ThZeal - The Zeal

cars-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2025


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

For the transition period to

Commission File No. 814-01248

Carlyle Credit Solutions, Inc.

(Exact name of Registrant as specified in its charter)


Maryland						81-5320146
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

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

Not Applicable

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

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


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
N/A	N/A	N/A

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

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

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

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

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

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

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at August 12, 2025 was 76,803,223. Shares outstanding exclude August 1, 2025, subscriptions since the issuance price is not yet finalized at the date of this filing.

Table of Contents

CARLYLE CREDIT SOLUTIONS, INC.

INDEX


Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	5
	Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024	6
	Notes to Consolidated Financial Statements (unaudited)	40
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	66
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	81
Item 4.	Controls and Procedures	82
Part II.	Other Information
Item 1.	Legal Proceedings	83
Item 1A.	Risk Factors	83
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	83
Item 3.	Defaults Upon Senior Securities	83
Item 4.	Mine Safety Disclosures	83
Item 5.	Other Information	84
Item 6.	Exhibits	85
	Signatures	86

Table of Contents

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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


	June 30, 2025		December 31, 2024
ASSETS	(unaudited)
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,292,211 and $2,008,800, respectively)	$	2,248,876	$	1,951,269
Cash, cash equivalents and restricted cash	73,570		108,453

Receivable for investments sold	1,197		2,140

Interest receivable	26,451		18,885
Receivable for issuance of common stock	22		22
Derivative assets, at fair value (Note 5)	—		3,772
Prepaid expenses and other assets	11,739		10,619
Total assets	$	2,361,855	$	2,095,160
LIABILITIES
Debt and secured borrowings (Note 6)	$	830,410	$	506,655
Payable for investments purchased	194		50,974

Interest and credit facility fees payable (Note 6)	8,975		6,104
Derivative liabilities, at fair value (Note 5)	4,402		—
Dividend payable (Note 8)	13,310		13,091
Management and incentive fees payable (Note 4)	8,719		8,738

Administrative service fees payable (Note 4)	353		1,504
Common stock proceeds received in advance	—		12,454
Other accrued expenses and liabilities	3,611		3,178
Total liabilities	869,974		602,698
Commitments and contingencies (Notes 7 and 11)
NET ASSETS
Common stock, $0.01 par value; 200,000,000 shares authorized; 78,099,761 and 76,812,863 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	781		768
Paid-in capital in excess of par value	1,574,037		1,549,238


Total distributable earnings (loss)	(82,937)		(57,544)
Total net assets	$	1,491,881	$	1,492,462
NET ASSETS PER SHARE	$	19.10	$	19.43

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

Table of Contents

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	52,890	$	51,044	$	102,456	$	105,394
PIK income	4,716		4,307		10,167		8,237
Other income	1,336		923		2,287		2,893
Total investment income	58,942		56,274		114,910		116,524
Expenses:
Base management fees (Note 4)	3,567		2,505		7,255		5,151
Net investment income incentive fees (Note 4)	5,152		4,509		10,118		9,430
Professional fees	420		441		875		890
Administrative service fees (Note 4)	334		500		593		965
Interest expense and credit facility fees (Note 6)	11,910		15,635		22,362		31,734
Directors’ fees and expenses	104		83		190		168
Other general and administrative	859		553		1,651		1,309
Total expenses	22,346		24,226		43,044		49,647
Net investment income (loss) before taxes	36,596		32,048		71,866		66,877
Excise tax expense	511		460		1,009		841
Net investment income (loss)	36,085		31,588		70,857		66,036
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on non-controlled/non-affiliated investments	13		(1,772)		(17,920)		(42,130)
Net realized currency gain (loss) on non-investment assets and liabilities	4		(70)		1,481		287
Net realized gain (loss) on forward currency contracts	(4,537)		—		(895)		—
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments	5,175		(5,833)		14,196		38,081
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	(6,724)		276		(8,999)		1,501
Net change in unrealized gain (loss) on forward currency contracts	(1,533)		—		(8,174)		—
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(7,602)		(7,399)		(20,311)		(2,261)
Net increase (decrease) in net assets resulting from operations	$	28,483	$	24,189	$	50,546	$	63,775
Basic and diluted earnings per share (Note 8)	$	0.37	$	0.45	$	0.65	$	1.17
Weighted-average shares of common stock outstanding—basic and diluted (Note 8)	77,837,977		53,276,079		77,617,499		54,357,882

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

Table of Contents

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(amounts in thousands) (unaudited)


	Six Months Ended June 30,
	2025		2024
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	70,857	$	66,036
Net realized gain (loss) on investments, non-investment assets and liabilities, and forward currency contracts	(17,334)		(41,843)
Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts	(2,977)		39,582
Net increase (decrease) in net assets resulting from operations	50,546		63,775
Capital transactions:
Common stock issued	45,356		39,065
Dividend reinvestment	8,193		1,783
Repurchase of common stock	(28,737)		(113,204)
Dividends declared (Note 8)	(75,939)		(54,665)
Net increase (decrease) in net assets resulting from capital transactions	(51,127)		(127,021)
Net increase (decrease) in net assets	(581)		(63,246)
Net assets at beginning of period	1,492,462		1,103,212
Net assets at end of period	$	1,491,881	$	1,039,966

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

Table of Contents

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands) (unaudited)


	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	50,546	$	63,775
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	989		903

Net accretion of discount on investments	(5,861)		(4,911)
Paid-in-kind interest	(11,066)		(9,137)
Net realized (gain) loss on investments	17,920		42,130
Net realized currency (gain) loss on non-investment assets and liabilities	(1,481)		(287)

Net change in unrealized (appreciation) depreciation on investments	(14,196)		(38,081)
Net change in unrealized currency (gain) loss on non-investment assets and liabilities	8,999		(1,501)
Net change in unrealized (gain) loss on forward currency contracts	8,174		—
Cost of investments purchased and change in payable for investments purchased	(644,166)		(121,713)
Proceeds from sales and repayments of investments and change in receivable for investments sold	311,287		247,592
Changes in operating assets:
Interest receivable	(7,566)		(2,538)
Prepaid expenses and other assets	(2,029)		(1,890)
Changes in operating liabilities:

Interest and credit facility fees payable	2,871		(1,197)
Management and incentive fees payable	(19)		(832)
Administrative service fees payable	(1,151)		(937)
Other accrued expenses and liabilities	433		496
Net cash provided by (used in) operating activities	(286,316)		171,872
Cash flows from financing activities:
Proceeds from issuance of common stock, inclusive of common stock proceeds received in advance	32,902		30,928

Repurchase of common stock	(28,737)		(113,204)
Borrowings on Credit Facilities	514,444		169,229
Repayments of Credit Facilities	(199,649)		(190,000)

Dividends paid in cash	(67,527)		(54,715)


Net cash provided by (used in) financing activities	251,433		(157,762)
Net increase (decrease) in cash, cash equivalents and restricted cash	(34,883)		14,110
Cash, cash equivalents and restricted cash, beginning of period	108,453		65,755
Cash, cash equivalents and restricted cash, end of period	$	73,570	$	79,865
Supplemental disclosures:


Interest and credit facility fees paid during the period	$	19,481	$	32,165
Taxes, including excise tax, paid during the period	$	1,621	$	841
Dividends declared during the period	$	75,939	$	54,665
Dividends reinvested during the period	$	8,193	$	1,783

