities that are either unsecured and
subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. The
Fund normally will invest in a number of different countries. There is no minimum or maximum limit on the amount of
the Fund’s assets that may be invested in non-U.S. securities. The Fund’s portfolio composition is expected to change
over time as the Adviser’s view changes on, among other things, the economic and credit environment (including with
respect to interest rates) in which the Fund is operating.
The Fund may invest a substantial portion of its assets in credit instruments that are rated below investment
grade by rating agencies or would be rated below investment grade if they were rated. Credit instruments that are rated
59
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
below investment grade (commonly referred to as “high yield” securities or “junk bonds”) are regarded as having
predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
Because of the risks associated with investing in high yield securities, an investment in the Fund should be considered
speculative. Some of the credit instruments will have no credit rating at all.
To qualify as a RIC, the Fund must, among other things, meet certain specified source-of-income and asset
diversification requirements and timely distribute to its shareholders generally at least 90% of its investment company
taxable income, as defined by the Code, for each year. Pursuant to this election, the Fund generally does not have to pay
corporate level taxes on any income that it distributes to shareholders, provided that the Fund satisfies those
requirements.
Foreside Fund Services, LLC (the “Distributor”) serves as the Fund’s principal underwriter and the distributor
of the Fund’s shares. The Fund offers Class A, Class I, Class L, Class M, Class N, Class U, and Class Y shares. During
the reporting period, the Fund’s shares were offered for sale on a daily basis for all of its share classes. Earnings, net
assets and net asset value per share may differ due to each class having its own expenses, such as transfer and
shareholder servicing agent fees and shareholder communications directly attributable to that class. Class A, L, M, U
and Y have separate distribution and/or service plans under which they pay fees. Class I and Class N do not pay such
fees. The sales load payable by each investor depends upon the amount invested by the investor in the Fund, but may
range from 0.00% to 3.50%.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated financial statements have been prepared on the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company
for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC
946”). The consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries, the
OCPC SPV, Barracuda SPV, and CTAC Bedford. 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 interim financial statements have been prepared in accordance with U.S. GAAP for interim
financial information and pursuant to the requirements for reporting on Form N-CSR under Rule 30e-1 under the
Investment Company Act (17 CFR 270 30e-1) and Article 6 of Regulation S-X. In the opinion of management, all
adjustments considered necessary for the fair presentation of consolidated financial statements for the interim periods
presented have been included. These adjustments are of a normal, recurring nature. This semi-annual report should be
read in conjunction with the Fund’s annual report on Form N-CSR for the year ended December 31, 2025. The results
of operations of the six-month period ended June 30, 2026 are not necessarily indicative of the operating results to be
expected for the full year.
Allocation of Income, Expenses, Gains and Losses
Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class
of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly
attributable to a specific class are charged against the operations of that class.
Class-specific expenses such as distribution and service plan fees, transfer and shareholder servicing fees, and
shareholder communications expenses are broken out by class in the Consolidated Statement of Operations.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to
make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
60
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
the reporting period. Management’s estimates are based on historical experience 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 Fund’s accounting policies. Assumptions and estimates
regarding the valuation of investments and their resulting impact on base management and incentive fees involve a
higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated
financial statements. Actual results could differ from these estimates and such differences could be material.
Investments
Investment transactions are recorded as of the applicable trade date. Realized gains or losses are measured by
the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using
the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and
includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or
depreciation on investments as presented in the accompanying Consolidated Statement 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, for further information about fair
value measurements.
Derivative Instruments
ASC Topic 815, Derivatives and Hedging, establishes accounting and reporting standards for derivative
instruments and hedging activities. From time to time, the Fund may directly or indirectly, use various derivative
instruments including, but not limited to, options contracts, futures contracts, forward contracts, options on futures
contracts, indexed securities, credit default swaps, interest rate swaps, and other swap agreements primarily for hedging
and risk management purposes. The Fund recognizes all derivative instruments as assets or liabilities at fair value in its
consolidated financial statements. For derivative instruments designated in a hedge accounting relationship, the entire
change in the fair value of the hedging instrument will be recorded in the same line item of the Consolidated Statement
of Operations as the hedged item. See Note 4, Derivative Instruments, for further information about the Fund’s use and
designation of derivative instruments.
Offsetting of Assets and Liabilities
The Fund presents over-the-counter (“OTC”) derivatives that are executed with the same counterparty under
the same master netting agreement on a net basis when the criteria for the right of offset are met. The Fund has elected
to offset fair value amounts recognized for cash collateral receivables and/or payables and fair value amounts
recognized for derivative positions executed with the same counterparty under the same master netting arrangement.
See Note 4, Derivative Instruments, for amounts recognized for cash collateral receivables and/or payables that have
been offset against net derivative positions and amounts under master netting arrangements that have not been offset
against net derivative positions, if applicable.
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 and U.S. Treasury notes) with original maturities of three months or less. Cash equivalents are
carried at amortized cost, which approximates fair value. Restricted cash includes cash held on deposit in cash collateral
accounts that serve as collateral for the borrowings under the credit facility and would be applied to the amounts owed
under the credit facility in an event of default (See Note 7, Borrowings). As of June 30, 2026, the Fund had a restricted
cash balance of $59,464 which represents amounts that are collected by trustees who have been appointed as custodians
of the assets securing certain of the Fund’s financing transactions, and held for payment of interest expense and
principal on the outstanding borrowings, or reinvestment into new assets. The Fund’s cash, cash equivalents, and
restricted cash are held at one or more large financial institutions and cash held in such financial institutions may, at
times, exceed the Federal Deposit Insurance Corporation insured limit.
61
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
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 Fund has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest
that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective
capitalization dates, and is generally due at maturity. As of June 30, 2026, the fair value of the fixed income debt
securities in the portfolio with PIK provisions was $982,528, which represents approximately 15.3% of the total
investments at fair value. For the six-month period ended June 30, 2026, the Fund earned $35,318 in PIK interest
income, which is included in PIK interest income in the Consolidated Statement of Operations.
The Fund has loans in its portfolio that are first lien/last out loans. The Fund may receive additional interest
and/or discount from an agreement with other lenders on such positions and includes such income, calculated in
accordance with the effective interest rate method, as interest income in the Consolidated Statement of Operations.
CLO equity investments and asset-backed security (“ABS”) residual equity investments recognize investment
income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash
flow, as required by ASC Topic 325-40, Beneficial Interest in Securitized Financial Assets.
Dividend Income
Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts
are expected to be collected. Dividend income on common equity securities, if any, is recorded on the record date for
private portfolio companies or on the ex-dividend date for publicly-traded companies. As of June 30, 2026, the fair
value of the preferred stock securities in the portfolio with PIK provisions was $272,618, which represents
approximately 4.3% of the total investments at fair value. For the six-month period ended June 30, 2026, the Fund
earned $15,723 in PIK dividends, which is included in PIK dividends in the Consolidated Statement of Operations.
Other Income
Other income may include income such as consent, waiver, amendment, unused, syndication, arranger, and
prepayment fees associated with the Fund’s investment activities. Such fees are recognized as income when earned or
the services are rendered. The Fund may receive fees for guaranteeing the outstanding debt of a portfolio company.
Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in
other assets in the accompanying Consolidated Statement of Assets and Liabilities.
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 the cost basis 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, the fair value of the investments in the portfolio on non-
accrual status was $17,772.
62
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Borrowing Related Costs, Expenses, and Deferred Financing Costs (See Note 7, Borrowings)
On May 5, 2021, the OCPC SPV closed on a loan and security agreement with JPMorgan Chase Bank,
National Association (the “JPM Credit Facility”), which was subsequently amended to increase the commitment. The
agreement provides the OCPC SPV with an asset-backed credit facility.
On March 5, 2024, CTAC Bedford entered into a loan and security agreement with Axos Bank (the “Axos
Note-on-Note Loan”) to deploy note-on-note financing for the Fund’s investment in Bedford Beverly B, LLC. Effective
as of March 3, 2026, the Fund’s investment in Bedford Beverly B, LLC was fully repaid along with the Axos Note-on-
Note Loan.
On January 6, 2025, the Barracuda SPV closed on a credit agreement with Bank of America, N.A. (the “BofA
Credit Facility”). The agreement provides the Barracuda SPV with an asset-backed credit facility.
Interest expense, unused commitment fees, and administration fees on the credit facilities and loans are
recorded on an accrual basis. Unused commitment fees and administration fees are included in interest expense and fees
on borrowings in the accompanying Consolidated Statement of Operations.
The JPM Credit Facility and BofA Credit Facility are recorded at carrying value, which approximates fair
value.
Mandatory Redeemable Preferred Shares (See Note 8, Mandatory Redeemable Preferred Shares)
The Fund authorized and issued thirteen series of Mandatory Redeemable Preferred Shares (“MRP Shares”) on
various dates from 2022 to 2026. The Fund carries its MRP Shares at amortized cost, including hedge basis
adjustments, and such shares are included as a liability in the Consolidated Statement of Assets and Liabilities.
Dividends to holders of MRP Shares are accrued daily. Issuance costs on the MRP Shares are amortized over
the life of the respective MRP Shares.
Distribution and Shareholder Service Plan Fees
Distribution and Shareholders Service Plan Fees consist primarily of fees and expenses incurred in connection
with the offering of shares, including legal, underwriting, printing, and other costs, as well as costs associated with the
preparation and filing of applicable registration statements. Distribution and Shareholder Service Plan Fees are charged
against equity when incurred. The Fund offers its shares on a continual basis through the Distributor. Fees can be up to
0.75% of a class’s average monthly net assets. The fees are included in the distribution and service plan fees in the
Consolidated Statement of Operations.
Transfer Agent Fees
Transfer Agent Fees consist primarily of fees and expenses incurred in connection with electronic processing
of client orders, fund transfers between clients and the Fund, client maintenance and documentation. The Fund pays the
Transfer Agent a fee based on various factors, including number of accounts and filings. SS&C GIDS, Inc. (the
“Transfer Agent”) serves as the transfer agent for the Fund. The Fund has entered into arrangements with one or more
financial intermediaries to provide sub-transfer agency and other services associated with shareholders whose shares are
held of record in omnibus accounts. In return for these services, the Fund pays sub-transfer agency fees to such financial
intermediaries. Fees incurred with respect to these services are included in transfer and shareholder servicing agent fees
in the Consolidated Statement of Operations.
Income Taxes
For federal income tax purposes, the Fund has elected to be treated as a RIC under the Code, and intends to
make the required distributions to its shareholders as specified therein. In order to qualify as a RIC, the Fund must meet
certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met,
63
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
then the Fund 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 Fund to distribute to its shareholders at
least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year (the “Annual
Distribution Requirement”). ICTI includes non-cash income such as PIK income. Depending on the level of ICTI
earned in a tax year, the Fund may choose to carry forward ICTI in excess of current year distributions into the next tax
year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior
to filing the final tax return related to the year which generated such ICTI.
In addition, based on the excise distribution requirements, the Fund is subject to a 4% nondeductible federal
excise tax on undistributed income unless the Fund 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 Fund
that is subject to corporate income tax is considered to have been distributed. The Fund intends to make sufficient
distributions each taxable year to satisfy the excise distribution requirements as reasonably practicable.
The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated
financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable
tax authority. The OCPC SPV, Barracuda SPV, and CTAC Bedford are disregarded entities for tax purposes and are
consolidated with the tax return of the Fund. All penalties and interest associated with income taxes, if any, are included
in income tax expense.
Due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from
the fiscal year in which the income or net realized gain was recorded by the Fund.
Dividends and Distributions to Shareholders of Beneficial Interest
To the extent that the Fund has taxable income available, the Fund intends to make monthly distributions to its
common shareholders. Estimated dividends and distributions to shareholders of beneficial interest will accrue daily
based on the day’s income and expense activity. Dividends and distributions to shareholders of beneficial interest are
recorded on the record date executed at the pre-dividend reinvestment program NAV per share. The amount to be
distributed is determined by the Board of Trustees each month 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 Fund may decide to retain such capital gains for investment.
The Fund has an “opt out” dividend reinvestment plan that provides for reinvestment of dividends and other
distributions on behalf of the shareholder, other than those shareholders who have “opted out” of the plan. As a result of
adopting the plan, if the Board of Trustees authorizes, and the Fund declares, a cash dividend or distribution, the
shareholders 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 Fund’s shares of beneficial interest, rather than
receiving cash. Each registered shareholder may elect to have such shareholder’s dividends and distributions distributed
in cash rather than participate in the plan. For any registered shareholder that does not so elect, distributions on such
shareholder’s shares will be reinvested by the Transfer Agent, the Fund’s plan administrator, in additional shares. The
number of shares to be issued to the shareholder will be determined based on the total dollar amount of the cash
distribution payable, net of applicable withholding taxes.
Functional Currency
The functional currency of the Fund 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
remeasurement gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in
the accompanying Consolidated Statement of Operations. Foreign currency remeasurement gains and losses on non-
investment assets and liabilities are separately reflected in the accompanying Consolidated Statement of Operations.
64
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Commitments and Contingencies
ASC Topic 440, Commitments (“ASC 440”)¸ and ASC Topic 450, Loss Contingencies (“ASC 450”), establish
accounting and reporting standards for certain commitments and contingencies, respectively. In accordance with ASC
440, material commitments, if any, are disclosed in the accompanying consolidated financial statements (see Note 9,
Commitments and Contingencies). A liability is only recorded by the Fund for a commitment if a triggering event
occurs which satisfies liability recognition criteria. Liabilities for loss contingencies are recorded when it is probable
that a liability has been incurred and can be reasonably estimated.
Recent Accounting Standards Updates
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which
requires disaggregated disclosures of certain categories of expenses on an annual and interim basis including employee
compensation, depreciation, and intangible asset amortization for each income statement line item that contains those
expenses. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods beginning
after December 15, 2027. The Fund is currently evaluating the impact of adopting this guidance on its consolidated
financial statements.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting
Improvements, which amends certain aspects of the hedge accounting guidance in ASC 815 to more closely align hedge
accounting with an entity’s risk management activities, including changes to the assessment of hedge effectiveness for
cash flow hedges of groups of forecasted transactions. The guidance is effective for fiscal years beginning after
December 15, 2026, and interim reporting periods within those fiscal years, with early adoption permitted. The Fund is
currently evaluating the impact of adopting this guidance on its consolidated financial statements.
3. FAIR VALUE MEASUREMENTS
The Fund 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. The Fund values
securities/instruments traded in active markets on the measurement date by multiplying the bid price of such traded
securities/instruments by the quantity of shares or amount of the instrument held. The Fund 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 Adviser determines whether the quote obtained is sufficient according to U.S. GAAP to
determine the fair value of the security. The Fund may use the quote obtained or alternative pricing sources may be
utilized including valuation techniques typically utilized for illiquid securities/instruments.