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

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (88.8% of fair value)
1251 Insurance Distribution Platform Payco, LP	(b)	(2)(3)(14)	Diversified Financial Services	SOFR	4.75%	9.05%	3/31/2025	3/31/2031	$	20,337	$	20,114	$	20,095	1.35	%
AAH Topco., LLC	(a)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	5.00%	9.29%	3/31/2025	12/31/2027	—		(75)		(71)		0.00
AArete Investment, LLC	(a)(c)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.82%	6/5/2025	6/5/2031	6,642		6,504		6,502		0.44
Accession Risk Management Group, Inc.	(b)(c)(e)	(2)(3)(14)	Diversified Financial Services	SOFR	4.75%	9.04%	11/1/2019	11/1/2029	38,497		38,268		38,435		2.58
ACR Group Borrower, LLC	(b)	(2)(3)	Aerospace & Defense	SOFR	4.75%	9.05%	5/14/2024	3/31/2028	1,169		1,160		1,169		0.08
ADPD Holdings, LLC	(a)(b)(c)	(2)(3)(11)(14)	Consumer Services	SOFR	6.00%	10.27%	8/16/2022	8/15/2028	24,732		24,190		22,707		1.52
Advanced Web Technologies Holding Company	(a)(b)(e)	(2)(3)(14)	Containers, Packaging & Glass	SOFR	4.00%, 2.25% PIK	10.45%	12/17/2020	12/17/2027	18,901		18,755		18,801		1.26
AI Grace AUS Bidco Pty LTD (Australia)	(e)	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	5.25%	9.57%	12/5/2023	12/5/2029	2,286		2,231		2,249		0.15
Allied Benefit Systems Intermediate LLC	(e)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.57%	10/31/2023	10/31/2030	2,524		2,492		2,549		0.17
Alpine Acquisition Corp II	(a)(b)	(2)(3)(8)(14)	Transportation: Cargo	SOFR	6.00%	10.29%	4/19/2022	11/30/2029	23,872		23,256		13,959		0.94
AmpersCap LLC	(a)	(2)(3)(7)(14)	Diversified Financial Services	SOFR	5.25%	9.55%	12/17/2024	12/17/2032	2,711		2,669		2,661		0.18
AP Plastics Acquisition Holdings, LLC	(a)(b)	(2)(3)(14)	Chemicals, Plastics & Rubber	SOFR	4.75%	9.04%	3/28/2025	8/10/2030	23,937		23,900		23,759		1.59
Apex Companies Holdings, LLC	(a)(c)(e)	(2)(3)(14)	Environmental Industries	SOFR	5.25%	9.55%	1/31/2023	1/31/2028	11,670		11,462		11,616		0.78
Applied Technical Services, LLC	(a)(b)(e)	(2)(3)(14)	Business Services	SOFR	5.25%	9.55%	4/8/2025	4/8/2031	33,449		33,087		33,194		2.22
Appriss Health, LLC	(a)(b)(c)(e)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	4.75%	9.07%	5/6/2021	5/6/2028	28,361		28,116		28,290		1.90
Artifact Bidco, Inc.	(b)	(2)(3)(14)	Software	SOFR	4.25%	8.55%	7/26/2024	7/26/2031	704		696		714		0.05
Ascend Buyer, LLC	(b)(c)(e)	(2)(3)(14)	Containers, Packaging & Glass	SOFR	5.75%	10.05%	9/30/2021	9/30/2028	13,503		13,337		13,408		0.90
Associations, Inc.	(a)(e)	(2)(3)(11)(14)	Construction & Building	SOFR	6.50%	10.76%	5/3/2024	7/2/2028	7,027		7,021		7,064		0.47
Athlete Buyer, LLC	(a)(e)	(2)(3)(11)(14)	Construction & Building	SOFR	5.75%	10.05%	3/29/2024	4/26/2029	4,681		4,585		4,323		0.29
Atlas US Finco, Inc.	(a)(c)	(2)(3)(7)(14)	High Tech Industries	SOFR	5.00%	9.31%	12/15/2022	12/12/2029	11,733		11,636		11,685		0.78
Auditboard, Inc.	(a)(b)	(2)(3)(14)	Software	SOFR	4.75%	9.05%	7/12/2024	7/12/2031	6,000		5,911		5,913		0.40
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	(b)(c)	(2)(3)(7)(11)	Software	SOFR	6.00%	10.30%	12/24/2019	12/24/2026	38,543		38,306		37,375		2.51

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Azurite Intermediate Holdings, Inc.	(b)(e)	(2)(3)(14)	Software	SOFR	6.50%	10.83%	3/19/2024	3/19/2031	$	3,577	$	3,526	$	3,646	0.24	%
Barnes & Noble, Inc.	(b)(e)	(2)(3)(10)(11)	Retail	SOFR	7.16%	11.47%	5/7/2025	5/7/2030	16,848		16,462		16,566		1.11
Bianalisi S.p.A. (Italy)	(d)	(2)(7)(14)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	7.94%	2/26/2025	2/26/2032	€	13,676	14,062		15,650		1.05
Big Bus Tours Group Limited (United Kingdom)	(d)	(2)(7)(14)	Leisure Products & Services	SOFR	4.25%, 5.00% PIK	13.53%	6/4/2024	6/4/2031	282		262		259		0.02
Big Bus Tours Group Limited (United Kingdom)	(d)	(2)(7)	Leisure Products & Services	EURIBOR	4.25%, 5.00% PIK	11.19%	6/4/2024	6/4/2031	€	3,344	3,546		3,841		0.26
Big Bus Tours Group Limited (United Kingdom)	(d)	(2)(7)	Leisure Products & Services	SOFR	4.25%, 5.00% PIK	13.53%	6/4/2024	6/4/2031	5,407		5,263		5,272		0.35
Bingo Group Buyer, Inc.	(a)(b)(e)	(2)(3)(14)	Environmental Industries	SOFR	5.00%	9.30%	7/10/2024	7/10/2031	3,573		3,520		3,572		0.24
Birsa S.p.A. (Italy)	(a)	(2)(7)(14)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	7.98%	7/2/2024	6/30/2031	€	1,586	1,602		1,784		0.12
BlueCat Networks, Inc. (Canada)	(a)(b)(e)	(2)(3)(7)	High Tech Industries	SOFR	5.00%, 1.00% PIK	10.29%	8/8/2022	8/8/2028	26,443		26,132		26,082		1.75
BMS Holdings III Corp.	(b)(c)	(2)(3)(11)	Construction & Building	SOFR	5.25%	9.55%	9/30/2019	9/30/2026	28,307		28,149		26,787		1.80
Bradyifs Holdings, LLC	(c)(e)	(2)(3)(14)	Wholesale	SOFR	5.00%	9.28%	10/31/2023	10/31/2029	15,389		15,145		15,429		1.03
Celerion Buyer, Inc.	(c)(e)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	5.00%	9.26%	11/3/2022	11/3/2029	2,387		2,346		2,401		0.16
CircusTrix Holdings, LLC	(a)(e)	(2)(3)(14)	Leisure Products & Services	SOFR	6.50%	10.83%	7/18/2023	7/14/2028	9,307		9,136		9,397		0.63
Cliffwater LLC	(b)	(2)(3)(7)(14)	Diversified Financial Services	SOFR	5.00%	9.28%	4/22/2025	4/22/2032	36,444		36,053		36,520		2.45
Comar Holding Company, LLC	(b)(c)	(2)(3)(11)	Containers, Packaging & Glass	SOFR	2.00%, 4.75% PIK	11.06%	6/18/2018	6/18/2026	47,425		47,402		40,493		2.71
CoreWeave Compute Acquisition Co. II, LLC	(a)	(2)(3)	High Tech Industries	SOFR	9.62%	13.92%	7/30/2023	7/30/2028	1,571		1,552		1,587		0.11
CoreWeave Compute Acquisition Co. IV, LLC	(a)	(2)(14)	High Tech Industries	SOFR	6.00%	10.36%	5/22/2024	5/22/2029	19,556		19,191		19,181		1.29
Cority Software Inc. (Canada)	(a)(b)(c)(e)	(2)(3)(7)(14)	Software	SOFR	4.75%	9.05%	7/2/2019	7/2/2026	60,662		60,441		60,578		4.06
Cornerstone Building Brands, Inc.	(b)	(2)(3)	Construction & Building	SOFR	5.63%	9.92%	1/29/2025	8/1/2028	7,568		7,465		6,780		0.45
Cornerstone Building Brands, Inc.	(b)	(2)(3)	Construction & Building	SOFR	4.50%	8.79%	2/18/2025	5/15/2031	2,375		2,300		2,007		0.13
Coupa Holdings, LLC	(c)(e)	(2)(3)(14)	Software	SOFR	5.50%	9.78%	2/27/2023	2/28/2030	2,138		2,092		2,151		0.14
CST Holding Company	(c)(e)	(2)(3)(11)(14)	Consumer Goods: Non-Durable	SOFR	5.00%	9.33%	11/1/2022	11/1/2028	2,430		2,380		2,445		0.16
Dance Midco S.a.r.l. (United Kingdom)	(c)	(2)(7)(14)	Media: Diversified & Production	EURIBOR	5.50%	7.69%	10/25/2024	10/25/2031	€	10,822	11,390		12,545		0.84