The Board of Trustees has designated the Adviser as the Fund’s valuation designee for purposes of Rule 2a-5
under the Investment Company Act to perform the fair value determination of all of the Fund’s assets in accordance
with the terms of ASC 820. 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 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 Adviser engages third-party valuation firms to provide independent prices on securities/instruments that
are illiquid or for which the pricing source does not provide a valuation. The Adviser’s Valuation Committee (the
“Valuation Committee”) reviews the assessments of the third-party valuation firms and provides any recommendations
with respect to changes to the fair value of each investment in the portfolio and approves the fair value of each
investment in the portfolio in good faith based on the input of the third-party valuation firms. If the Adviser reasonably
believes a valuation from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Valuation
Committee will consider an “override” of the particular valuation. The Valuation Committee will consider all available
information at its disposal prior to making a valuation determination.
65
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
All factors that might materially impact the value of an investment are considered, including, but not limited
to, the assessment of the following factors, as relevant:
•the nature and realizable value of any collateral;
•call features, put features, and other relevant terms of debt;
•the portfolio company’s leverage and ability to make payments;
•the portfolio company’s public or private credit rating;
•the portfolio company’s actual and expected earnings and discounted cash flow;
•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;
•the markets in which the portfolio company does business and recent economic and/or market events; and
•comparisons to comparable transactions and publicly traded securities.
Investment performance data utilized are the most recently available financial statements and compliance
certificates received from the portfolio companies as of the measurement date, which in many cases may reflect a lag in
information.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available
market value, the fair value of the Fund’s investments may fluctuate from period to period. Because of the inherent
uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported
had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments
may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or
depreciation currently reflected in the consolidated financial statements as of June 30, 2026.
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 Adviser does not adjust the quoted
price for these investments, even in situations where the Fund 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, non-
investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-
counter derivatives where the fair value is based on unobservable inputs.
66
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
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 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.
Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.
During the six-month period ended June 30, 2026, there were transfers of $20,665 into Level 3 and transfers of $4,762
out of Level 3. Transfers into and out of Level 3 were primarily due to decreased or increased price transparency,
respectively, and are based on the Fund’s policy to determine the fair value hierarchy utilizing available quoted prices in
active markets, the bid-ask spread and the liquidity of the investment.
The following table summarizes the Fund’s investments measured at fair value on a recurring basis by the
above fair value hierarchy levels as of June 30, 2026:
As of June 30, 2026
Level 1
Level 2
Level 3
Total
Assets
Corporate Loans
First Lien Debt
$—
$780,503
$3,597,904
$4,378,407
Second Lien Debt
—
—
45,378
45,378
Corporate Bonds
Secured
—
20,839
170,835
191,674
Unsecured
—
11,967
51,600
63,567
Collateralized Loan Obligations
—
—
854,061
854,061
Asset-Backed Securities
—
—
273,205
273,205
Preferred Stock
—
—
318,141
318,141
Common Stock
21
—
175,253
175,274
Warrants
—
—
13,304
13,304
Money Market Funds
97,591
—
—
97,591
Total Investments, at Fair Value
$97,612
$813,309
$5,499,681
$6,410,602
Interest Rate Swaps
$—
$(5,337)
$—
$(5,337)
Forward Foreign Currency Contracts
—
(23,963)
—
(23,963)
67
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The changes in the Fund’s investments at fair value for which the Fund 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:
For the Six Months Ended June 30, 2026
Corporate Loans
Corporate Bonds
Collateralized
Loan
Obligations
Asset-Backed
Securities
Preferred
Stock
Common
Stock
Warrants
Total
First Lien
Debt
Second Lien
Debt
Secured
Unsecured
Balance, beginning of period
$3,563,234
$88,956
$233,025
$50,997
$939,474
$316,183
$252,524
$111,687
$14,263
$5,570,343
Purchases
445,454
20,762
29,555
942
121,310
27,631
72,600
65,779
—
784,033
Sales and paydowns
(374,080)
(61,232)
(84,105)
(469)
(158,543)
(43,397)
(327)
(3,046)
(1,421)
(726,620)
Accretion of discount
(premium)
7,242
57
573
122
97
35
—
—
—
8,126
Net realized gains (losses)
(25,601)
543
(10,253)
475
(7,012)
(160)
22
149
(673)
(42,510)
Net change in unrealized
appreciation (depreciation)
(34,248)
(3,708)
2,040
(467)
(41,265)
(27,087)
(6,678)
684
1,135
(109,594)
Transfers into Level 3
20,665
—
—
—
—
—
—
—
—
20,665
Transfers out of Level 3
(4,762)
—
—
—
—
—
—
—
—
(4,762)
Balance, end of period
$3,597,904
$45,378
$170,835
$51,600
$854,061
$273,205
$318,141
$175,253
$13,304
$5,499,681
Net change in unrealized
appreciation (depreciation)
included in earnings related
to investments still held at the
reporting date
$(56,924)
$(3,272)
$(3,403)
$(394)
$(45,070)
$(26,663)
$(6,588)
$846
$469
$(140,999)
68
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The Fund 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 Fund carefully
considers numerous factors when selecting the appropriate companies whose multiples are used to value its 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 using an asset approach, which is based on an expected probability of default and discount recovery analysis.
Investments in debt securities with sufficient coverage through the enterprise value analysis are generally
valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash
flow typically represent the relevant security’s contractual interest, fees, and principal payments plus the assumption of
full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using market-
based methodologies. Investments in debt securities may also be valued using consensus pricing.
The fair value of CLOs is estimated based on various valuation models from third-party pricing services.
Those analyses consider the current trading activity, position size, liquidity, current financial condition of the CLOs, the
third-party financing environment, reinvestment rates, recovery lags, discount rates, and default forecasts. The Fund
corroborates quotations from pricing services either with other available pricing data and subsequent or recent trading
information. These securities are classified as Level 3.
The fair value of ABS is generally valued by third-party pricing services that use broker-dealer quotations,
reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually
consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each
tranche, and incorporate deal collateral performance, as available. These securities are classified as Level 3.
Investments in equities are generally valued using an income approach, market approach, and/or consensus
pricing. The income approach typically uses a discounted cash flow analysis of the portfolio company. The market
approach utilizes EBITDA multiples of publicly traded comparable companies and available precedent sales
transactions of comparable companies.
69
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The following table summarizes the quantitative information related to the significant unobservable inputs for
Level 3 instruments which are carried at fair value as of June 30, 2026:
Fair Value as of
June 30, 2026
Valuation 
Techniques
Significant
Unobservable
Inputs
Range
Weighted
Average
Impact to
Valuation
from
Increase
in Input
Low
High
Corporate Loans
First Lien Debt
$3,391,039
Income Approach
Discount Rate
7.9%
20.8%
10.6%
Lower
110,257
Consensus Pricing
Indicative Quotes
23.08
100.13
89.76
Higher
96,608
Market Approach
Comparable Multiple
7.75x
11.00x
9.44x
Higher
Second Lien Debt
43,608
Income Approach
Discount Rate
14.3%
21.7%
17.3%
Lower
1,770
Consensus Pricing
Indicative Quotes
88.50
88.50
88.50
Higher
Corporate Bonds
Secured
170,835
Income Approach
Discount Rate
8.2%
19.3%
11.3%
Lower
Unsecured
51,600
Income Approach
Discount Rate
8.2%
12.3%
9.6%
Lower
Collateralized Loan
Obligations
853,082
Consensus Pricing
Indicative Quotes
1.47
101.35
92.78
Higher
979
Income Approach
Discount Rate
20.0%
20.0%
20.0%
Lower
Asset-Backed Securities
197,203
Income Approach
Discount Rate
2.3%
31.2%
7.5%
Lower
76,002
Consensus Pricing
Indicative Quotes
93.44
31,000.00
7,295.68
Higher
Preferred Stock
304,147
Income Approach
Discount Rate
11.7%
16.5%
14.5%
Lower
4,132
Recent Transaction
Transaction Price
100.0%
100.0%
100.0%
Higher
9,862
Market Approach
Comparable Multiple
8.80x
17.14x
13.31x
Higher
Common Stock
120,347
Income Approach
Discount Rate
5.1%
17.5%
15.5%
Lower
873
Recent Transaction
Transaction Price
100%
100%
100%
Higher
53,600
Market Approach
Comparable Multiple
7.38x
21.50x
8.23x
Higher
433
Asset Approach
N/A
—
—
—
N/A
Warrants
13,304
Market Approach
Comparable Multiple
10.50x
16.50x
11.26x
Higher
Total Level 3 Investments
$5,499,681
Net Asset Value Valuation
The Fund calculates per share price for the beneficial interests of the Fund on a daily basis (each calculation
date herein referred to as the “Valuation Date”). The Fund calculates the per share price based on the net asset value of
each Class of shares as of approximately 4:00 P.M. Eastern Time, on each Valuation Date, except in the case of a
scheduled early closing of the New York Stock Exchange (the “Exchange”), in which case the Fund will calculate net
asset value of the shares as of the scheduled early closing time of the Exchange.
As the Fund’s valuation designee, the Adviser is responsible for the accuracy, reliability, and completeness of
any market or fair market valuation determinations made with respect to the Fund’s assets.
4. DERIVATIVE INSTRUMENTS
The Fund uses interest rate swap contracts to seek to mitigate interest rate risk associated with some of the
Fund’s fixed rate MRP Shares. The Fund has designated certain interest rate swaps held as fair value hedging
instruments. The net change in the fair value of the interest rate swaps and the hedged instruments as it relates to the
hedged risks is recorded in interest expense and fees on borrowings in the Consolidated Statement of Operations. The
fair value of the interest rate swaps, which is netted against the cash collateral, is recorded in prepaid expenses and other
assets and/or other accrued expenses and liabilities, as applicable, in the Consolidated Statement of Assets and
Liabilities. The fair value of any interest rate swaps entered into by the Fund and not designated as hedging instruments
is recorded at fair value in the Consolidated Statement of Assets and Liabilities. Unrealized gains (losses) are recorded
in the Consolidated Statement of Operations as part of the net change in unrealized appreciation (depreciation) on these
interest rate swaps contracts. For more details on the fair value measurements of derivative instruments and the Fund’s
MRP Shares, please refer to Note 3, Fair Value Measurements, and Note 8, Mandatory Redeemable Preferred Shares.
70
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Under the terms of its interest rate swap contracts, the Fund is required to pledge assets as collateral to secure
its obligations underlying the instruments. The required collateral amount varies over time based on the mark-to-market
values, notional amounts and remaining terms of the instruments, which may exceed the amount owed by the Fund on a
mark-to-market basis. Any failure by the Fund to fulfill any collateral requirements may result in a default. In the event
of a default by the counterparty, the Fund would be an unsecured creditor to the extent of any such overcollateralization.
The table below summarizes the outstanding interest rate swap contracts, which are all designated as hedging
instruments, as of June 30, 2026.
Interest Rate Swaps as of June 30, 2026
Derivative
Contracts
Maturity
Date
Pay(1)
Receive
Fixed Rate
Notional
Amount
Change in
Unrealized
Gain / (Loss)
Fair Value
Interest Rate Swap
3/8/2027
Floating
Fixed
3.55%
$75,000
$(1,164)
$(200)
Interest Rate Swap
3/7/2029
Floating
Fixed
3.29%
25,000
(1,110)
(434)
Interest Rate Swap
9/1/2027
Floating
Fixed
2.79%
75,000
(2,810)
(1,060)
Interest Rate Swap
9/1/2027
Floating
Fixed
4.07%
25,000
(294)
6
Interest Rate Swap
11/16/2027
Floating
Fixed
4.36%
50,000
(339)
199
Interest Rate Swap
9/17/2029
Floating
Fixed
4.27%
100,000
(1,215)
890
Interest Rate Swap
9/16/2031
Floating
Fixed
4.21%
100,000
(1,389)
1,242
Interest Rate Swap
9/9/2030
Floating
Fixed
3.75%
100,000
(1,925)
(734)
Interest Rate Swap
9/8/2032
Floating
Fixed
3.81%
100,000
(1,928)
(813)
Interest Rate Swap
4/2/2035
Floating
Fixed
3.89%
100,000
(1,748)
(964)
Interest Rate Swap
3/12/2029
Floating
Fixed
3.27%
100,000
(1,804)
(1,804)
Interest Rate Swap
6/23/2036
Floating
Fixed
3.65%
50,000
(1,665)
(1,665)
Total
$900,000
$(17,391)
$(5,337)
Cash Collateral Pledged / (Received) (2)
—
—
3,791
Total Interest Rate Swaps
$900,000
$(17,391)
$(1,546)
(1) The Fund pays floating rate at 3-month Term SOFR on all interest rate swaps held.
(2) As of June 30, 2026, there was $23 of cash collateral available to offset with Macquarie Bank Limited, and $3,768 available to offset with
Goldman Sachs & Co. LLC.
The Fund uses forward foreign currency contracts (“forward contracts”) to seek to mitigate foreign currency
risk related to some of the Fund’s non-U.S. dollar denominated investments. The fair value of the Fund’s investments in
the forward contracts was based on the estimated forward contract rates on the estimated settlement dates of the
contracts and classified within Level 2 of the fair value hierarchy. Unrealized gains (losses) are recorded in the
Consolidated Statement of Operations as part of the net change in unrealized appreciation (depreciation) on forward
foreign currency contracts. Realized gains (losses) are recorded at the time the forward contract is settled.
The terms of the contracts were as follows:
Forward Foreign Currency Contracts as of June 30, 2026
Derivative Contracts
Average Daily
Notional Amount
Outstanding for the
Six Months Ended
June 30, 2026
Net Realized
Gain (Loss)
Change in
Unrealized
Gain / (Loss)
Net Assets
Derivatives
Value
Net Liabilities
Derivatives
Value
Forward Foreign Currency Contracts
$1,256,394
$(3,888)
$46,223
$7,932
$31,895
Cash Collateral Pledged / (Received)
—
—
Net amount presented in the Consolidated Statement of Assets and Liabilities
$7,932
$31,895
The Fund is subject to an enforceable master netting agreement with its counterparties. This agreement
governs the terms of certain transactions and reduces the counterparty risk associated with relevant transactions by
specifying offsetting mechanisms and collateral posting arrangements at pre-arranged exposure levels. Master netting
agreements may not be specific to each different asset type; in such instances, they would allow the party to close out
and net its total exposure to a specified counterparty in the event of a default with respect to any and all the transactions
71
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
governed under a single agreement with the counterparty. Collateral or margin requirements are contract specific for
OTC traded derivatives. Although collateral or margin requirements may differ by type of derivative or investment, as
applicable, the Fund typically receives cash posted as collateral (with rights of rehypothecation) or agrees to have such
collateral posted to a third-party custodian under a tri-party arrangement that enables a party to take control of such
collateral in the event of a counterparty default. As of June 30, 2026, the Fund had four counterparties: Citibank, N.A.