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
DCA Investment Holding LLC	(b)(e)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.41%	10.70%	3/11/2021	4/3/2028	$	11,882	$	11,804	$	11,173	0.75	%
Denali Midco 2, LLC	(c)(e)	(2)(3)	Consumer Services	SOFR	5.25%	9.58%	9/15/2022	12/22/2028	8,423		8,282		8,366		0.56
Diligent Corporation	(a)	(2)(3)	Telecommunications	SOFR	5.00%	9.33%	8/4/2020	8/4/2030	636		627		637		0.04
Divisions Holding Corporation	(b)	(2)(3)(14)	Business Services	SOFR	4.50%	8.80%	4/17/2025	4/17/2032	18,400		18,201		18,200		1.22
Dwyer Instruments, Inc.	(c)(e)	(2)(3)(11)(14)	Capital Equipment	SOFR	4.75%	9.05%	7/21/2021	7/21/2029	25,102		24,847		25,102		1.68
Einstein Parent, Inc.	(b)(c)	(2)(3)(14)	Software	SOFR	6.50%	10.77%	1/22/2025	1/22/2031	30,371		29,739		29,209		1.96
Eliassen Group, LLC	(b)(e)	(2)(3)	Business Services	SOFR	5.75%	10.05%	4/14/2022	4/14/2028	21,061		20,893		20,570		1.38
Ellkay, LLC	(b)(c)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	6.25%	10.56%	5/14/2025	9/14/2030	37,298		36,916		37,355		2.50
Enkindle Limited (United Kingdom)	(d)	(2)(7)(14)	Diversified Financial Services	SONIA	3.50%, 3.50% PIK	11.46%	4/16/2025	4/16/2031	£	5,139	6,472		6,706		0.45
Espresso Bidco Inc.	(a)(b)	(2)(3)(14)	Software	SOFR	2.63%, 3.13% PIK	10.05%	3/25/2025	3/25/2032	15,590		15,275		15,382		1.03
Essential Services Holding Corporation	(c)	(2)(3)(14)	Consumer Services	SOFR	5.00%	9.28%	6/17/2024	6/17/2031	769		761		764		0.05
Excel Fitness Holdings, Inc.	(e)	(2)(3)	Leisure Products & Services	SOFR	5.50%	9.80%	8/11/2022	4/29/2029	2,817		2,804		2,818		0.19
Excel Fitness Holdings, Inc.	(a)(e)	(2)(3)(11)(14)	Leisure Products & Services	SOFR	5.25%	9.55%	4/29/2022	4/29/2029	6,110		6,024		6,079		0.41
Excelitas Technologies Corp.	(b)	(2)	Capital Equipment	EURIBOR	5.25%	7.18%	8/12/2022	8/12/2029	€	3,196	3,313		3,765		0.25
Excelitas Technologies Corp.	(a)(b)(c)(e)	(2)(3)(14)	Capital Equipment	SOFR	5.25%	9.58%	8/12/2022	8/12/2029	6,096		6,027		6,097		0.41
FPG Intermediate Holdco, LLC	(a)	(2)(3)(8)(11)	Consumer Services	SOFR	1.00%, 5.75% PIK	11.04%	8/5/2022	3/5/2027	804		759		339		0.02
Galileo Parent, Inc.	(b)(c)	(2)(3)(14)	Telecommunications	SOFR	5.75%	10.05%	11/26/2024	5/3/2030	33,552		33,552		33,311		2.23
Generator US Buyer, Inc.	(b)	(2)(3)	Energy: Electricity	SOFR	5.25%	9.55%	10/1/2024	7/22/2030	1,522		1,498		1,502		0.10
Greenhouse Software, Inc.	(a)(b)(c)(e)	(2)(3)(14)	Software	SOFR	6.25%	10.55%	3/1/2021	9/1/2028	32,796		32,335		32,796		2.20
GS AcquisitionCo, Inc.	(a)(e)	(2)(3)(14)	Software	SOFR	5.25%	9.55%	3/26/2024	5/25/2028	1,100		1,094		1,100		0.07
Guidehouse LLP	(a)	(2)(3)	Sovereign & Public Finance	SOFR	3.00%, 2.00% PIK	9.29%	9/30/2022	12/16/2030	80		79		81		0.01
Gymspa (France)	(d)	(2)(7)(14)	Leisure Products & Services	EURIBOR	6.00%, 2.00% PIK	10.14%	5/14/2025	5/14/2031	€	9,781	10,580		11,157		0.75
Hadrian Acquisition Limited (United Kingdom)	(d)	(2)(3)(7)(10)(14)	Diversified Financial Services	SONIA	5.16%, 3.19% PIK	12.67%	2/28/2022	2/28/2029	£	13,990	17,941		19,339		1.30
Heartland Home Services, Inc.	(b)(c)(e)	(2)(3)(11)(14)	Consumer Services	SOFR	6.00%	10.30%	12/15/2020	12/15/2026	31,802		31,616		30,646		2.05