(“Citi”), Deutsche Bank AG (“Deutsche”), Goldman Sachs & Co. LLC (“Goldman”), and Macquarie Bank Limited
(“Macquarie”).
International Swaps and Derivatives Association (“ISDA”) Agreements govern OTC derivative transactions
entered into by the Fund and select counterparties. ISDA Agreements maintain provisions for general obligations,
representations, agreements, collateral, and events of default or termination. Under the Fund’s ISDA Agreement for
OTC derivative contracts, the Fund may be required to post collateral on derivatives if the Fund is in a net liability
position with the counterparty. This requirement is based on the net asset value of the Fund, and a negotiated threshold
amount for total exposure of derivatives in a net liability position. Certain of the Fund’s derivative contracts have been
transacted pursuant to bilateral agreements with certain counterparties that may require the Fund to terminate the
transactions or post additional collateral if the Fund’s net asset value declines below an agreed upon level (a “Trigger
Event”). As of June 30, 2026, the aggregate fair value of such derivative contracts executed with Macquarie was in a net
liability position of $28,334, and the aggregate fair value of assets required to be posted by the Fund as collateral for
these derivative contracts was $23. The aggregate fair value of such derivative contracts executed with Goldman was in
a net liability position of $8,898, and the aggregate fair value of assets required to be posted by the Fund as collateral
for these derivative contracts was $3,768. The aggregate fair value of such derivative contracts executed with Citi was
in a net asset position of $6,374, and no collateral postings were required by the Fund. The aggregate fair value of such
derivative contracts executed with Deutsche was in a net asset position of $1,558, and no collateral postings were
required by the Fund. If a Trigger Event had occurred on June 30, 2026, for contracts in a net liability position where
the counterparties are permitted to terminate the open derivative contracts, additional amounts of collateral may be
required. Since the Commencement of Operations through June 30, 2026, the Fund did not experience any Trigger
Events.
The following table presents the effects of netting arrangements for derivative contracts presented in the
Consolidated Statement of Assets and Liabilities as of June 30, 2026.
Counterparty
Gross
Amount of
Assets /
(Liabilities)
Gross Amount
Offset in the
Consolidated
Statement of
Assets and
Liabilities
Cash
Collateral
Pledged /
(Received)
Net Amount
Presented in the
Consolidated
Statement of
Assets and
Liabilities
Assets
Forward foreign currency contracts
Macquarie
$4,485
$(4,485)
$—
$—
Interest rate swap contracts
Macquarie
6
(6)
—
—
Forward foreign currency contracts
Goldman
2,196
(2,196)
—
—
Interest rate swap contracts
Goldman
2,331
(2,331)
—
—
Forward foreign currency contracts
Citi
6,440
(66)
—
6,374
Forward foreign currency contracts
Deutsche
1,558
—
—
1,558
Total Assets
$17,016
$(9,084)
$—
$7,932
Liabilities
Forward foreign currency contracts
Macquarie
$(31,131)
$4,485
$—
$(26,646)
Interest rate swap contracts
Macquarie
(1,694)
6
23
(1,665)
(1)
Forward foreign currency contracts
Goldman
(7,445)
2,196
—
(5,249)
Interest rate swap contracts
Goldman
(5,980)
—
3,768
(2,212)
(1)
Forward foreign currency contracts
Citi
(66)
66
—
—
Forward foreign currency contracts
Deutsche
—
—
—
—
Total Liabilities
$(46,316)
$6,753
$3,791
$(35,772)
(1)Interest rate swap contracts are included in the Consolidated Statement of Assets and Liabilities within Prepaid expenses and other assets, if
the swaps are assets, and within Other accrued expenses and liabilities, if the swaps are liabilities.
72
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
5. RELATED PARTY TRANSACTIONS
Due to Adviser
In the ordinary course of business, the Fund enters, and may continue to enter into transactions in which the
Adviser prepays for the Fund’s expenses that may be considered related party transactions. As of June 30, 2026, the
Fund does not owe the Adviser for expense reimbursements.
Investment Advisory Agreement
On May 24, 2018, the Fund’s Board of Trustees, including a majority of the trustees who are not “interested
persons” as defined in Section 2(a)(19) of the Investment Company Act (the “Independent Trustees”), approved an
investment advisory agreement (the “Original Investment Advisory Agreement”) between the Fund and the OC Private
Capital, LLC in accordance with, and on the basis of an evaluation satisfactory to such trustees as required by Section
15(c) of the Investment Company Act.
The Board approved a second amended and restated investment advisory agreement (the “Investment Advisory
Agreement”), which became effective on July 1, 2022. 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 Trustees and by the vote of a majority of the Independent Trustees. 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 Trustees, the Adviser provides investment advisory services to the Fund. For providing these services, the Adviser
receives fees from the Fund consisting of two components—a base management fee and an incentive fee.
The base management fee is calculated at an annual rate of 1.00% of the Fund’s consolidated month-end
Managed Assets (such amount not to exceed, in any case, 1.50% of the Fund’s net assets). Managed Assets means the
total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness)
minus the Fund’s liabilities other than liabilities relating to indebtedness.
The incentive fee is calculated and payable quarterly in arrears based upon the Fund’s pre-incentive fee net
investment income for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on
the Fund’s net assets, equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a “catch-up”
feature.
Pursuant to the Investment Advisory Agreement, effective July 1, 2022, the Fund pays its 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 the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate but is
less than or equal to 1.765% (the “catch-up”) is payable to the Adviser if the Fund’s pre-incentive fee net
investment income, expressed as a percentage of the Fund’s net assets in respect of the relevant calendar
quarter, exceeds the hurdle rate but is less than or equal to 1.765% (7.06% annualized). The “catch-up”
provision is intended to provide the Adviser with an incentive fee of 15% on all of the Fund’s pre-incentive fee
net investment income when the Fund’s pre-incentive fee net investment income reaches 1.765% of net assets;
and
•15% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the “catch-up” will be
payable to the Adviser if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the
Fund’s net assets in respect of the relevant calendar quarter, exceeds 1.765% (7.06% annualized). As a result,
once the hurdle rate is reached and the catch-up is achieved, 15% of all the Fund’s pre-incentive fee net
investment income thereafter is allocated to the Adviser.
For the six-month period ended June 30, 2026, base management fees were $32,724, and incentive fees related
to pre-incentive fee net investment income were $32,014.
73
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
As of June 30, 2026, $5,393 and $15,502 were included in management fees payable and incentive fees
payable, respectively, in the accompanying Consolidated Statement of Assets and Liabilities.
Expense Limitation Agreement
The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has
agreed contractually for a one-year period ending April 30, 2027, with the option to renew annually, to waive its
management fee and/or reimburse the Fund’s operating expenses on a monthly basis to the extent that the Fund’s total
annualized fund operating expenses in respect of each class (excluding (i) expenses directly related to the costs of
making investments, including interest and structuring costs for borrowing and line(s) of credit, taxes, brokerage costs,
the Fund’s proportionate share of expenses related to co-investments, litigation and other unusual and infrequent
expenses, (ii) Incentive Fees and (iii) any distribution and/or shareholder servicing fees) in respect of the relevant month
exceed 2.00% of the month-end net asset value of such class (the “Expense Limitation”). In consideration of the
Adviser’s agreement to waive its management fee and/or reimburse the Fund’s operating expenses, the Fund has agreed
to repay the Adviser in the amount of any waived management fees and Fund expenses reimbursed of each class subject
to the limitation that reimbursement will be made only if and to the extent that: (i) it is payable not more than three
years from the date on which the applicable waiver or expense payment was made by the Adviser, and (ii) the Adviser
reimbursement does not cause the Fund’s total annual operating expenses (on an annualized basis and net of any
Adviser reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the
Expense Limitation of such class or another expense limitation in place at that time. As of June 30, 2026, there were no
remaining amounts subject to reimbursement by the Fund to the Adviser under the agreement. The Adviser does not
owe the Fund any amounts for expense reimbursements as of June 30, 2026, and the Adviser did not recapture any
previously waived and/or reimbursed amounts during the six-month period ended June 30, 2026.
Administration Agreement
On May 28, 2024, the Fund’s Board of Trustees approved an administration agreement (the “Administration
Agreement”) between the Fund and the Administrator. Pursuant to the Administration Agreement, the Administrator
provides services and receives reimbursements equal to an amount that reimburses the Administrator for its costs and
expenses and the Fund’s allocable portion of overhead incurred by the Administrator in performing its obligations under
the Administration Agreement, including the Fund’s allocable portion of the compensation paid to or compensatory
distributions received by the Fund’s officers (including the Principal Financial Officer and Chief Compliance Officer)
and any of their respective staff who provide services to the Fund, operations staff who provide services to the Fund,
and any internal audit staff, to the extent internal audit performs a role in the Fund’s Sarbanes-Oxley Act of 2002, as
amended, internal control assessment. Reimbursement under the Administration Agreement occurs in arrears.
Unless terminated earlier, the Administration Agreement will continue in effect for two years from the
approval date and thereafter renew automatically for successive annual periods, provided that such continuance is
specifically approved at least annually by (i) the vote of the Board of Trustees or by a majority vote of the outstanding
voting securities of the Fund and (ii) the vote of a majority of the Fund’s Trustees. The Administration Agreement may
not be assigned by a party without the consent of the other party and may be terminated by either party without penalty
upon at least 60 days’ written notice to the other party.
For the six-month period ended June 30, 2026, the Fund incurred $1,345 in administrative service fees. As of
June 30, 2026, $1,079 was unpaid and included in administrative service fees payable in the accompanying
Consolidated Statement of Assets and Liabilities.
Board of Trustees
The Fund’s Board of Trustees currently consists of five members, three of whom are Independent Trustees.
The Board of Trustees has established an Audit Committee, a Nominating and Governance Committee and an
Independent Trustees Committee, the members of each of which consist entirely of the Fund’s Independent Trustees.
The Board of Trustees established a Valuation Committee composed of individuals affiliated with the Adviser to
oversee the day-to-day procedures. The Board of Trustees may establish additional committees in the future. For the
six-month period ended June 30, 2026, the Fund incurred $209 in fees and expenses associated with its Independent
74
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Trustees’ services on the Fund’s Board of Trustees and its committees. As of June 30, 2026, $23 in fees or expenses
associated with the Fund’s Independent Trustees were payable.
Shareholder Concentration
Related parties owned approximately 1% of the Fund’s total outstanding shares as of June 30, 2026. Related
parties may include, but are not limited to, the Adviser and its affiliates, affiliated broker dealers, fund of funds, and
directors or employees.
6. RISK FACTORS
Investment Risks
Portfolio Fair Value Risk
Under the Investment Company Act, the Fund is required to carry its portfolio investments at market value or,
if there is no readily available market value, at fair value. There is not a public market for the securities of the privately
held companies in which the Fund may invest. Many of the Fund’s investments are not exchange-traded, but are,
instead, traded on a privately negotiated OTC secondary market for institutional investors. The Adviser, as valuation
designee, is responsible for the valuation of the Fund’s portfolio investments and implementing the portfolio valuation
process set forth in the Adviser’s and the Fund’s valuation policy. Valuations of Fund investments are disclosed
quarterly in reports publicly filed with the U.S. Securities and Exchange Commission (“SEC”).
A high proportion of the Fund’s investments relative to its total investments are valued at fair value. Certain
factors that may be considered in determining the fair value of the Fund’s investments include dealer quotes for
securities traded on the OTC secondary market for institutional investors, the nature and realizable value of any
collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which
the portfolio company does business, comparison to selected publicly-traded companies, discounted cash flow, and
other relevant factors. The factors and methodologies used for the valuation of such securities are not necessarily an
indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair
value assigned to a security if it were to sell the security. Such valuations, and particularly valuations of private
securities and private companies, are inherently uncertain, and they often reflect only periodic information received by
the Adviser about such companies' financial condition and/or business operations, which may be on a lagged basis and
can be based on estimates. Determinations of fair value may differ materially from the values that would have been
used if an exchange-traded market for these securities existed. Investments in private companies are typically governed
by privately negotiated credit agreements and covenants, and reporting requirements contained in the agreements may
result in a delay in reporting their financial position to lenders, which in turn may result in the Fund’s investments being
valued on the basis of this reported information. Further, the Fund is offered on a daily basis and calculates a daily NAV
per Share. The Adviser seeks to evaluate on a daily basis material information about the Fund’s portfolio companies;
however, for the reasons noted herein, the Adviser may not be able to acquire and/or evaluate properly such information
on a daily basis. Due to these various factors, the Adviser’s fair value determinations could cause the Fund’s NAV on a
valuation day to materially differ from what it would have been had such information been fully incorporated. As a
result, investors who purchase shares may receive more or less shares and investors who tender their shares may receive
more or less cash proceeds than they otherwise would receive.
Potential Conflicts of Interest Risk—Allocation of Investment Opportunities
The Adviser has adopted allocation procedures that are intended to treat each fund it advises in a manner that,
over a period of time, is fair and equitable. The Adviser and its affiliates currently provide investment advisory and
administration services and may provide in the future similar services to other entities (collectively, “Advised Funds”).
Certain existing Advised Funds have, and future Advised Funds may have, investment objectives similar to those of the
Fund, and such Advised Funds will invest in asset classes similar to those targeted by the Fund. Certain other existing
Advised Funds do not, and future Advised Funds may not, have similar investment objectives, but such funds may from
time to time invest in asset classes similar to those targeted by the Fund. The Adviser will endeavor to allocate
investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to
the Fund and other clients and in an effort to avoid favoring one client over another and taking into account all relevant
75
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
facts and circumstances, including (without limitation): (i) differences with respect to available capital, size of client,
and remaining life of a client; (ii) differences with respect to investment objectives or current investment strategies,
including regarding: (a) current and total return requirements, (b) emphasizing or limiting exposure to the security or
type of security in question, (c) diversification, including industry or company exposure, currency, and jurisdiction, or
(d) rating agency ratings; (iii) differences in risk profile at the time an opportunity becomes available; (iv) the potential
transaction and other costs of allocating an opportunity among various clients; (v) potential conflicts of interest,
including whether a client has an existing investment in the security in question or the issuer of such security; (vi) the
nature of the security or the transaction, including minimum investment amounts and the source of the opportunity; (vii)
current and anticipated market and general economic conditions; (viii) existing positions in a borrower/loan/security;
and (ix) prior positions in a borrower/loan/security. Nevertheless, it is possible that the Fund may not be given the
opportunity to participate in certain investments made by investment funds managed by investment managers affiliated
with the Adviser.
Loans
The Fund invests in loans, either through primary issuances or in secondary transactions, including potentially
on a synthetic basis. The value of the Fund’s loans may be detrimentally affected to the extent a borrower defaults on its
obligations. There can be no assurance that the value assigned by the Adviser can be realized upon liquidation, nor can
there be any assurance that any related collateral will retain its value. Furthermore, circumstances could arise (such as in
the bankruptcy of a borrower) that could cause the Fund’s security interest in the loan’s collateral to be invalidated.
Also, much of the collateral will be subject to restrictions on transfer intended to satisfy securities regulations, which
will limit the number of potential purchases if the Fund intends to liquidate such collateral. The amount realizable with
respect to a loan may be detrimentally affected if a guarantor, if any, fails to meet its obligations under a guarantee.
Finally, there may be a monetary, as well as a time cost involved in collecting on defaulted loans and, if applicable,
taking possession of various types of collateral.
The portfolio may include first lien senior secured, second, and third lien loans and any other loans.
Asset-Backed Securities (“ABS”)
ABS are a form of structured debt obligation. In addition to the general risks associated with credit or debt
securities discussed herein, ABS are subject to additional risks. While traditional fixed-income securities typically pay a
fixed rate of interest until maturity, when the entire principal amount is due, an ABS represents an interest in a pool of
assets, such as automobile loans, credit card receivables, home loans, solar loans, unsecured consumer loans, or student
loans, that has been securitized and provides for monthly payments of interest, at a fixed or floating rate, and principal
from the cash flow of these assets. This pool of assets (and any related assets of the issuing entity) is the only source of
payment for the ABS. The ability of an ABS issuer to make payments on the ABS, and the timing of such payments, is
therefore dependent on collections on these underlying assets. The recoveries on the underlying collateral (if any) may
not, in some cases, be sufficient to support payments on these securities, which may result in losses to investors in an
ABS. In many circumstances, ABS are not secured by an interest in the related collateral. Credit card receivables, for
example, are generally unsecured and the debtors are entitled to the protection of a number of state and federal
consumer loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards,
thereby reducing the balance due. Certain asset-backed securities are guaranteed as to timely payment of interest and
principal by a government entity; however, the market price for such securities is not guaranteed and will fluctuate. The
purchase of asset-backed securities issued by non-government entities may entail greater risk than such securities that
are issued or guaranteed by a government entity. Asset-backed securities issued by non-government entities may offer
higher yields than those issued by government entities, but may also be subject to greater volatility than government
issues and can also be subject to greater credit risk and the risk of default on the underlying assets.
Generally, obligors may prepay the underlying assets in full or in part at any time, subjecting the Fund to
prepayment risk related to the ABS it holds. While the expected repayment streams on ABS are determined by the
contractual amortization schedules for the underlying assets, an investor’s yield to maturity on an ABS is uncertain and
may be reduced by the rate and speed of prepayments of the underlying assets, which may be influenced by a variety of
economic, social, and other factors. During periods of declining interest rates, prepayment of loans underlying ABS can
be expected to accelerate. Accordingly, the Fund’s ability to maintain positions in such securities will be affected by
reductions in the principal amount of such securities resulting from prepayments. Any prepayments, repurchases,
76
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
purchases, or liquidations of the underlying assets could shorten the average life of the ABS to an extent that cannot be
fully predicted. Some ABS may be structured to include a period of rapid amortization triggered by events such as a
significant rise in the default rate of the underlying collateral, a sharp drop in the credit enhancement level because of
credit losses on the underlying assets, a specified regulatory event or the bankruptcy of the originator. A rapid
amortization event will cause any revolving period to end earlier than expected and all collections on the underlying
assets will be used to pay principal to investors earlier than expected. In general, the senior most securities will be paid
prior to any payments being made on the subordinated securities, and if such payments are made earlier than expected,
the Fund’s yield on such ABS may be negatively affected.
Collateralized Loan Obligations (“CLOs”)
The Fund invests in CLOs. CLOs are backed by a portfolio of senior secured loans. The Fund’s CLO
investments may include senior/mezzanine CLO debt tranches (rated investment grade), mezzanine CLO debt tranches
(rated below investment grade or unrated), subordinated CLO equity tranches (unrated), leveraged loans (including
warehouse facilities that hold such loans) and vehicles that invest indirectly in CLO securities or leveraged loans. If
there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such
securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a
priority in right of payment to subordinated/equity tranches. However, it is possible that a senior tranche of a CLO
could experience losses, particularly in stressed market conditions, due to defaults, downgrades of the underlying
collateral by rating agencies, forced liquidation of the collateral pool, increased sensitivity to defaults due to collateral
default, market anticipation of defaults and investor aversion to CLO securities as an asset class. In light of the above,
CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may be of
greater significance in the case of CLOs depending upon the Fund’s ranking in the capital structure. In certain cases,
losses may equal the total amount of the Fund’s principal investment. Investments in structured vehicles, including
equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk. Changes in
interest rates and credit quality may cause significant price fluctuations. In addition to the general risks associated with
investing in debt securities, CLO securities carry additional risks, including: (1) the possibility that distributions from
collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in
value or default; (3) investments in CLO equity and junior debt tranches will likely be subordinate in right of payment
to other senior classes of CLO debt; and (4) the complex structure of a particular security may be subject to different
interpretations and may produce disputes with the issuer or unexpected investment results, especially during times of
market stress or volatility. Additionally, changes in the collateral held by a CLO may cause payments on the
instruments held by the Fund to be reduced, either temporarily or permanently.
Securities on a When-Issued or Forward Commitment Basis
The Fund may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward
commitment” basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When
such transactions are negotiated, the price is fixed at the time the commitment is made, but delivery and payment for the
securities take place at a later date. When-issued securities and forward commitments may be sold prior to the
settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually
receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued
security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur
a gain or loss. There is always a risk that the securities may not be delivered and that the Fund may incur a loss.
Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the
Fund as when-issued or forward commitment transactions. The settlements of secondary market purchases of senior
loans in the ordinary course, on a settlement date beyond the period expected by loan market participants, are subject to
delayed compensation. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and
finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is
reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.
Covenant-Lite Loans Risk
Some of the loans in which the Fund may invest may be “covenant-lite” loans. “Covenant-lite” loans refer
generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans
provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based,
77
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
which means they are only tested and can only be breached following an affirmative action of the borrower, rather than
by a deterioration in the borrower’s financial condition. Accordingly, to the extent the Fund invests in “covenant-lite”
loans, the Fund may have fewer rights against a borrower and may have a greater risk of loss on such investments as
compared to investments in or exposure to loans with financial maintenance covenants.
Equity Security Risk
Stocks and other equity securities fluctuate in price and the value of the Fund’s portfolio may be affected by
changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall
sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the
opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income
markets may have unexpected negative effects on other market segments. The prices of individual equity securities
generally do not all move in the same direction at the same time and a variety of factors can affect the price of a
particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of
customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or
changes in government regulations affecting the company or its industry.
Risks of Foreign Investing
The Fund may make investments in non-U.S. entities, including issuers in emerging markets. The Fund
expects that its investment in non-U.S. issuers will be made primarily in securities that are foreign currency
denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers.
Real Assets Investments Risk
The Fund may invest a portion of its assets in securities and credit instruments associated with real assets,
including infrastructure and aviation, which have historically experienced substantial price volatility. The value of
companies engaged in these industries is affected by (i) changes in general economic and market conditions; (ii) the
destruction of real assets, catastrophic events (such as earthquakes, wildfires, floods, hurricanes, tornadoes, man-made
disasters, and terrorist acts) and other public crises and relief responses; (iii) changes in environmental, governmental,
and other regulations; (iv) risks related to local economic conditions, overbuilding, and increased competition; (v)
increases in property taxes and operating expenses; (vi) changes in zoning laws; (vii) casualty and condemnation losses;
(viii) surplus capacity and depletion concerns; (ix) the availability of financing; and (x) changes in interest rates and
leverage. In addition, the availability of attractive financing and refinancing typically plays a critical role in the success
of these investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in
payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser’s
assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of
securities in these industries may go through cycles of relative under-performance and over-performance in comparison
to equity securities markets in general.
Real Estate Investments Risk
The Fund may invest a portion of its assets in securities and credit instruments of companies in the real estate
industry, which has historically been cyclical and particularly sensitive to economic downturns and other events that
limit demand for real estate, which would adversely impact the value of real estate investments. The value of companies
engaged in the real estate industry is affected by (i) changes in general economic and market conditions, including
fluctuations in supply and demand; (ii) changes in the value of real estate properties; (iii) risks related to local economic
conditions, overbuilding, and increased competition; (iv) increases in property taxes and operating expenses; (v)
changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or
the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and leverage. In
addition, the availability of attractive financing and refinancing typically plays a critical role in the success of real estate
investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in payment or
default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser’s assessment,
or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of securities in
this industry may go through cycles of relative under-performance and over-performance in comparison to equity
securities markets in general.
78
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Interest Rate Swaps Risk
The Fund may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an
exchange of fixed rate payments for floating rate payments) to protect itself from interest rate fluctuations. This type of
swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or
calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted
against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to
general market risk, liquidity risk, counterparty risk, and interest rate risk.
Corporate Bond Risk
Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may
be either secured or unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts
receivable, stocks, bonds, or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a
prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the
principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved.
Interest on corporate bonds may be fixed or floating, or the bonds may be zero coupons. Interest on corporate bonds is
typically paid semi-annually and is fully taxable to the bondholder. Corporate bonds contain elements of both interest-
rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market
value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be
affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the
marketplace. Depending on the nature of the seniority provisions, a senior corporate bond may be junior to other credit
securities of the issuer. The market value of a corporate bond may be affected by factors directly related to the issuer,
such as investors’ perceptions of the creditworthiness of the issuer, the issuer’s financial performance, perceptions of
the issuer in the marketplace, performance of management of the issuer, the issuer’s capital structure and use of
financial leverage and demand for the issuer’s goods and services. There is a risk that the issuers of corporate bonds
may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
Corporate bonds of below-investment-grade quality are often high risk and have speculative characteristics and may be
particularly susceptible to adverse issuer-specific developments.
Market Risks
The success of the Fund’s activities will be affected by general economic and market conditions, such as
interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including
laws relating to taxation of the Fund’s investments), trade barriers, the imposition, or threatened imposition, of
economic sanctions, including tariffs, currency exchange controls, disease outbreaks, pandemics, and national and
international political, environmental, and socioeconomic circumstances (including wars, terrorist acts, or security
operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and
potential shifts in U.S. foreign investment, trade, taxation, economic, environmental, and other policies under the
current Administration, as well as the impact of heightened geopolitical tensions (including those between the United
States and China, Taiwan and mainland China, Israel and Iran and the Axis of Resistance, and between Ukraine and
Russia) or other systemic issues or industry-specific economic disruptions, could lead to disruption, instability, and
volatility in the global markets. The U.S. government may renegotiate some of its global trade relationships with
foreign governments and may impose or threaten to impose significant tariffs. The imposition or threatened imposition
of tariffs, trade restrictions, currency restrictions, and other federal government initiatives as well as foreign policy
tensions with foreign nations, including embargoes, sanctions, and trade wars, or similar actions (or retaliatory measures
taken in response to such actions) could lead to price volatility and overall declines in the U.S. and global investment
markets. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the
capital markets or result in a decision by lenders not to extend credit to us.
Economic sanctions may be, and have been, imposed against certain countries, organizations, companies,
entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among
other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of
foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value.
Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located
in or economically tied to the sanctioned country and may result in economic disruptions in the sanctioned country and
79
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
in countries with economic ties to the sanctioned country. When the United States is a significant trading partner of a
foreign country in which the Fund may invest or to which the Fund may be exposed, such foreign country may be
particularly sensitive to changes in U.S. foreign trading policies, including the threat or actual imposition of tariffs,
sanctions, or other similar measures. The imposition of tariffs (or threats thereof), trade restrictions, currency
restrictions, deficit levels and any reduction plans and other federal government initiatives as well as foreign policy
tensions with foreign nations, including embargoes, sanctions, and trade wars, or similar actions (or retaliatory measures
taken in response to such actions) could lead to price volatility and overall declines in the U.S. and global investment
markets. In addition, as a result of economic sanctions and other similar governmental actions or developments, the
Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. Sanctions and
other similar measures could significantly delay or prevent the settlement of securities transactions or their valuation,
and significantly impact the Fund’s performance. Sanctions and other similar measures also may be in place for
substantial periods of time and enacted with limited advance notice. The type and severity of sanctions and other
measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope,
and their impact is impossible to predict.
Current and historic market turmoil has illustrated that market environments may, at any time, be characterized
by uncertainty, volatility, and instability. Serious economic disruptions may result in governmental authorities and
regulators enacting significant fiscal and monetary policy changes, including by providing direct capital infusions into
companies, introducing new monetary programs and considerably increasing or lowering interest rates, which, in some
cases, resulted in negative interest rates.
U.S. and global markets have also experienced increased volatility as a result of the failures of certain U.S. and
non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank in which the
Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or
permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility,
other credit facility and/or other services to the Fund or an issuer fails, the Fund or the issuer could be unable to draw
funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions
with similar terms. Even if banks used by the Fund and issuers in which the Fund invests remain solvent, volatility in
the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the
issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been
obtained. Continued market volatility and uncertainty and/or a downturn in market and economic and financial
conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to
cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.
Inflation Risk
Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth
less in the future as inflation decreases the value of money. As inflation increases, the real value of investments and
distributions can decline. Therefore, the income generated by debt investments may not keep pace with inflation. In
addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of
leverage would likely increase, which would tend to further reduce returns to shareholders. Furthermore, actions by
governments and central banking authorities can result in changes in interest rates. Periods of higher inflation could
cause such authorities to raise interest rates, and vice versa, which may adversely impact the Fund and its investments.
Interest Rate Risk
As of June 30, 2026, on a fair value basis, approximately 8.5% of the Fund’s debt investments bear interest at a
fixed rate and approximately 91.5% of the Fund’s debt investments bear interest at a floating rate, which primarily are
subject to interest rate floors. Interest rates on the investments held within the Fund’s portfolio of investments are
typically based on floating SOFR, with many of these investments also having a SOFR floor. Additionally, the Fund’s
credit facilities are also subject to floating interest rates and are currently paid based on floating EURIBOR, SOFR and
SONIA rates.
General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial
negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse
effect on the Fund’s rate of return on invested capital, the Fund’s net investment income and the Fund’s NAV.