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Heartland Home Services, Inc.	(c)	(2)(3)(11)	Consumer Services	SOFR	5.75%	10.05%	2/10/2022	12/15/2026	$	3,943	$	3,929	$	3,794	0.25	%
Hercules Borrower LLC	(a)(b)(e)	(2)(3)(11)(14)	Environmental Industries	SOFR	5.50%	9.80%	12/14/2020	12/14/2026	17,802		17,657		17,802		1.19
Holding Argon (France)	(d)	(2)(7)(14)	Business Services	EURIBOR	5.75%	7.96%	4/16/2025	4/16/2032	€	13,142	14,459		14,842		0.99
Hoosier Intermediate, LLC	(a)(c)(e)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	5.00%	9.33%	11/15/2021	11/15/2028	15,943		15,745		15,808		1.06
HS Spa Holdings Inc.	(a)(e)	(2)(3)(14)	Consumer Services	SOFR	5.25%	9.58%	6/2/2022	6/2/2029	8,647		8,524		8,647		0.58
HS Spa Holdings Inc.	(a)	(2)(3)	Consumer Services	SOFR	5.25%	9.55%	3/12/2024	6/2/2029	638		633		638		0.04
Icefall Parent, Inc.	(b)(e)	(2)(3)(14)	Software	SOFR	5.75%	10.03%	1/26/2024	1/26/2030	7,811		7,673		7,810		0.52
iCIMS, Inc.	(a)(b)(c)(e)	(2)(3)(14)	Software	SOFR	5.75%	10.03%	8/18/2022	8/18/2028	28,036		27,769		27,297		1.83
IG Investments Holdings, LLC	(b)	(2)(3)(14)	Business Services	SOFR	5.00%	9.28%	11/1/2024	9/22/2028	4,096		4,096		4,114		0.28
Infront Luxembourg Finance S.À R.L. (Luxembourg)	(b)(c)	(2)(7)	Leisure Products & Services	EURIBOR	10.00%	12.04%	5/28/2021	5/28/2027	€	34,395	41,151		40,516		2.72
IQN Holding Corp.	(a)(b)	(2)(3)(14)	Business Services	SOFR	2.63%, 3.13% PIK	10.07%	5/2/2022	5/2/2029	11,100		11,005		11,100		0.74
iRobot Corporation	(a)	(2)(3)(7)(11)	Consumer Goods: Durable	SOFR	6.50%, 2.50% PIK	13.28%	7/25/2023	7/31/2026	4,451		4,362		2,364		0.16
Jeg's Automotive, LLC	(c)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	7.00% (100% PIK)	11.29%	12/22/2021	12/31/2029	6,016		5,850		6,016		0.40
Kona Buyer, LLC	(c)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.79%	6/27/2025	6/27/2032	—		(107)		(107)		(0.01)
LDS Intermediate Holdings, L.L.C.	(a)(b)	(2)(3)(14)	Transportation: Cargo	SOFR	5.00%	9.33%	2/7/2025	2/7/2032	18,652		18,351		18,501		1.24
Lifelong Learner Holdings, LLC	(b)(c)	(2)(3)(11)(14)	Business Services	SOFR	1.00%, 7.75% PIK	13.08%	10/18/2019	3/31/2027	8,556		8,541		7,431		0.50
Material Holdings, LLC	(c)	(2)(3)(11)(14)	Business Services	SOFR	2.92%, 3.08% PIK	10.40%	8/19/2021	8/19/2027	14,578		14,578		12,243		0.82
Material Holdings, LLC	(c)	(2)(3)(8)(11)	Business Services	SOFR	6.00% (100% PIK)	10.29%	8/19/2021	8/19/2027	3,654		1,310		—		—
Maverick Acquisition, Inc.	(b)(c)	(2)(3)(8)(11)	Aerospace & Defense	SOFR	6.25%	10.54%	6/1/2021	6/1/2027	42,711		42,310		25,075		1.68
Maverick Acquisition, Inc.	(a)	(2)(3)(14)	Aerospace & Defense	SOFR	6.25%	10.54%	3/4/2025	7/3/2025	645		645		645		0.04
Medical Manufacturing Technologies, LLC	(c)(e)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	5.75%	10.05%	12/23/2021	12/23/2027	26,776		26,468		26,777		1.79
Modernizing Medicine, Inc.	(b)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	2.50%, 2.75% PIK	9.55%	4/30/2025	4/30/2032	11,776		11,650		11,647		0.78
Monarch Buyer, Inc.	(a)(c)	(2)(3)(14)	Business Services	SOFR	4.75%	9.08%	6/2/2025	6/2/2032	23,084		22,717		22,714		1.52

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
NEFCO Holding Company LLC	(b)(c)(e)	(2)(3)(14)	Construction & Building	SOFR	5.75%	9.98%	8/5/2022	8/5/2028	$	32,346	$	31,972	$	32,305	2.17	%
North Haven Fairway Buyer, LLC	(a)(b)(c)(e)	(2)(3)(14)	Consumer Services	SOFR	5.00%	9.29%	5/17/2022	5/17/2028	31,808		31,339		31,461		2.11
Nuzoa Bidco, S.L.U. (Spain)	(d)	(2)(7)(14)	Healthcare & Pharmaceuticals	EURIBOR	3.50%, 2.50% PIK	7.54%	6/24/2025	6/24/2032	€	6,657	7,518		7,628		0.51
Oak Purchaser, Inc.	(a)(b)(e)	(2)(3)(14)	Business Services	SOFR	5.50%	9.71%	4/28/2022	4/28/2028	7,592		7,549		7,486		0.50
Oak Purchaser, Inc.	(a)(b)(e)	(2)(3)	Business Services	SOFR	5.50%	9.71%	2/1/2024	4/28/2028	1,039		1,024		1,023		0.07
Optimizely North America Inc.	(b)	(2)(3)	High Tech Industries	EURIBOR	5.25%	7.23%	10/30/2024	10/30/2031	€	3,023	3,252		3,547		0.24
Optimizely North America Inc.	(b)(e)	(2)(3)(14)	High Tech Industries	SOFR	5.00%	9.33%	10/30/2024	10/30/2031	8,947		8,852		8,911		0.60
Optimizely North America Inc.	(b)	(2)(3)	High Tech Industries	SONIA	5.50%	9.72%	10/30/2024	10/30/2031	£	1,209	1,553		1,655		0.11
Oranje Holdco, Inc.	(b)(e)	(2)(3)(14)	Business Services	SOFR	7.75%	12.03%	2/1/2023	2/1/2029	4,026		3,949		4,027		0.27
Oranje Holdco, Inc.	(b)(e)	(2)(3)	Business Services	SOFR	7.25%	11.53%	6/26/2024	2/1/2029	1,687		1,659		1,663		0.11
Orthrus Limited (United Kingdom)	(d)	(2)(7)	Diversified Financial Services	EURIBOR	3.50%, 2.75% PIK	8.22%	12/4/2024	12/4/2031	€	1,830	1,911		2,128		0.14
Orthrus Limited (United Kingdom)	(d)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	10.57%	12/4/2024	12/4/2031	4,834		4,767		4,774		0.32
Orthrus Limited (United Kingdom)	(d)	(2)(7)(14)	Diversified Financial Services	SONIA	3.50%, 2.75% PIK	10.46%	12/4/2024	12/4/2031	£	2,049	2,568		2,761		0.19
PAM Bidco Limited (United Kingdom)	(d)	(7)(14)	Utilities: Water	FIXED	10.75%	10.75%	10/29/2024	10/29/2031	£	75	99		101		0.01
PAM Bidco Limited (United Kingdom)	(d)	(2)(7)(14)	Utilities: Water	SONIA	7.30%	11.74%	10/29/2024	10/29/2031	£	6,293	7,986		8,495		0.57
Park County Holdings, LLC	(b)(e)	(2)(3)(10)	Media: Diversified & Production	SOFR	7.28%	11.61%	11/29/2023	11/29/2029	28,580		28,114		28,437		1.91
PDI TA Holdings, Inc	(b)	(2)(3)(14)	Software	SOFR	5.50%	9.78%	2/1/2024	2/1/2031	7,994		7,991		7,921		0.53
Pestco Intermediate, LLC	(b)(c)(e)	(2)(3)(11)(14)	Environmental Industries	SOFR	6.25%	10.53%	2/6/2023	2/17/2028	2,500		2,453		2,514		0.17
Pestco Intermediate, LLC	(a)(b)	(2)(3)(14)	Environmental Industries	SOFR	5.25%	9.53%	10/2/2024	2/17/2028	1,228		1,204		1,210		0.08
PF Atlantic Holdco 2, LLC	(c)(e)	(2)(3)(11)(14)	Leisure Products & Services	SOFR	5.50%	9.81%	11/12/2021	11/12/2027	36,107		35,758		36,107		2.42
PPV Intermediate Holdings, LLC	(b)(c)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.58%	8/7/2024	8/31/2029	9,940		9,852		9,918		0.66
Project Castle, Inc.	(e)	(2)(3)	Capital Equipment	SOFR	5.50%	9.72%	6/24/2022	6/1/2029	7,294		6,786		5,731		0.38
Prophix Software Inc. (Canada)	(a)	(2)(3)(7)(14)	Software	SOFR	6.00%	10.29%	2/1/2021	2/1/2027	429		419		418		0.03
Prophix Software Inc. (Canada)	(a)(b)(e)	(2)(3)(7)(14)	Software	SOFR	6.00%	10.33%	11/21/2023	2/1/2027	19,349		19,217		19,267		1.29

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Propio LS, LLC	(b)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	4.75%	9.05%	5/12/2025	5/12/2030	$	8,819	$	8,730	$	8,728	0.59	%
PXO Holdings I Corp.	(a)(b)(e)	(2)(3)(14)	Chemicals, Plastics & Rubber	SOFR	5.50%	9.79%	3/8/2022	3/8/2028	11,421		11,280		11,167		0.75
QBS Parent, Inc.	(a)(b)(c)	(2)(3)(14)	Energy: Oil & Gas	SOFR	4.50%	8.80%	11/7/2024	6/3/2032	21,974		21,787		21,833		1.46
Radwell Parent, LLC	(b)(c)(e)	(2)(3)(14)	Wholesale	SOFR	5.50%	9.80%	12/1/2022	4/1/2029	10,641		10,535		10,512		0.70
Ranpak Corp.	(b)	(2)(7)	Containers, Packaging & Glass	SOFR	4.50%	8.80%	12/19/2024	12/19/2031	12,134		12,019		12,092		0.81
Ranpak B.V. (Netherlands)	(b)	(2)(7)	Containers, Packaging & Glass	SOFR	4.50%	8.80%	12/19/2024	12/19/2031	7,766		7,692		7,739		0.52
RFS Opco LLC	(a)	(2)(3)(7)(14)	Diversified Financial Services	SOFR	4.75%	9.04%	6/13/2025	4/4/2031	—		(20)		(20)		0.00
Rialto Management Group, LLC	(b)(e)	(2)(3)(7)(14)	Diversified Financial Services	SOFR	5.00%	9.33%	12/5/2024	12/5/2030	9,991		9,898		9,929		0.67
Rotation Buyer, LLC	(a)(b)	(2)(3)(14)	Capital Equipment	SOFR	4.75%	9.05%	12/27/2024	12/27/2031	13,162		13,010		12,972		0.87
SCP Eye Care HoldCo, LLC	(a)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	5.50%	9.83%	10/7/2022	10/7/2029	157		153		157		0.01
Seahawk Bidco, LLC	(a)(b)(e)	(2)(3)(14)	Consumer Services	SOFR	4.75%	9.07%	12/19/2024	12/19/2031	28,058		27,823		27,899		1.87
Sigma Irish Acquico Limited (Ireland)	(d)	(2)(7)(14)	Diversified Financial Services	SOFR	5.25%	9.55%	3/19/2025	3/19/2032	6,815		6,646		6,663		0.45
Sigma Irish Acquico Limited (Ireland)	(d)	(2)(7)	Diversified Financial Services	EURIBOR	5.25%	7.23%	3/19/2025	3/19/2032	€	3,979	4,253		4,605		0.31
SitusAMC Holdings Corporation	(b)(e)	(2)(3)	Diversified Financial Services	SOFR	5.50%	9.80%	5/14/2025	5/14/2031	27,692		27,556		27,554		1.85
Smarsh Inc.	(a)(b)(e)	(2)(3)(14)	Software	SOFR	4.75%	9.05%	2/18/2022	2/18/2029	4,547		4,486		4,573		0.31
Specialty Pharma III, Inc.	(b)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	4.25%	8.58%	2/20/2025	3/31/2028	13,526		13,515		13,509		0.91
Speedstar Holding LLC	(b)(c)(e)	(2)(3)(14)	Auto Aftermarket & Services	SOFR	6.00%	10.29%	7/2/2024	7/22/2027	18,079		17,898		17,484		1.17
SPF Borrower, LLC	(a)(e)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	6.25%	10.55%	2/1/2024	2/1/2028	10,392		10,392		10,392		0.70
SPF Borrower, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	9.50%	13.80%	2/1/2024	2/1/2028	3,955		3,955		3,955		0.27
Spotless Brands, LLC	(a)(b)(c)(e)	(2)(3)(14)	Consumer Services	SOFR	5.75%	10.05%	6/21/2022	7/25/2028	33,858		33,322		34,028		2.28
Tank Holding Corp.	(a)(b)(e)	(2)(3)(11)(14)	Capital Equipment	SOFR	5.75%	10.08%	3/31/2022	3/31/2028	24,814		24,565		24,016		1.61
Tank Holding Corp.	(b)	(2)(3)(11)	Capital Equipment	SOFR	6.00%	10.33%	9/26/2024	3/31/2028	2,832		2,809		2,759		0.18
TCFI Aevex LLC	(b)(c)(e)	(2)(3)(11)	Aerospace & Defense	SOFR	6.00%	10.33%	3/18/2020	3/18/2026	27,826		27,743		27,826		1.87
The Chartis Group, LLC	(a)(b)(c)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.81%	9/17/2024	9/17/2031	20,716		20,441		20,549		1.38
Total Power Limited (Canada)	(a)(b)	(2)(3)(7)(14)	Energy: Electricity	CORRA	5.25%	7.17%	7/22/2024	7/22/2030	C$	9,293	6,608		6,713		0.45