80
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The Fund may be exposed to medium- to long-term spread duration securities. Longer spread duration
securities have a greater adverse price impact to increases in interest rates. Interest rate sensitivity is generally more
pronounced and less predictable in instruments with uncertain payment or prepayment schedules.
The Adviser regularly measures exposure to interest rate risk. Interest rate risk is assessed on an ongoing basis
by comparing the Fund’s interest rate sensitive assets to its interest rate sensitive liabilities. Based on that review, the
Adviser determines whether or not any hedging transactions are necessary to mitigate exposure to changes in interest
rates.
Payment-in-Kind (“PIK”) Income Risk
The Fund may hold investments that result in PIK interest income or PIK dividends. PIK income creates the
risk that incentive fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while
the Adviser will be under no obligation to reimburse the Fund for these fees. PIK income may have a negative impact
on liquidity, as it represents a non-cash component of the Fund’s taxable income that may require cash distributions to
shareholders in order to maintain the Fund’s ability to be subject to tax as a RIC. PIK income has the effect of
generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the
Adviser. Similarly, all things being equal, the deferral associated with PIK income also increases the loan-to-value ratio
at a compounding rate. The market prices of PIK securities generally are more volatile than the market prices of
interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing
securities having similar maturities and credit quality. Because PIK income results in an increase in the size of the PIK
securities held, the Fund’s exposure to potential losses increases when a security pays PIK income.
Unitranche Loans
Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or
subordinated loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow
the lender to choose to participate in the “first out” tranche, which will generally receive priority with respect to
payments of principal, interest, and any other amounts due, or to choose to participate only in the “last out” tranche,
which is generally paid after the “first out” tranche is paid. The Fund intends to participate in “first out” and “last out”
tranches of unitranche loans and make single unitranche loans.
Regulatory Risk
Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses
incurred directly by the Fund, affect the value of its investments and limit the Fund’s ability to achieve its investment
objective. Government regulation may change frequently and may have significant adverse consequences. Moreover,
government regulation may have unpredictable and unintended effects. In addition to exposing the Fund to potential
new costs and expenses, additional regulation or changes to existing regulation may also require changes to the Fund’s
investment practices.
Credit Risk
Credit risk relates to the ability of the borrower under an instrument to make interest and principal payments as
they become due. The Fund’s investments in loans and other debt instruments are subject to risk of missing an interest
and/or principal payment.
Credit Spread Risk
Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to
differences in their credit quality) may increase when the market expects below-investment-grade bonds to default more
frequently. Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated
securities. In recent years, the U.S. capital markets experienced extreme volatility and disruption following the spread
of COVID-19, the impact of heightened geopolitical tensions (including those between the United States and China,
Taiwan and mainland China, Israel and Iran and the Axis of Resistance, and between Ukraine and Russia) and other
economic disruptions, which increased the spread between yields realized on risk-free and higher risk securities,
81
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
resulting in illiquidity in parts of the capital markets. Central banks and governments played a key role in reintroducing
liquidity to parts of the capital markets. Future exits of these financial institutions from the market may reintroduce
temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an adverse effect
on the Fund’s business, financial condition, results of operations, and cash flows.
Prepayment Risk
Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally
callable at any time, and certain loans may be callable at any time at no premium to par. Having the loan or other debt
instrument called early may have the effect of reducing the Fund’s actual investment income below its expected
investment income if the capital returned cannot be invested in transactions with equal or greater yields.
Volatility Risk
Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial
instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a
relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically
indicate lower volatility risk.
Equity Risk
Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the
general market.
Foreign Exchange Rate Risk
Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated
in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar
appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Currency Hedging Risk
The Adviser may seek to hedge all or a portion of the Fund’s foreign currency risk. For example, the Fund may
enter into foreign currency forward contracts to reduce the Fund’s exposure to foreign currency exchange rate
fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Fund agrees to receive or
deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency
contracts are marked-to-market at the applicable forward rate. There is no guarantee that it will be practical to hedge
currency risks or that any efforts to do so will be successful. The use of foreign currency forward contracts is a highly
specialized activity that involves investment techniques and risks different from those associated with investments in
more traditional securities and instruments, and there is no guarantee that the use of foreign currency forward contracts
will achieve their intended result. If the Adviser is incorrect in its expectation of the timing or level of fluctuation in
securities prices, currency prices, or other variables, the use of foreign currency forward contracts could result in losses,
which in some cases may be significant. A lack of correlation between changes in the value of foreign currency forward
contracts and the value of the portfolio assets (if any) being hedged could also result in losses.
Artificial Intelligence Risks
As computing technology and data analytics advance, there has been a trend towards machine driven and
artificially intelligent trading systems, particularly with respect to increasing levels of autonomy in trading decision
capabilities. Regulators of financial markets have become increasingly focused on the potential impact of artificial
intelligence (“AI”) on investment activities and may issue regulations that affect the use of artificial technology in
trading activities. Any such regulations may not have the effect on financial markets that regulators intend. The use of
AI and machine learning technologies (collectively, “AI Technologies”), and the overall adoption of AI Technologies
throughout society, create opportunities for the Fund and its portfolio companies, as well as new and unpredictable
competitive, operational, legal, and regulatory risks. The Fund uses, and plans to expand its use of, AI Technologies in
connection with its business and investment activities. The Fund’s portfolio companies and investments also use such
82
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
technologies, including, but not limited to, automation of operational tasks, identification of investment opportunities,
investment due diligence, and investment decision-making. The Fund and its portfolio companies continue to evaluate
the rapidly evolving landscape of AI Technologies.
The increasingly widespread use of AI by issuers and market participants and investments in such technologies
by issuers may significantly impact the economy, financial markets, and issuers. Malicious actors may also use AI for
fraud, hacking, or market manipulation. Issuers that engage in AI-related businesses or that increasingly use these
technologies are particularly susceptible to the risks associated with AI and its rapid and unpredictable evolution,
including (but not limited to) market and business risks, technology and product risks, cybersecurity and data security
risks, and intellectual property risks.
Cybersecurity Risk
Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and
will likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis,
including ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to
gain access to its proprietary information, destroy data or disable, degrade or sabotage its systems. These security
threats could originate from a wide variety of sources, including unknown third parties outside of the Adviser. Recent
geopolitical tensions may have increased the scale and sophistication of deliberate cyber attacks and other disruptions,
particularly from nation-states or entities with nation-state backing. Although the Adviser is not currently aware that it
has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially
affected its operations or financial condition, there can be no assurance that the various procedures and controls utilized
to mitigate these threats will be sufficient to prevent disruptions to its systems.
7. BORROWINGS
In accordance with the Investment Company Act, the Fund is currently only allowed to borrow amounts such
that its asset coverage, as defined in the Investment Company Act, is at least 300% after such leveraging. As of June 30,
2026, asset coverage (exclusive of preferred equity shares) was 661.9% and asset coverage (inclusive of preferred
equity shares) was 313.8%. The Fund’s subsidiaries are parties to the borrowings described below.
JPM Credit Facility
The OCPC SPV closed on the JPM Credit Facility on May 5, 2021, which was most recently amended on
June 2, 2025 to increase the maximum principal. The maximum principal amount of the JPM Credit Facility is
$1,050,000, through financing commitments in tranches of advances (the “Tranche A Financing Commitment” and
“Tranche B Financing Commitment”). Amounts available to borrow under the JPM Credit Facility is based on certain
advance rates multiplied by the value of the OCPC SPV’s portfolio investments (subject to certain concentration
limitations) and net of certain other indebtedness that the OCPC SPV may incur in accordance with the terms of the
JPM Credit Facility. Proceeds of the JPM Credit Facility may be used for general corporate purposes, including the
funding of portfolio investments. The OCPC SPV may borrow amounts in U.S. dollars or certain other permitted
currencies.
The OCPC SPV may borrow amounts under any tranche of the financing commitment, each of which has a
maximum principal amount and applicable interest rate. The OCPC SPV also pays an unused commitment fee of 0.60%
on undrawn amounts under the JPM Credit Facility and, in respect of each undrawn letter of credit, a fee and interest
rate equal to the then-applicable margin under the JPM Credit Facility while the letter of credit is outstanding.
The table below presents the principal amount and interest rate of each tranche.
Financing
Commitment
Maximum
Principal Amount
Currency Drawn
Reference Rate
Spread
Tranche A
$750,000
USD / Permitted Non-USD
Applicable Benchmark / Base Rate
2.05%
Tranche B
300,000
USD
Term SOFR / Applicable Base Rate
2.05%
Total
$1,050,000
83
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The reinvestment period under the JPM Credit Facility will terminate on May 5, 2028, and the JPM Credit
Facility will mature on May 5, 2029. During the period from May 5, 2028 to May 5, 2029, the OCPC SPV will be
obligated to make mandatory prepayments under the JPM Credit Facility out of the proceeds of certain asset sales, other
recovery events and equity and debt issuances.
Subject to certain exceptions, the JPM Credit Facility is secured by a first lien security interest in substantially
all of the portfolio investments held by the OCPC SPV. The JPM Credit Facility includes customary covenants,
including certain financial covenants related to asset coverage, shareholders’ equity and liquidity, certain limitations on
the occurrence 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, the OCPC SPV was in
compliance with all covenants and other requirements of the JPM Credit Facility.
The JPM Credit Facility consisted of the following as of June 30, 2026:
Total Facility
Borrowings
Outstanding
Unused Portion (1)
Amount
Available (2)
JPM Credit Facility
$1,050,000
$691,176
$358,824
$358,824
(1)The Unused Portion is the Total Facility less Borrowings Outstanding, an amount upon which unused commitment fees are based
depending on daily spot and contract rates for CAD, EUR and GBP.
(2)The Amount Available for borrowing is based on the computation of collateral to support the borrowings less Borrowings Outstanding,
and is subject to compliance with applicable covenants and financial ratios.
As of June 30, 2026, $9,714 of interest expense and $652 of unused commitment fees and administration fees
were included in interest payable on borrowings in the Consolidated Statement of Assets and Liabilities.
During the six-month period ended June 30, 2026, the Fund had borrowings on the JPM Credit Facility of
$260,000 and repayments of $260,000. As of June 30, 2026, there were $691,176 in borrowings on the JPM Credit
Facility outstanding. For the six-month period ended June 30, 2026, the weighted average interest rate, inclusive of fees,
was 5.89% and the average principal debt outstanding was $701,188.
For the six-month period ended June 30, 2026, the OCPC SPV incurred $20,773 of interest expense, unused
commitment fees, and administration fees, and $1,359 of amortization of deferred financing costs.
BofA Credit Facility
The Barracuda SPV closed on the BofA Credit Facility on January 6, 2025, which was most recently amended
on February 10, 2026 to increase the maximum principal. The maximum principal amount of the BofA Credit Facility is
$400,000. Amounts available to borrow under the BofA Credit Facility are based on certain advance rates multiplied by
the value of the Barracuda SPV’s portfolio investments (subject to certain concentration limitations) and net of certain
other indebtedness that the Barracuda SPV may incur in accordance with the terms of the BofA Credit Facility.
Proceeds of the BofA Credit Facility may be used for general corporate purposes, including the funding of portfolio
investments. The Barracuda SPV may borrow amounts in U.S. dollars.
The interest on the outstanding principal balance of the BofA Credit Facility accrues at a per annum rate of
SOFR plus 1.30%. The Barracuda SPV also pays an unused commitment fee of 1.30% on undrawn amounts below a
minimum threshold equal to 75% of the maximum principal amount.
The reinvestment period under the BofA Credit Facility will terminate on January 6, 2028 and the BofA Credit
Facility will mature on January 8, 2029. During the period from January 6, 2028 to January 8, 2029, the Barracuda SPV
will be obligated to make mandatory prepayments under the BofA Credit Facility out of the proceeds of certain asset
sales, other recovery events and equity and debt issuances.
Subject to certain exceptions, the BofA Credit Facility is secured by a first lien security interest in substantially
all of the portfolio investments held by the Barracuda SPV. The BofA Credit Facility includes customary covenants,
including certain financial covenants related to asset coverage, shareholders’ equity and liquidity, certain limitations on
the occurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary
84
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
events of default for senior secured revolving credit facilities of this nature. As of June 30, 2026, the Barracuda SPV
was in compliance with all covenants and other requirements of the BofA Credit Facility.
The BofA Credit Facility consisted of the following as of June 30, 2026:
Total Facility
Borrowings
Outstanding
Unused Portion (1)
Amount
Available (2)
BofA Credit Facility
$400,000
$300,000
$100,000
$100,000
(1)The Unused Portion is the Total Facility less Borrowings Outstanding.
(2)The Amount Available for borrowing is based on the computation of collateral to support the borrowings less Borrowings Outstanding,
and is subject to compliance with applicable covenants and financial ratios.
As of June 30, 2026, $3,366 of interest expense and $0 of unused commitment fees were included in interest
payable on borrowings in the Consolidated Statement of Assets and Liabilities.
During the six-month period ended June 30, 2026, the Fund had borrowings on the BofA Credit Facility of
$200,000 and repayments of $125,000. As of June 30, 2026, there were $300,000 in borrowings on the BofA Credit
Facility outstanding. For the six-month period ended June 30, 2026, the weighted average interest rate, inclusive of fees,
was 4.86% and the average principal debt outstanding was $309,724.
For the six-month period ended June 30, 2026, the Barracuda SPV incurred $7,575 of interest expense and
unused commitment fees, and $25 of amortization of deferred financing costs.
Axos Note-On-Note Loan
On March 5, 2024, CTAC Bedford entered into a loan and security agreement with Axos Bank for a secured
loan with a maximum principal amount of $30,291,471. Concurrently, CTAC Bedford, along with several other co-
investors, made mortgage loans in the aggregate maximum principal amount of $140,000,000 to Bedford Beverly B
LLC (the “Bedford Loan”) for developing a 7-story mixed-use building comprised of rental apartment units, parking,
and retail spaces in Brooklyn, New York (the “Project”). The Bedford Loan was advanced by CTAC Bedford, and other
co-investors, to pay for costs in connection with the construction, development, operation, and maintenance of the
Project. The Axos Note-on-Note Loan was designed to reimburse CTAC Bedford for its periodic advances of its
Bedford Loan to Bedford Beverly B LLC. The Axos Note-on-Note Loan was secured by a first priority security interest
in CTAC Bedford’s interest in the Bedford Loan and a pledge by the Fund’s 100% membership interest in CTAC
Bedford.
The interest on the outstanding principal balance of the Axos Note-on-Note Loan accrued at a per annum rate
equal to the greater of (i) Term SOFR plus 4.50%, and (ii) 8.00%. The Axos Note-on-Note Loan had an initial maturity
date of September 2, 2026.
Effective March 3, 2026, the Fund’s investment in the Bedford Loan was fully repaid along with the Axos
Note-on-Note Loan.
During the six-month period ended June 30, 2026, CTAC Bedford incurred $424 of interest expense and $40
of amortization of deferred financing costs, which are included in interest expense and fees on borrowings in the
Consolidated Statement of Operations. Given the repayment during the year, no interest expense payable or outstanding
balance was included in the Consolidated Statement of Assets and Liabilities as of June 30, 2026. For the six-month
period ended June 30, 2026, the weighted average interest rate, inclusive of fees, was 8.88% and the average principal
debt outstanding was $16,378.
8. MANDATORY REDEEMABLE PREFERRED SHARES
The Fund authorized and issued thirteen series of preferred shares, with a $0.001 par value per share and a
liquidation preference of $25.00 per share, classified and designated as Series A Mandatory Redeemable Preferred
Shares (the “Series A MRP Shares”), Series B Mandatory Redeemable Preferred Shares (the “Series B MRP Shares”),
85
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Series C Mandatory Redeemable Preferred Shares (the “Series C MRP Shares”), Series D Mandatory Redeemable
Preferred Shares (the “Series D MRP Shares”), Series E Mandatory Redeemable Preferred Shares (the “Series E MRP
Shares”), Series F Mandatory Redeemable Preferred Shares (the “Series F MRP Shares”), Series G Mandatory
Redeemable Preferred Shares (the “Series G MRP Shares”), Series H Mandatory Redeemable Preferred Shares (the
“Series H MRP Shares”), Series I Mandatory Redeemable Preferred Shares (the “Series I MRP Shares”), Series J
Mandatory Redeemable Preferred Shares (the “Series J MRP Shares”), Series K Mandatory Redeemable Preferred
Shares (the “Series K MRP Shares”), Series L Mandatory Redeemable Preferred Shares (the “Series L MRP Shares”),
and Series M Mandatory Redeemable Preferred Shares (the “Series M MRP Shares” and together the “MRP Shares”).
The following table summarizes the details of the Fund’s MRP Shares.
Initial
Issuance
Date
Initial
Funding
Date
Redemption
Date
Dividend
Rate
Share
Amount
Price Per
Share
Total Raise
Series A MRP Shares
3/7/2022
3/7/2022 (1)
3/7/2027
3.66%
6,000,000
$25.00
$150,000
Series B MRP Shares
3/7/2022
3/7/2022 (2)
3/7/2029
3.90%
2,000,000
25.00
50,000
Series C MRP Shares
9/1/2022
9/1/2022 (3)
9/1/2027
6.00%
4,000,000
25.00
100,000
Series D MRP Shares
6/14/2023
10/2/2023
10/2/2026
7.02%
2,000,000
25.00
50,000
Series E MRP Shares
6/14/2023
10/2/2023
10/2/2028
7.07%
2,000,000
25.00
50,000
Series F MRP Shares
5/16/2024
11/18/2024
11/16/2027
6.55%
2,000,000
25.00
50,000
Series G MRP Shares
5/16/2024
9/16/2024
9/17/2029
6.60%
4,000,000
25.00
100,000
Series H MRP Shares
5/16/2024
9/16/2024
9/16/2031
6.75%
4,000,000
25.00
100,000
Series I MRP Shares
3/20/2025
9/8/2025
9/9/2030
5.84%
4,000,000
25.00
100,000
Series J MRP Shares
3/20/2025
9/8/2025
9/8/2032
6.00%
4,000,000
25.00
100,000
Series K MRP Shares
3/20/2025
4/2/2025
4/2/2035
6.11%
4,000,000
25.00
100,000
Series L MRP Shares
3/11/2026
3/11/2026
3/12/2029
5.18%
4,000,000
25.00
100,000
Series M MRP Shares
3/11/2026
6/23/2026
6/23/2036
6.09%
2,000,000
25.00
50,000
Total
$1,100,000
(1)$38 million funded on March 7, 2022 and $112 million funded on May 11, 2022.
(2)$12 million funded on March 7, 2022 and $38 million funded on May 11, 2022.
(3)$75 million funded on September 1, 2022 and $25 million funded on November 9, 2022.
Each holder of MRP Shares is entitled to a liquidation preference of $25.00 per share (the “Liquidation
Value”), plus an amount equal to all accumulated and unpaid dividends thereon (whether or not earned or declared but
without interest) to the date payment of such distribution is made in full. With respect to distributions, including the
payment of dividends and distribution of the Fund’s assets upon dissolution, liquidation or winding up, the MRP Shares
are senior to all other classes and series of common shares of beneficial interest and rank on parity with any other
preferred shares.
The holders of MRP Shares are entitled to receive quarterly cumulative cash dividends, at the rate per annum
equal to the Dividend Rate of each series of MRP Shares, with certain adjustments for changes in a series' rating
(collectively, the “Applicable Rate”). Dividends on MRP Shares accumulate from and include the original issue date.
Dividends on the MRP Shares are accrued daily, payable quarterly, and are included in Interest expense and fees on
borrowings on the Consolidated Statement of Operations. For the six-month period ended June 30, 2026, $29,044 of
dividend expense was included in interest expense and fees on borrowings on the Consolidated Statement of
Operations. Costs incurred in connection with the issuance of the MRP Shares are being amortized to expense over the
life of each series of MRP Shares. For the six-month period ended June 30, 2026, the Fund recorded $1,016 of
amortization of deferred issuance costs related to the MRP Shares.
The Fund entered into interest rate swap contracts to better align the interest rates of its MRP Shares with the
Fund’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest
rate swaps is $900,000 and matches the applicable maturity dates; see Note 4, Derivative Instruments, for MRP Shares
hedging details.
86
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The table below summarizes the swap adjusted interest expense for the six-month period ended June 30, 2026,
which is included as a component of interest expense and fees on borrowings in the Consolidated Statement of
Operations.
For the Six Months Ended
June 30, 2026
Dividends paid on MRP Shares
$29,044
Amortization of deferred financing costs
1,016
Net proceeds paid (received) from interest rate swaps designated as a hedge
(255)
Fair value change difference between (a) interest rate swaps while designated
as a hedge and (b) the hedged risk on the MRP Shares
804
Swap adjusted interest expense on MRP Shares
$30,609
As of June 30, 2026, $6,146 of accrued dividends on MRP Shares, less a net benefit of $1,686 related to
interest rate swaps designated as a hedge, were included in interest payable on borrowings in the Consolidated
Statement of Assets and Liabilities.
The MRP Shares are recorded net of unamortized deferred issuance costs and included as a liability on the
Consolidated Statement of Assets and Liabilities. As of June 30, 2026, the carrying value of the MRP Shares was
$1,082,695. The table below summarizes the components of the carrying value of the MRP Shares.
As of June 30, 2026
Liquidation preference (1)
$1,100,000
Less: Unamortized deferred issuance costs
(6,068)
Plus: Hedge basis adjustment
(11,237)
Carrying value of MRP Shares
$1,082,695
(1) Based on outstanding funded MRP Shares as of the period end.
The outstanding shares of MRP Shares are subject to redemption at any time by notice of such redemption on a
date selected by the Fund for such redemption (the “Redemption Date”). If the Fund elects to cause the redemption of
the MRP Shares, each MRP Share will be redeemed for a price equal to 100% of such share’s Liquidation Value, plus
an amount equal to accumulated but unpaid dividends and other distributions on the MRP Shares (whether or not earned
or declared by the Fund, but excluding interest thereon), to, but excluding, the Redemption Date, plus the amount equal
to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the Liquidation Value
of such MRP Share over the amount of such Liquidation Value; provided, however, the Fund may, at its option (i)
redeem the MRP Shares within 90 days prior to the Term Redemption Date of each series of MRP Shares, at the
Liquidation Value plus accumulated but unpaid dividends and distributions thereon (whether or not earned or declared
by the Fund, but excluding interest thereon) to, but excluding the Term Redemption Date.
The MRP Shares are not convertible into any other class or series of shares. Except for matters which do not
require the vote of holders of MRP Shares under the Investment Company Act and except as otherwise provided in the
Fund’s Declaration of Trust or bylaws, or as otherwise required by applicable law, each holder of MRP Shares shall be
entitled to one vote for each MRP Share held on each matter submitted to a vote of shareholders of the Fund, and
holders of outstanding preferred shares and common shares shall vote together as a single class on all matters submitted
to shareholders. However, the holders of outstanding preferred shares shall be entitled, as a class, to the exclusion of the
holders of shares of all other classes of beneficial interests of the Fund, to elect two Trustees of the Fund at all times. In
addition, the holders of the outstanding preferred shares and common shares, voting together as a single class, shall
elect the balance of the Trustees. However, the number of Trustees constituting the Board shall automatically increase
by the smallest number that, when added to the two Trustees elected exclusively by the holders of outstanding preferred
shares would constitute a majority of the Board as so increased by such smallest number, and the holders of preferred
shares shall be entitled, voting as a class on a one vote per share basis (to the exclusion of the holders of all other
securities and classes of shares of the Fund), to elect such smallest number of additional Trustees, together with the two
Trustees that such holders are in any event entitled to elect if: (i) at the close of business on any dividend payment date
87
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
accumulated dividends (whether or not earned or declared) on preferred shares equal to at least two full years’
dividends shall be due and unpaid; or (ii) if at any time holders of any shares of preferred shares are entitled under the
Investment Company Act, to elect a majority of the Trustees of the Fund.
9. COMMITMENTS AND CONTINGENCIES
As of June 30, 2026, the Fund had unfunded commitments to fund delayed draw and revolving debt of
$377,402 and $140,790, respectively, along with equity investments of $24,975. The fair value of the unfunded
positions is included in the investments at fair value on the Consolidated Statement of Assets and Liabilities.
Investments
Type
Footnote
Unused
Rate
Par / Principal
Amount
Fair Value
1251 Insurance Distribution Platform Payco, LP
Revolver
0.50%
$954
$(7)
AAH Topco, LLC
Delayed Draw
1.00%
358
(2)
Addev Group, Inc.
Delayed Draw
(1)
1.50%
1,269
(19)
Advanced Infusion Solutions Acquisition LLC
Delayed Draw
1.00%
687
(10)
Advanced Infusion Solutions Acquisition LLC
Revolver
0.50%
145
(2)
Advanced Web Technologies Holding Company
Revolver
0.50%
796
(7)
Align Precision Group, LLC
Delayed Draw
1.00%
77
—
Allied Benefit Systems Intermediate, LLC
Delayed Draw
1.00%
5,079
(6)
Alpine Acquisition Corp. II
Delayed Draw
0.50%
194
—
Alpine Acquisition Corp. II
Revolver
0.50%
776
—
AmpersCap LLC
Delayed Draw
1.00%
21,231
(155)
AP Plastics Acquisition Holdings, LLC
Delayed Draw
1.00%
580
(11)
AP Plastics Acquisition Holdings, LLC
Revolver
0.50%
220
(4)
Apex Companies Holdings, LLC
Delayed Draw
1.00%
15,516
(69)
API Holdings III, LLC
Delayed Draw
0.50%
187
(2)
API Holdings III, LLC
Revolver
0.50%
187
(2)
Appriss Health, LLC
Revolver
0.50%
965
(2)
Artifact Bidco, Inc.
Delayed Draw
0.50%
4,310
(1)
Artifact Bidco, Inc.
Revolver
0.25%
3,079
(1)
Ascend Buyer, LLC
Revolver
0.50%
2,105
(8)
Associations, Inc.
Delayed Draw
—%
1,433
—
Associations, Inc.
Revolver
0.50%
2,441
—
Athlete Buyer, LLC
Revolver
0.50%
569
(104)
Atlas US Finco, Inc.
Revolver
0.50%
1,740
—
AuditBoard, Inc.
Revolver
0.50%
2,857
(56)
Azuria Water Solutions, Inc.
Delayed Draw
—%
471
(2)
Azurite Intermediate Holdings, Inc.
Revolver
0.50%
2,385
(39)
BCTO Bobsled Purchaser, Inc.
Delayed Draw
0.50%
4,412
(30)
BCTO Bobsled Purchaser, Inc.
Revolver
0.50%
1,324
(9)
Big Bus Tours Bidco Ltd.
Delayed Draw
1.50%
1,751
(109)
Bingo Group Buyer, Inc.
Delayed Draw
0.75%
4,478
(45)
Bingo Group Buyer, Inc.
Revolver
0.50%
993
(10)
Bitnova Bidco S.p.A.
Delayed Draw
(1)
1.25%
5,104
(89)
Bullhorn, Inc.
Revolver
0.50%
1,198
(18)
BusinesSolver.com, Inc.
Delayed Draw
1.00%
1,615
(22)
BusinesSolver.com, Inc.
Revolver
0.50%
719
(10)
CABF Guild 2025-1 Intermediary, LLC
Equity
(2)
—%
16,177
—
Cascade Acquiror, Inc.
Revolver
0.50%
166
(2)
Cliffwater LLC
Revolver
0.38%
2,599
(13)
CoreWeave Financing DDTL V, LLC
Delayed Draw
—%
697
14
Coupa Holdings, LLC
Revolver
0.50%
148
—
CSS Solar 2026-1 Trust
Delayed Draw
0.25%
6,667
—
CST Holding Company
Revolver
0.50%
235
—
Dance Midco S.a.r.l.
Delayed Draw
(1)
1.00%
5,016
(38)
88
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Investments
Type
Footnote
Unused
Rate
Par / Principal
Amount
Fair Value
Deerfield Dakota Holding, LLC
Revolver
0.50%
3,518
(76)
Delfin FLNG 1 HoldCo LLC
Delayed Draw
1.50%
5,676
(78)
Denali Intermediate Holdings, Inc.
Revolver
0.50%
589
(4)
Denali Midco 2, LLC
Delayed Draw
2.00%
2,814
(17)
Diligent Corporation
Revolver
0.50%
2,081
(66)
DWDK IV LLC
Delayed Draw
—%
241
—
Dwyer Instruments, Inc.
Revolver
0.50%
822
—
Edition Holding, Inc.
Delayed Draw
1.00%
1,359
(10)
Edition Holding, Inc.
Revolver
0.50%
544
(4)
Einstein Parent, Inc.
Revolver
0.50%
4,713
(189)
Ellkay, LLC
Revolver
0.50%
986
(38)
Eltera Bidco AS
Delayed Draw
(1)
—%
570
(9)
Embark Intermediate Holdings, LLC
Delayed Draw
1.00%
1,429
(13)
Embark Intermediate Holdings, LLC
Revolver
0.50%
1,190
(11)
Enkindle Ltd.