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Tufin Software North America, Inc.	(a)(b)(c)(e)	(2)(3)(11)(14)	Software	SOFR	5.18%	9.50%	8/17/2022	8/17/2028	$	30,396	$	30,024	$	30,221	2.03	%
Turbo Buyer, Inc.	(b)(c)(e)	(2)(3)(14)	Auto Aftermarket & Services	SOFR	6.00%	10.30%	12/2/2019	6/1/2026	42,659		42,559		40,128		2.69
U.S. Legal Support, Inc.	(a)(b)(e)	(2)(3)(11)(14)	Business Services	SOFR	5.75%	10.05%	11/30/2018	5/31/2026	21,172		21,159		20,938		1.40
United Flow Technologies Intermediate Holdco II, LLC	(a)(e)	(2)(3)(14)	Environmental Industries	SOFR	5.25%	9.56%	6/21/2024	6/21/2031	3,881		3,827		3,860		0.26
US INFRA SVCS Buyer, LLC	(b)(c)	(2)(3)(11)(14)	Environmental Industries	SOFR	2.50%, 4.75% PIK	11.57%	4/13/2020	4/13/2027	50,416		50,195		46,528		3.10
USR Parent Inc.	(e)	(2)(3)(10)	Retail	SOFR	7.60%	11.92%	4/22/2022	4/25/2027	2,402		2,392		2,369		0.16
Vensure Employer Services, Inc.	(a)(b)(c)(e)	(2)(14)	Business Services	SOFR	4.75%	9.04%	9/27/2024	9/27/2031	23,010		22,778		23,010		1.54
Wineshipping.com LLC	(a)(c)	(2)(3)(11)(14)	Beverage & Food	SOFR	6.25% ( 100% PIK)	10.55%	10/29/2021	12/31/2028	16,770		16,627		12,667		0.85
World 50, Inc.	(b)(c)(e)	(2)(3)(14)	Business Services	SOFR	5.50%	9.74%	3/22/2024	3/22/2030	18,901		18,568		18,798		1.26
Yellowstone Buyer Acquisition, LLC	(a)	(2)(3)(11)	Consumer Goods: Durable	SOFR	5.75%	10.03%	9/13/2021	9/13/2027	433		429		391		0.03
YLG Holdings, Inc.	(b)(c)(e)	(2)(3)(14)	Consumer Services	SOFR	4.75%	9.05%	9/30/2020	12/23/2030	11,021		10,927		11,045		0.74
First Lien Debt Total											$	2,042,166	$	1,996,615	133.83	%
Second Lien Debt (2.3% of fair value)
11852604 Canada Inc. (Canada)	(d)	(2)(3)(7)(11)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	13.95%	9/30/2021	9/30/2028	$	10,913	$	10,832	$	10,722	0.72	%
AQA Acquisition Holdings, Inc.	(b)(e)	(2)(3)	High Tech Industries	SOFR	6.25%	10.53%	5/14/2021	3/3/2029	14,410		14,311		14,407		0.96
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	2,947		2,937		2,957		0.20
Denali Midco 2, LLC	(a)	(3)	Consumer Services	FIXED	13.00% (100% PIK)	13.00%	10/4/2024	12/22/2029	1,409		1,387		1,385		0.09
PAI Holdco, Inc.	(b)	(2)(3)	Auto Aftermarket & Services	SOFR	5.50%, 2.00% PIK	11.78%	10/28/2020	10/28/2028	14,820		14,616		12,327		0.83
TruGreen Limited Partnership	(b)	(2)(3)(11)	Consumer Services	SOFR	8.50%	12.78%	11/16/2020	11/2/2028	13,000		12,865		10,189		0.68
Second Lien Debt Total											$	56,948	$	51,987	3.48	%


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Structured Credit Investments (5.0% of fair value)
1988 CLO 2 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	3/12/2025	4/15/2038	$	3,500	$	3,500	$	3,422	0.23	%
AB BSL CLO 4 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.10%	10.39%	3/28/2025	4/20/2038	4,000		3,961		4,027		0.27
AB BSL CLO 5 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.10%	10.39%	11/18/2024	1/20/2038	1,250		1,250		1,254		0.08

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
AGL CLO 40 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.35%	9.64%	3/28/2025	7/22/2038	$	4,670	$	4,670	$	4,680	0.31	%
Aimco CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	11/14/2024	10/17/2037	1,330		1,330		1,326		0.09
Allegro CLO XV Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	2/14/2025	4/20/2038	2,500		2,500		2,428		0.16
Apidos CLO XVIII-R Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	11/22/2024	1/22/2038	3,270		3,270		3,290		0.22
Arini European CLO IV DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	6.17%	8.11%	1/28/2025	1/15/2038	€	2,500	2,631		2,964		0.20
Avoca CLO XI DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	6.15%	8.09%	11/8/2024	10/15/2038	€	1,750	1,876		2,074		0.14
Babson CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.00%	10.29%	11/20/2024	1/15/2038	1,275		1,275		1,278		0.09
Babson CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	12/20/2024	1/15/2038	5,000		5,000		4,961		0.33
Birch Grove CLO 11 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.80%	10.09%	11/15/2024	1/22/2038	3,000		3,000		3,001		0.20
Bryant Park Funding Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.00%	9.29%	2/20/2025	4/15/2038	3,000		3,000		2,914		0.20
Bryant Park Funding Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	11/18/2024	1/18/2038	3,000		3,000		3,027		0.20
CIFC Funding 2014-III Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	3/11/2025	3/31/2038	4,000		4,000		3,981		0.27
CVC Cordatus Loan Fund X DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	5.35%	7.29%	1/24/2025	1/26/2038	€	1,100	1,155		1,296		0.09
CVC Cordatus Loan Fund XXVI DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	5.75%	7.69%	12/12/2024	1/15/2038	€	3,490	3,653		4,113		0.28
Elmwood CLO 40 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	10.04%	3/21/2025	3/22/2038	2,500		2,500		2,525		0.17
Elmwood CLO II Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	9.94%	10/29/2024	10/20/2037	3,250		3,250		3,255		0.22
Empower CLO 2025-1 Ltd	(a)	(2)(7)(13)	Structured Credit	SOFR	5.90%	10.14%	5/15/2025	7/20/2038	4,000		4,000		4,030		0.27
Generate CLO 18 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.00%	10.29%	10/18/2024	1/20/2038	2,190		2,190		2,235		0.15
Golub Capital Partners CLO 43B Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	10/31/2024	10/20/2037	3,375		3,375		3,399		0.23
KKR CLO 54 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.80%	10.09%	11/22/2024	1/15/2038	3,050		3,050		3,100		0.21
Neuberger Berman Loan Advisers CLO 33 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	3/14/2025	4/16/2039	6,000		6,000		6,005		0.39
Oaktree CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.00%	9.29%	1/30/2025	1/15/2038	1,500		1,500		1,461		0.10
Oaktree CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.10%	10.39%	11/25/2024	1/15/2038	2,875		2,875		2,891		0.19
OHA Credit Funding 14-R Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	3/28/2025	4/20/2038	6,000		6,000		6,017		0.40
Pikes Peak CLO 8	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	12/19/2024	1/20/2038	3,000		3,000		3,000		0.20
Rad CLO 17 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.25%	10.54%	11/5/2024	1/20/2038	2,000		2,000		1,961		0.13
Reese Park CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.00%	10.29%	11/20/2024	1/15/2038	2,220		2,220		2,213		0.15
Regatta 30 Funding Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.40%	9.69%	11/25/2024	1/25/2038	1,970		1,970		1,986		0.13
Regatta XXIV Funding Ltd	(a)	(2)(7)(13)	Structured Credit	SOFR	5.15%	9.44%	12/20/2024	1/20/2038	3,000		3,000		2,949		0.20
RR Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	11/26/2024	1/15/2037	2,860		2,860		2,875		0.19
Silver Point CLO 1 Ltd	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	12/23/2024	1/20/2038	2,250		2,250		2,205		0.15
Silver Point CLO 7 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	11/25/2024	1/15/2038	2,200		2,200		2,219		0.15

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Silver Point CLO 8 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.15%	9.44%	2/28/2025	4/15/2038	$	1,500	$	1,500	$	1,492	0.10	%
Sound Point CLO 35 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.80%	10.09%	2/13/2025	4/26/2038	1,670		1,670		1,644		0.11
Voya Euro CLO VIII DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	5.85%	7.79%	11/12/2024	1/15/2039	€	4,380	4,640		5,165		0.35
Structured Credit Investments Total											$	111,121	$	112,663	7.55	%


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (3.9% of fair value)
48forty Intermediate Holdings, Inc.	(a)	(6)(12)	Transportation: Cargo		11/5/2024	3	$	—	$	—	—	%
Aimbridge Acquisition Co., Inc.	(a)	(6)(12)	Leisure Products & Services		3/11/2025	53	2,599		2,541		0.17
ANLG Holdings, LLC	(a)	(6)(12)	Capital Equipment		6/22/2018	592	592		1,072		0.07
Atlas Ontario LP (Canada)	(a)	(6)(7)(12)	Business Services		4/7/2021	5,114	5,114		8,693		0.58
Blackbird Holdco, Inc.	(a)	(6)	Capital Equipment	12.50% (100% PIK)	12/14/2021	10	9,955		9,935		0.67
Buckeye Group Holdings, L.P.	(c)	(6)(8)	Auto Aftermarket & Services	11.29% (100% PIK)	12/31/2024	4,099	1,218		1,218		0.08
Buckeye Group Holdings, L.P.	(c)	(6)(12)	Auto Aftermarket & Services		12/31/2024	7,542	—		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	4,099	—		—		—
Cority Software Inc. (Canada)	(a)	(6)(7)(12)	Software		7/2/2019	250	250		759		0.05
ECP Parent, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		3/29/2018	268	—		197		0.01
FS NU Investors, LP	(a)	(6)	Consumer Services	20.00% (100% PIK)	8/9/2024	1	149		174		0.01
GB Vino Parent, L.P.	(a)	(6)(12)	Beverage & Food		10/29/2021	4	274		—		—
HIG Intermediate, Inc.	(a)	(6)	Diversified Financial Services	10.50%	12/10/2024	8	7,518		7,528		0.50
Integrity Marketing Group, LLC	(a)	(6)	Diversified Financial Services	10.50% (100% PIK)	12/21/2021	21,671	21,633		21,121		1.43
iRobot Corporation	(a)	(6)(7)(12)	Consumer Goods: Durable		3/11/2025	83	—		42		0.00
NearU Holdings LLC	(a)	(6)(12)	Consumer Services		8/16/2022	25	2,470		635		0.04
NEFCO Holding Company LLC	(a)	(6)	Construction & Building	8.00%	8/5/2022	1	608		608		0.04
North Haven Goldfinch Topco, LLC	(a)	(6)(12)	Containers, Packaging & Glass		6/18/2018	2,315	2,315		—		—
Pascal Ultimate Holdings, L.P	(a)	(6)(12)	Capital Equipment		7/21/2021	36	346		836		0.06
Profile Holdings I, LP	(a)	(6)(12)	Chemicals, Plastics & Rubber		3/8/2022	3	262		195		0.01
Sinch AB (Sweden)	(a)	(6)(7)(12)	High Tech Industries		3/26/2019	106	1,168		308		0.02
SPF HOLDCO LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		2/1/2024	4,030	5,428		6,532		0.44
Summit K2 Midco, Inc.	(a)	(6)(12)	Diversified Financial Services		4/27/2023	61	49		86		0.01
Talon MidCo 1 Limited	(a)	(6)(12)	Software		8/17/2022	1,018	1,456		1,949		0.13
Tank Holding Corp.	(a)	(6)(12)	Capital Equipment		3/26/2019	850	—		2,739		0.18
Titan DI Preferred Holdings, Inc.	(a)	(6)	Energy: Oil & Gas	13.50% (100% PIK)	2/11/2020	12,857	12,771		12,857		0.86

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Turbo Buyer, Inc.	(a)	(6)(12)	Auto Aftermarket & Services		12/2/2019	1,925	$	933	$	1,712	0.11	%
TW LRW Holdings, LLC	(c)	(6)(12)	Business Services		6/14/2024	4	—		—		—
U.S. Legal Support Investment Holdings, LLC	(a)	(6)(12)	Business Services		11/30/2018	641	641		835		0.06
Your.World HoldCo B.V. (Netherlands)	(a)	(6)(7)	High Tech Industries	14.30% (100% PIK)	1/27/2025	1	4,016		4,497		0.30
Zenith American Holding, Inc.	(a)	(6)(12)	Business Services		12/13/2017	440	211		542		0.04
Equity Investments Total							$	81,976	$	87,611	5.87	%
Total investments—non-controlled/non-affiliated							$	2,292,211	$	2,248,876	150.74	%
Total investments							$	2,292,211	$	2,248,876	150.74	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Derivative Instruments**	Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Unrealized Appreciation (Depreciation)
Forward Currency Contract	Barclays Bank PLC	$	36,796	€	33,459	7/7/2025	$	(2,630)
Forward Currency Contract	Barclays Bank PLC	$	173	€	151	8/15/2025	(6)
Forward Currency Contract	Barclays Bank PLC	$	147	C$	204	8/15/2025	(2)
Forward Currency Contract	Barclays Bank PLC	$	19,093	£	14,487	8/15/2025	(796)
Forward Currency Contract	Barclays Bank PLC	$	212	€	184	11/17/2025	(7)
Forward Currency Contract	Barclays Bank PLC	$	144	C$	198	11/17/2025	(2)
Forward Currency Contract	Barclays Bank PLC	$	469	£	356	2/13/2026	(20)
Forward Currency Contract	Barclays Bank PLC	$	201	€	174	2/17/2026	(7)
Forward Currency Contract	Barclays Bank PLC	$	141	C$	194	2/17/2026	(2)
Forward Currency Contract	Barclays Bank PLC	$	197	€	169	5/15/2026	(7)
Forward Currency Contract	Barclays Bank PLC	$	135	C$	184	5/15/2026	(2)
Forward Currency Contract	Barclays Bank PLC	$	407	£	309	8/13/2026	(18)
Forward Currency Contract	Barclays Bank PLC	$	194	€	166	8/17/2026	(7)
Forward Currency Contract	Barclays Bank PLC	$	137	C$	187	8/17/2026	(2)
Forward Currency Contract	Barclays Bank PLC	$	199	€	170	11/16/2026	(7)
Forward Currency Contract	Barclays Bank PLC	$	136	C$	185	11/16/2026	(2)
Forward Currency Contract	Barclays Bank PLC	$	382	£	291	2/12/2027	(17)
Forward Currency Contract	Barclays Bank PLC	$	183	€	156	2/16/2027	(6)
Forward Currency Contract	Barclays Bank PLC	$	135	C$	184	2/16/2027	(2)
Forward Currency Contract	Barclays Bank PLC	$	216	€	183	5/17/2027	(7)
Forward Currency Contract	Barclays Bank PLC	$	130	C$	176	5/17/2027	(2)
Forward Currency Contract	Barclays Bank PLC	$	5,830	C$	7,900	8/4/2027	(107)
Forward Currency Contract	Barclays Bank PLC	$	202	€	171	8/16/2027	(6)
Forward Currency Contract	Barclays Bank PLC	$	10,975	€	9,266	10/25/2027	(360)
Forward Currency Contract	Barclays Bank PLC	$	8,084	£	6,181	10/29/2027	(378)
Total Derivative Instruments							$	(4,402)

(a) Denotes that all or a portion of the assets are owned by Carlyle Credit Solutions, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CARS” or the “Company”). Accordingly, such assets are not available to creditors of Carlyle Credit Solutions SPV LLC (“SPV”), Carlyle Credit Solutions SPV2 LLC (“SPV2”), Carlyle Direct Lending CLO 2024-1 LLC (the “2024-1 Issuer”), CARS Lux Finance SPV S.à.r.l. (“CARS Lux Finance”) or CARS Lux Finance 2 SPV S.à r.l. (“CARS Lux Finance 2”).

(b) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, SPV. SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of SPV (see Note 6, Borrowings to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV2, the 2024-1 Issuer, CARS Lux Finance or CARS Lux Finance 2.