Delayed Draw
(1)
1.00%
3,061
(69)
Espresso Bidco Inc.
Delayed Draw
1.00%
517
(7)
Espresso Bidco Inc.
Revolver
0.50%
2,854
(39)
Essential Services Holding Corp.
Revolver
0.50%
2,082
(19)
EVODC Evocative, LLC
Delayed Draw
2.00%
4,690
(94)
Excel Fitness Holdings, Inc.
Revolver
0.50%
891
(19)
Excelitas Technologies Corp.
Revolver
0.50%
1,940
(3)
First Eagle Holdings, Inc.
Delayed Draw
—%
365
(1)
FPG Intermediate Holdco, LLC
Delayed Draw
—%
4
—
Fullsteam Operations LLC
Delayed Draw
1.00%
2,721
(105)
Fullsteam Operations LLC
Revolver
0.50%
612
(24)
GI DI Emerald Intermediate Ltd.
Delayed Draw
0.50%
5,085
(48)
GI DI Emerald Intermediate Ltd.
Revolver
0.50%
2,542
(24)
Gladiator Acquisition Sub, LLC
Delayed Draw
1.00%
878
(8)
Gladiator Acquisition Sub, LLC
Revolver
0.50%
502
(5)
Goose Borrower, L.P.
Revolver
0.50%
2,393
(23)
Greenhouse Software, Inc.
Revolver
0.50%
802
(9)
GS AcquisitionCo, Inc.
Revolver
0.50%
1
—
Guggenheim Investments Private Debt Fund IV Rated
Note Feeder, LLC
Delayed Draw
0.50%
10,289
71
Gymspa SAS
Delayed Draw
(1)
1.73%
1,582
8
Hercules Borrower, LLC
Revolver
0.38%
720
(5)
HIG Intermediate, Inc.
Delayed Draw
0.50%
8,733
(39)
Holding Argon
Delayed Draw
(1)
1.00%
9,334
(187)
Hoosier Intermediate, LLC
Revolver
0.38%
1,800
—
Horizon Avionics Buyer, LLC
Delayed Draw
1.00%
192
(1)
Horizon Avionics Buyer, LLC
Revolver
0.50%
75
—
HS Spa Holdings Inc.
Revolver
0.50%
873
(6)
Hyphen Solutions, LLC
Delayed Draw
1.00%
837
(11)
Hyphen Solutions, LLC
Revolver
0.50%
502
(6)
IceFall Parent, Inc.
Revolver
0.25%
1,240
(9)
iCIMS, Inc.
Revolver
0.50%
1,731
(75)
IEM New Sub 2, LLC
Delayed Draw
1.00%
3,293
(13)
IG Investments Holdings, LLC
Revolver
0.50%
325
—
IQN Holding Corp.
Revolver
0.38%
196
(2)
Iron Infinity Buyer Sub, Inc.
Delayed Draw
0.50%
10,231
(119)
Iron Infinity Buyer Sub, Inc.
Revolver
0.50%
4,213
(49)
Janney Montgomery Scott, LLC
Delayed Draw
2.75%
929
—
Jawbreaker Parent, Inc.
Delayed Draw
—%
2,689
(25)
Jawbreaker Parent, Inc.
Revolver
0.50%
2,689
(25)
89
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Investments
Type
Footnote
Unused
Rate
Par / Principal
Amount
Fair Value
L Catterton Direct Lending Fund Rated Feeder LP
Delayed Draw
—%
42,948
(48)
LDS Intermediate Holdings, LLC
Delayed Draw
1.00%
7,796
(125)
LDS Intermediate Holdings, LLC
Revolver
0.50%
4,155
(67)
Leo BuyerCo, LLC
Delayed Draw
1.00%
2,571
(24)
Leo BuyerCo, LLC
Revolver
0.50%
1,629
(15)
Lofty Brickell, LLC
Delayed Draw
—%
11,934
(119)
Material Holdings, LLC
Delayed Draw
—%
606
—
Material Holdings, LLC
Revolver
—%
144
—
Matterhorn Finco, Inc.
Revolver
0.50%
2,222
(21)
Meca Dev SAS
Delayed Draw
(1)
2.25%
7,897
(138)
MECP1 Reno 1, LLC
Delayed Draw
1.13%
4,457
(290)
Merative LP
Delayed Draw
0.50%
5,647
—
Merative LP
Revolver
0.50%
4,941
—
Mindbody, Inc.
Revolver
0.50%
1,074
(16)
Monarch Buyer, Inc.
Delayed Draw
1.00%
5,663
(76)
Monarch Buyer, Inc.
Revolver
0.50%
2,597
(35)
More Cowbell II, LLC
Delayed Draw
0.50%
1,112
—
More Cowbell II, LLC
Revolver
0.50%
2,225
—
Navacord Intermediate Holdings Inc.
Equity
(1) (3)
—%
2,959
(72)
NEFCO Holding Company, LLC
Delayed Draw
—%
2,307
(11)
NEFCO Holding Company, LLC
Revolver
0.50%
692
(3)
North Haven Fairway Buyer, LLC
Revolver
0.50%
393
(2)
Nuzoa Bidco, S.L.U.
Delayed Draw
(1)
1.25%
3,293
(49)
Oak Purchaser, Inc.
Delayed Draw
0.50%
1,373
(22)
Oak Purchaser, Inc.
Revolver
0.50%
706
(6)
OEConnection, LLC
Delayed Draw
0.50%
6,673
(86)
OEConnection, LLC
Revolver
0.50%
1,757
(23)
OEI, Inc.
Delayed Draw
1.00%
10,651
100
OEI, Inc.
Revolver
0.50%
4,260
40
Onward AcquireCo, Inc.
Delayed Draw
—%
1,990
(14)
Onward AcquireCo, Inc.
Revolver
0.50%
829
(6)
Optimizely North America, Inc.
Revolver
0.50%
1,023
(79)
ORBCOMM, Inc.
Delayed Draw
—%
215
(2)
ORBCOMM, Inc.
Revolver
0.50%
326
(3)
Orthrus Ltd.
Delayed Draw
(1)
1.00%
2,233
(22)
PAM Bidco Ltd.
Delayed Draw
(1)
2.19%
7,477
(56)
PAM Bidco Ltd.
Delayed Draw
(1)
3.23%
2,184
(27)
Parabellum Partners IV Leveraged Return, LP
Delayed Draw
—%
29,862
(466)
Pinnacle Buyer, LLC
Delayed Draw
—%
484
1
Portugal Street East Limited
Delayed Draw
(1)
2.00%
1,404
—
PPV Intermediate Holdings, LLC
Delayed Draw
1.00%
7,901
(312)
PPV Intermediate Holdings, LLC
Revolver
0.50%
440
(12)
Prophix Software Inc.
Revolver
0.50%
322
(1)
Propio LS, LLC
Revolver
0.50%
63
(1)
PROS Parent, Inc.
Revolver
0.38%
3,198
(5)
PXO Holdings I Corp.
Revolver
0.50%
585
(10)
QBS Parent, Inc.
Delayed Draw
1.00%
4,971
(58)
QBS Parent, Inc.
Revolver
0.50%
5,227
(61)
Radwell Parent LLC
Revolver
0.38%
1,023
(1)
Raven Acquisition Holdings, LLC
Delayed Draw
0.88%
421
(6)
Rialto Management Group, LLC
Revolver
0.50%
1,462
(16)
Rome Bidco Ltd.
Delayed Draw
(1)
2.71%
580
—
Rotation Buyer, LLC
Delayed Draw
1.00%
1,692
(35)
Rotation Buyer, LLC
Revolver
0.50%
649
(13)
90
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
Investments
Type
Footnote
Unused
Rate
Par / Principal
Amount
Fair Value
Santiago Holdings, LP
Equity
(2)
—%
181
(34)
Savor Acquisition, Inc.
Delayed Draw
—%
259
1
SCHP Purchaser, Inc.
Revolver
0.50%
2,067
(16)
SCP Eye Care HoldCo, LLC
Revolver
0.50%
14
—
Seahawk Bidco, LLC
Revolver
0.50%
2,887
(26)
Sigma Irish AcquiCo Ltd.
Delayed Draw
0.50%
3,859
(48)
Sila Solutions Group, Inc.
Delayed Draw
0.50%
10,766
(97)
Smarsh, Inc.
Delayed Draw
1.00%
907
(15)
Smarsh, Inc.
Revolver
0.50%
327
(5)
Speciality Pharma III Inc.
Revolver
0.50%
2,779
(8)
Speedstar Holding, LLC
Delayed Draw
1.00%
1,314
(231)
Spotless Brands, LLC
Delayed Draw
1.00%
7,324
(65)
Spotless Brands, LLC
Revolver
0.50%
1,096
—
Summit Bidco, Inc.
Revolver
(1)
0.38%
2,035
(18)
Tank Holding Corp.
Revolver
0.38%
1,462
(146)
The Chartis Group, LLC
Delayed Draw
1.00%
7,202
—
The Chartis Group, LLC
Revolver
0.50%
4,780
—
Thor (BC) BidCo AB
Delayed Draw
(1)
—%
384
(4)
Total Power Limited
Delayed Draw
(1)
1.00%
1,453
(22)
Total Power Limited
Revolver
(1)
0.50%
1,465
(22)
Trintech, Inc.
Delayed Draw
0.75%
1,593
(32)
Trintech, Inc.
Revolver
0.50%
1,195
(24)
Trio Bidco, Inc.
Delayed Draw
0.50%
667
(13)
Tufin Software North America, Inc.
Revolver
0.50%
3,100
—
UFT Buyer LLC
Delayed Draw
0.50%
4,011
(15)
UFT Buyer LLC
Revolver
0.50%
1,974
(7)
Vertex BidCo S.p.A.
Delayed Draw
(1)
1.73%
1,150
(23)
Victors Purchaser, LLC
Delayed Draw
0.50%
532
(1)
Victors Purchaser, LLC
Revolver
0.50%
913
(2)
Whitney Merger Sub, Inc.
Revolver
0.50%
2,448
(44)
Wineshipping.com, LLC
Delayed Draw
—%
949
(325)
Wineshipping.com, LLC
Revolver
0.50%
238
(82)
YLG Holdings, Inc.
Delayed Draw
1.00%
39
—
YLG Holdings, Inc.
Revolver
0.50%
41
—
Zippy Shell Incorporated
Equity
(4)
—%
5,658
(170)
Total Unfunded Commitments
$543,167
$(6,202)
(1)Par / Principal Amount is converted to USD using the applicable exchange rate: USD/CAD of 1.42, USD/EUR of 0.88, USD/GBP of 0.75,
USD/NOK of 9.90, or USD/SEK of 9.70.
(2)Par / Principal Amount is based on the issuance price of $1.00 per share.
(3)Par / Principal Amount is based on the issuance price of $1,000.00 per share.
(4)Par / Principal Amount is based on the issuance price of $56.34 per share.
The Fund’s organizational documents provide current and former Trustees and officers with a limited
indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the
normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s
maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be
made against the Fund. The risk of material loss from such claims is considered to be remote.
91
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
10. SHARES OF BENEFICIAL INTEREST
The following table summarizes transactions in shares of beneficial interest during the six-month period ended
June 30, 2026 and the year ended December 31, 2025:
Six Months Ended June 30, 2026
Year Ended December 31, 2025
Shares
Amount
Shares
Amount
CLASS A
Sold
2,569,399
$20,868
14,339,991
$120,224
Dividends and/or distributions reinvested
909,600
7,310
1,551,924
12,975
Repurchased
(1,073,809)
(8,785)
(1,900,114)
(15,912)
Net increase (decrease)
2,405,190
$19,393
13,991,801
$117,287
CLASS I
Sold
7,687,412
$62,980
36,111,054
$304,219
Dividends and/or distributions reinvested
1,109,157
8,955
2,435,573
20,458
Repurchased
(10,341,057)
(84,772)
(31,981,918)
(267,950)
Net increase (decrease)
(1,544,488)
$(12,837)
6,564,709
$56,727
CLASS L
Sold
—
$—
—
$—
Dividends and/or distributions reinvested
2,236
18
4,791
40
Repurchased
—
—
(4,106)
(34)
Net increase (decrease)
2,236
$18
685
$6
CLASS M
Sold
2,288,300
$18,710
15,713,838
$132,652
Dividends and/or distributions reinvested
738,981
5,967
1,640,168
13,780
Repurchased
(3,829,373)
(31,343)
(2,708,306)
(22,790)
Net increase (decrease)
(802,092)
$(6,666)
14,645,700
$123,642
CLASS N
Sold
15,163,705
$123,320
82,109,080
$688,898
Dividends and/or distributions reinvested
4,151,544
33,350
8,537,813
71,365
Repurchased
(36,297,954)
(295,853)
(42,475,243)
(355,577)
Net increase (decrease)
(16,982,705)
$(139,183)
48,171,650
$404,686
CLASS U
Sold
1,987,202
$16,223
25,541,478
$215,780
Dividends and/or distributions reinvested
2,511,700
20,285
5,207,485
43,784
Repurchased
(6,879,072)
(56,446)
(6,281,899)
(52,861)
Net increase (decrease)
(2,380,170)
$(19,938)
24,467,064
$206,703
CLASS Y
Sold
621
$5
597
$5
Dividends and/or distributions reinvested
1,499
12
3,419
29
Repurchased
(2,944)
(24)
—
—
Net increase (decrease)
(824)
$(7)
4,016
$34
The Fund has the authority to issue unlimited shares of beneficial interest of each class, $0.001 per share par
value. The Fund’s shares are offered on a daily basis, and subject to applicable law, the Fund will conduct quarterly
repurchase offers for between 5% and 25% of the Fund’s outstanding common shares of beneficial interest (“Shares”) at
NAV. In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the
minimum amount of 5% of its outstanding Shares. It is also possible that a repurchase offer may be oversubscribed,
with the result that shareholders may only be able to have a portion of their Shares repurchased; however, the Fund
may, but is not required to, repurchase an additional amount of Shares, not to exceed 2% of its outstanding Shares on
the expiration of the repurchase offer. The Fund does not currently intend to list its Shares for trading on any national
securities exchange.
92
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
The following table summarizes the share repurchases completed during the six-month period ended June 30,
2026:
Repurchase
Pricing Date (1)
Shares
Repurchased
Purchase
Price per
Share
Aggregate
Consideration
for
Repurchased
Shares
% of
Outstanding
Shares
Offered to be
Repurchased
% of
Outstanding
Shares
Repurchased
Shares
Tendered
% of
Outstanding
Shares
Tendered
January 6, 2026
28,555,902
$8.30
$236,903
5.00%
4.93%
28,555,902
4.93%
April 7, 2026
28,703,006
8.04
230,864
5.00%
5.00%
89,867,869
15.65%
Total
57,258,908
$467,767
(1) Quarterly repurchases offered by the Fund occur in the months of January, April, July, and October. Please refer to Note 14, Subsequent Events,
for repurchases completed subsequent to the six-month period ended June 30, 2026.
11. SEGMENT REPORTING
The Fund operates through a single operating and reporting segment with an investment objective to produce
current income. The Fund seeks to achieve its investment objective by opportunistically allocating its assets across a
wide range of credit strategies. The chief operating decision maker (“CODM”) is the Fund’s Principal Executive
Officer. The CODM assesses the performance of the Fund and makes operating decisions on a consolidated basis,
primarily based on the Fund’s Net Increase in Net Assets Resulting from Operations (“Net Income”) as reported on the
accompanying Consolidated Statement of Operations. The CODM utilizes Net Income as a key metric in determining
the amount of dividends to be distributed to the Fund’s shareholders, implementing investment policy decisions,
strategic initiatives, and managing and assessing the Fund’s portfolio. The CODM assesses performance for the
segment and determines how to allocate resources based on Net Income. As the Fund’s operations comprise of a single
reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and
Liabilities as Total assets and the significant segment expenses are listed on the accompanying Consolidated Statement
of Operations.
12. LITIGATION
The Fund may become party to certain lawsuits in the ordinary course of business. The Fund does not believe
that the outcome of current matters, if any, will materially impact the Fund or its consolidated financial statements. As
of June 30, 2026, the Fund was not subject to any material legal proceedings, nor, to the Fund’s knowledge, is any
material legal proceeding threatened against the Fund.
In addition, portfolio investments of the Fund could be the subject of litigation or regulatory investigations in
the ordinary course of business. The Fund does not believe that the outcome of any current contingent liabilities of its
portfolio investments, if any, will materially affect the Fund or these consolidated financial statements.
13. TAX
The Fund has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740,
Income Taxes, as of June 30, 2026.
In the normal course of business, the Fund is subject to examination by federal and certain state, local and
foreign tax regulators. The Fund’s federal tax returns are generally subject to examination by the Internal Revenue
Service for a period of three years after the returns are filed. The Fund’s state and local tax returns may remain open for
an additional year, depending on the applicable jurisdiction. 
The Fund’s taxable income for each period is an estimate and will not be finally determined until the Fund 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. For the six-month period
93
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
(amounts in thousands, except share and per share data, unless otherwise indicated)
ended June 30, 2026, the Fund made distributions of $177,011, in which the final tax character of income will be
determined at year end.
The aggregate cost of securities and other investments and the composition of unrealized appreciation and
depreciation of securities and other investments for federal income tax purposes at period end are noted in the following
table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if
applicable, is attributable to the partnerships and non-deductible expenses adjustments.
For the Period Ended
June 30, 2026
Federal tax cost of securities
$6,542,753
Gross unrealized appreciation
$111,043
Gross unrealized depreciation
(243,194)
Net unrealized appreciation (depreciation)
$(132,151)
14. SUBSEQUENT EVENTS
Subsequent events have been evaluated through the date the consolidated financial statements were issued.
There have been no subsequent events that require recognition or disclosure through the date the consolidated financial
statements were issued, except as disclosed below.
The Fund commenced a quarterly repurchase offer beginning on June 16, 2026 and ending on July 7, 2026 (the
“Repurchase Pricing Date”). The following table summarizes the share repurchases completed following the
Repurchase Pricing Date.
Repurchase
Pricing Date
Shares
Repurchased
Purchase
Price per
Share
Aggregate
Consideration
for
Repurchased
Shares
% of
Outstanding
Shares Offered
to be
Repurchased
% of
Outstanding
Shares
Repurchased
Shares
Tendered
% of
Outstanding
Shares
Tendered
July 7, 2026
27,865,369
$8.02
$223,611
5.00%
5.00%
65,877,260
11.82%
On August 18, 2026, the Fund notified holders of Series D Mandatory Redeemable Preferred Shares (“Series
D MRP Shares”) that the Fund has elected to redeem all 2,000,000 Series D MRP Shares for a redemption price of
$25.00 per Series D MRP Share plus accrued interest of $0.3315 per Series D MRP Share. The redemption of Series D
MRP Shares will occur on or about September 9, 2026.
94
OTHER INFORMATION (Unaudited)
Approval of Investment Advisory Agreement
In connection with the Independent Trustees’ approval to renew the Advisory Agreement for a one-year
period, the Independent Trustees considered, among other things, the nature, extent, and quality of the investment
selection process employed by the Adviser, including the flow of transaction opportunities resulting from the
significant capital markets, trading, and research expertise of the Adviser’s investment professionals, the
employment of the Adviser’s investment philosophy, diligence procedures, investment selection process, and
ongoing monitoring of portfolio companies, in light of the investment objective of the Fund. The Independent
Trustees also considered the Adviser’s key personnel and their background and prior experience in connection with
the types of investments made by the Fund. The Independent Trustees determined that the background and
experience of the management team and access to the Carlyle Global Credit platform, including through agreements
to which the Adviser is a party, were suitable and appropriate for achieving the investment objective of the Fund.
The Independent Trustees further determined that the Adviser is served by a team of investment professionals with
extensive investment experience in private credit and leveraged finance market, as well as an extensive network of
relationships with financial sponsors. In addition, the Independent Trustees considered the fact that they retain the
ability to terminate the Advisory Agreement without penalty upon 60 days’ written notice to the Adviser.
The Independent Trustees considered the investment performance of the Fund, which is provided to the
Independent Trustees on a regular basis, as compared to the performance of other funds included in the group of
peer funds (the “Peer Group”) in the Adviser’s presentation. The Independent Trustees also considered the operating
expenses of the Fund compared to the Peer Group listed in the Adviser’s presentation.
In addition, based on information provided by the Adviser, including the Adviser’s responses to a detailed
series of questions, the Independent Trustees considered the Adviser’s performance in providing services related to
corporate operations, including preparation and filing of various reports, maintenance of general organizational and
corporate records and accounts, administration of the affairs of the Fund, including relationships with the Fund’s
various service providers, and compliance with applicable laws and regulations.
The Independent Trustees considered the other terms and conditions of the Advisory Agreement. The
Independent Trustees determined that the substantive terms of the Advisory Agreement (other than the fees payable
thereunder, which the Independent Trustees reviewed separately), including the services to be provided, are
generally similar to those of comparable funds described in the available market data and that it would be difficult to
obtain similar services of similar quality on a comparable basis from other third-party service providers or through
an internally managed structure.
The Independent Trustees considered comparative data based on publicly available information with
respect to services rendered and the advisory fee of the other funds in the Peer Group. Based upon its review, the
Independent Trustees noted that the actual base management fee paid under the Advisory Agreement is at the lower
end of the range, as compared to the fees paid under the agreements of the Peer Group described in the available
market data. They also noted that while the Fund’s actual base management fee rate was lower than the average of
the Peer Group during the relevant period, the Fund’s actual overall fee rate, including incentive fees, was higher
than the average of the Peer Group. In addition, the Independent Trustees considered the Fund’s total expenses.
The Independent Trustees considered the extent to which economies of scale may be realized as the Fund
grows. The Independent Trustees also considered the potential economies of scale in which the Fund may share, to
the extent that the Carlyle Global Credit platform as a whole continues to grow.
The Independent Trustees considered the Adviser’s allocation of direct and indirect expenses to the Fund.
Having considered the Adviser’s analysis of these expenses, the Independent Trustees determined expenses were
reasonably allocated to the Fund.
The Independent Trustees considered the profitability of the Adviser and noted that such information was
based, in particular, on the fact that the management fee payable to the Adviser by the Fund is at the annual rate of
1.00%, of the month-end value of the Fund’s managed assets (and in any case no more than 1.50% of net assets).
95
They further noted that market data regarding the detailed expenses and profitability of investment advisers to other
funds in the Peer Group, and that the methodologies by which such advisers calculated their profitability, were
generally not publicly available.
The Independent Trustees considered whether there was potential for additional benefits.
The Independent Trustees considered the interests of senior management and concluded that the judgment
and performance of senior management were not impaired by those interests.
In view of the wide variety of factors that the Independent Trustees considered in connection with its
evaluation of the Advisory Agreement, the Independent Trustees determined that it was not practical to quantify,
rank, or otherwise assign relative weights to the specific factors it considered in reaching its decision. The
Independent Trustees did not undertake to make any specific determination as to whether any particular factor, or
any aspect of any particular factor, was favorable or unfavorable to the ultimate determination of the Board. Rather,
the Independent Trustees based their determination on the totality of information presented to, and the investigation
conducted by, them. In considering the factors discussed above, the Independent Trustees noted that individual
Trustees may give different weights to different factors.
96
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO
SCHEDULES OF INVESTMENTS (Unaudited)
The Fund has adopted Portfolio Proxy Voting Policies and Guidelines whereby it has delegated the
responsibility for voting proxies relating to portfolio securities held by the Fund (“portfolio proxies”) to the Adviser as
part of the Adviser’s general management of the Fund’s portfolio, subject to the continuing oversight of the Board. The
Adviser votes portfolio proxies in accordance with its proxy voting policies and procedures, which are reviewed
periodically by the Adviser and the Independent Trustees and, accordingly, are subject to change.
The right to vote a portfolio proxy is an asset of the Fund. The Adviser acts as a fiduciary of the Fund and must
vote portfolio proxies in a manner consistent with the best interest of the Fund and its shareholders. As part of this duty,
the Adviser recognizes that it must vote portfolio proxies in a timely manner free of conflicts of interest and in what it
perceives to be the best interest of the Fund and its shareholders.
The Adviser’s proxy voting decisions will be made by its investment committee. The Adviser will review on a
case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held
by the Fund. Although the Adviser will generally vote against proposals that may have a negative impact on Fund
portfolio securities, it may vote for such a proposal if there exist compelling long-term reasons to do so.
To ensure that the vote is not the product of a conflict of interest, the Adviser requires that: (1) anyone involved
in the decision making process disclose to the Adviser’s investment committee, any potential conflict that he or she is
aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees
involved in the decision making process or vote administration are prohibited from revealing how the Adviser intends to
vote on a proposal in order to reduce any attempted influence from interested parties.
The Fund and Adviser’s policies and procedures collectively describe how the Fund votes portfolio proxies. A
summary description of the Fund and Adviser’s proxy voting policies and procedures is available (i) without charge,
upon request, by calling the Fund toll-free at (833) 677-3646, and (ii) on the SEC’s website at www.sec.gov. In addition,
the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no
later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the
Fund toll-free at (833) 677-3646, (ii) through the Fund’s website at www.CarlyleTacticalCredit.com and (iii) in the Form
N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter
of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available (i) without charge, upon request,
by calling the Fund toll-free at (833) 677-3646 or emailing the Fund at carlyle.ai@dstsystems.com and (ii) on the SEC’s
website at www.sec.gov.
97
CARLYLE TACTICAL PRIVATE CREDIT FUND
Adviser
Carlyle Global Credit Investment Management L.L.C.
Distributor
Foreside Fund Services, LLC
Transfer Agent
SS&C GIDS, Inc.
Legal Counsel
Dechert LLP
Ticker Symbols
Class A
TAKAX
Class I
TAKIX
Class L
TAKLX
Class M
TAKMX
Class N
TAKNX
Class U
TAKUX
Class Y
TAKYX
© 2026 The Carlyle Group Inc. All rights reserved.
PRIVACY NOTICE
As a Carlyle Tactical Private Credit Fund shareholder, you are entitled to know how we protect your personal information and how we
limit its disclosure.
Information Sources
We obtain non-public personal information about our shareholders from the following sources:
• The Subscription Agreement and other applications and forms.
• Your transactions with us, our affiliates or others.
Protection of Information
We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to
anyone, except as permitted by law.
Disclosure of Information
We may use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their
financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest
to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not
affiliated with us, you will receive notification on how to do so, before any such sharing takes place.
Right of Refusal
We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a
reasonable opportunity to refuse or “opt out” of such disclosure.
Other Security Measures
We maintain physical, electronic, and procedural safeguards to protect your personal account information. Our employees and agents
have access to that information only so that they may offer you products or provide services, for example, when responding to your
account questions.
Who We Are
This notice describes the privacy policy of the Carlyle Tactical Private Credit Fund. This notice was last updated as of April 2020. In
the event it is updated or changed, we will post an updated notice on our website at www.CarlyleTacticalCredit.com. If you have any
questions about this privacy policy write to us at P.O. Box 219895, Kansas City, MO 64121-9895, or call us at (833) 677-3646.
Carlyle_Logo_RGB.jpg
This report must be preceded or accompanied by a prospectus.
Visit Us
CarlyleTacticalCredit.com
Call Us
833 677 3646
The Fund is distributed by Foreside Fund Services, LLC,
Three Canal Plaza, Suite 100, Portland, Maine 04101
All rights reserved.
CTACSAR 08212026
Item 2. Code of Ethics
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable to semiannual reports.
Item 6. Schedule of Investments
(a)The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Included in Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to semiannual reports.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
(a)(1)Not applicable to semiannual reports.
(a)(2)Not applicable to semiannual reports.
(a)(3)Not applicable to semiannual reports.
(a)(4)Not applicable to semiannual reports.
(b)Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No purchases were made during the reporting period by or on behalf of the Fund or any “affiliated purchaser,” as defined in Rule
10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the Fund’s equity
securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Item 15. Submission of Matters to a Vote of Security Holders
For the period covered by this Form N-CSR filing, there have been no material changes to the procedures by which shareholders
may recommend nominees to the registrant’s Board of Trustees.
Item 16. Controls and Procedures
(a)Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the
Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of June 30, 2026, the registrant’s principal executive
officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable
assurances that information required to be disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal
executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized, and reported, within the time periods specified in the rules and forms adopted by the
U.S. Securities and Exchange Commission.
(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under
the Act) that occurred during the Registrant’s period covered by this report that materially affected, or were reasonably
likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a)Not applicable.
(b)Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a)Not applicable.
(b)Not applicable.
Item 19. Exhibits
(a)(1)Not applicable to semiannual reports.
(a)(2)Not applicable.
(a)(3)A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002. Filed herewith.
(a)(4)Not applicable.
(a)(5)Not applicable.
(b)Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Carlyle Tactical Private Credit Fund
/s/ Brian Marcus                                 
By: Brian Marcus
Principal Executive Officer
Date: August 21, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
/s/ Brian Marcus                                 
By: Brian Marcus
Principal Executive Officer
Date: August 21, 2026
/s/ Craig Hempstead                         
By: Craig Hempstead
Principal Financial Officer
Date: August 21, 2026
ATTACHMENTS / EXHIBITS

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