(c) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, SPV2. SPV2 has entered into a senior secured revolving credit facility (as amended, the “SPV2 Credit Facility,” and together with the SPV Credit Facility, the “Credit Facilities”). The lenders of the SPV2 Credit Facility have a first lien security interest in substantially all of the assets of SPV2 (see Note 6, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV, the 2024-1 Issuer, CARS Lux Finance, or CARS Lux Finance 2.

(d) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, CARS Lux Finance. Accordingly, such assets are not available to creditors of the Company, SPV, SPV2, the 2024-1 Issuer or CARS Lux Finance 2.

(e) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, 2024-1 Issuer (see Note 6, Borrowings to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV, SPV2, CARS Lux Finance, or CARS Lux Finance 2.

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

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)

** Refer to Note 5, Derivative Instruments, to these unaudited consolidated financial statements for further information.

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2025, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2025, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2025. As of June 30, 2025, the reference rates for variable rate loans were the 30-day SOFR at 4.32%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.15%, the daily SONIA at 4.21%, the 30-day EURIBOR at 1.93%, the 90-day EURIBOR at 1.94%, the 180-day EURIBOR at 2.05%, and the 30-day CORRA at 2.75%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 3.00%.

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

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

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $87,611, or 5.87% of the Company’s net assets.

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

(8)Represents an investment on non-accrual status as of June 30, 2025.

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

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

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

(12)Represents a non-income producing security as of June 30, 2025.

(13)Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2025, the aggregate fair value of these securities is $112,663 or 7.55% of the Company’s net assets.

(14)As of June 30, 2025, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
1251 Insurance Distribution Platform Payco, LP	Revolver	0.50	%	$	2,747	$	(29)
AAH Topco., LLC	Delayed Draw	1.00		7,843		(71)
AArete Investment, LLC	Delayed Draw	1.00		3,256		(41)
AArete Investment, LLC	Revolver	0.50		1,302		(16)
Accession Risk Management Group, Inc.	Revolver	0.50		1,096		(2)
ADPD Holdings, LLC	Delayed Draw	1.00		2,249		(169)
Advanced Web Technologies Holding Company	Revolver	0.50		1,745		(8)
Alpine Acquisition Corp II	Revolver	0.50		695		(280)
AmpersCap LLC	Delayed Draw	1.00		1,731		(20)
AP Plastics Acquisition Holdings, LLC	Delayed Draw	1.00		725		(5)
AP Plastics Acquisition Holdings, LLC	Revolver	0.50		275		(2)
Apex Companies Holdings, LLC	Delayed Draw	1.00		3,971		(14)

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Applied Technical Services, LLC	Delayed Draw	2.00	%	$	882	$	(6)
Applied Technical Services, LLC	Delayed Draw	1.00		1,634		(11)
Applied Technical Services, LLC	Revolver	0.50		2,941		(19)
Appriss Health, LLC	Revolver	0.50		4,542		(10)
Artifact Bidco, Inc.	Delayed Draw	0.50		172		2
Artifact Bidco, Inc.	Revolver	0.35		123		1
Ascend Buyer, LLC	Revolver	0.50		2,148		(13)
Associations, Inc.	Delayed Draw	—		340		2
Associations, Inc.	Revolver	0.50		50		—
Athlete Buyer, LLC	Delayed Draw	1.00		1,798		(98)
Athlete Buyer, LLC	Revolver	0.50		97		(5)
Atlas US Finco, Inc.	Revolver	0.50		1143		(4)
Auditboard, Inc.	Delayed Draw	0.75		2,857		(25)
Auditboard, Inc.	Revolver	0.50		1,143		(10)
Azurite Intermediate Holdings, Inc.	Revolver	0.50		397		7
Bianalisi S.p.A. (Italy)	Delayed Draw	1.25		€	3,696	(98)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50		634		(16)
Bingo Group Buyer, Inc.	Delayed Draw	0.75		921		—
Bingo Group Buyer, Inc.	Revolver	0.50		397		—
Birsa S.p.A. (Italy)	Delayed Draw	1.25		€	2,538	(52)
Bradyifs Holdings, LLC	Delayed Draw	1.00		302		1
Celerion Buyer, Inc.	Delayed Draw	1.00		249		1
Celerion Buyer, Inc.	Revolver	0.50		125		1
CircusTrix Holdings, LLC	Revolver	0.50		538		5
Cliffwater LLC	Revolver	0.50		3,465		7
CoreWeave Compute Acquisition Co. IV, LLC	Delayed Draw	0.50		10,445		(131)
Cority Software Inc. (Canada)	Revolver	0.50		3,000		(4)
Coupa Holdings, LLC	Delayed Draw	1.00		193		1
Coupa Holdings, LLC	Revolver	0.50		148		1
CST Holding Company	Revolver	0.50		235		1
Dance Midco S.a.r.l. (United Kingdom)	Delayed Draw	1.00		€	2,840	(42)
Divisions Holding Corporation	Revolver	0.50		1,600		(16)
Dwyer Instruments, Inc.	Delayed Draw	1.00		1,475		—
Dwyer Instruments, Inc.	Revolver	0.50		2,540		—
Einstein Parent, Inc.	Revolver	0.50		3,142		(109)
Ellkay, LLC	Revolver	0.50		2,673		4
Enkindle Limited (United Kingdom)	Delayed Draw	1.00		£	3,303	(136)

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Espresso Bidco Inc.	Delayed Draw	0.50	%	$	4,281	$	(41)
Espresso Bidco Inc.	Revolver	0.50		1,903		(18)
Essential Services Holding Corporation	Delayed Draw	1.00		149		(1)
Essential Services Holding Corporation	Revolver	0.50		82		—
Excel Fitness Holdings, Inc.	Revolver	0.50		891		(4)
Excelitas Technologies Corp.	Revolver	0.38		1,164		—
Galileo Parent, Inc.	Revolver	0.50		1,650		(11)
Greenhouse Software, Inc.	Revolver	0.50		2,204		—
GS AcquisitionCo, Inc.	Delayed Draw	1.00		624		—
GS AcquisitionCo, Inc.	Revolver	0.50		48		—
Gymspa (France)	Delayed Draw	1.80		€	554	(20)
Hadrian Acquisition Limited (United Kingdom)	Delayed Draw	2.33		£	5,657	39
Heartland Home Services, Inc.	Revolver	0.50		1,787		(61)
Hercules Borrower LLC	Revolver	0.50		2,160		—
Holding Argon (France)	Delayed Draw	1.00		€	5,054	(177)
Hoosier Intermediate, LLC	Revolver	0.38		2,400		(18)
HS Spa Holdings Inc.	Revolver	0.50		978		—
Icefall Parent, Inc.	Revolver	0.38		744		—
iCIMS, Inc.	Revolver	0.50		2,082		(51)
IG Investments Holdings, LLC	Revolver	0.50		325		1
IQN Holding Corp.	Delayed Draw	1.00		1,259		—
IQN Holding Corp.	Revolver	0.38		130		—
Kona Buyer, LLC	Delayed Draw	0.50		20,325		(102)
Kona Buyer, LLC	Revolver	0.50		902		(5)
LDS Intermediate Holdings, L.L.C.	Delayed Draw	1.00		3,693		(22)
LDS Intermediate Holdings, L.L.C.	Revolver	0.50		2,770		(17)
Lifelong Learner Holdings, LLC	Revolver	0.50		55		(7)
Material Holdings, LLC	Revolver	—		192		(30)
Maverick Acquisition, Inc.	Delayed Draw	1.00		223		—
Medical Manufacturing Technologies, LLC	Delayed Draw	1.00		1,334		—
Medical Manufacturing Technologies, LLC	Revolver	0.50		1,866		—
Modernizing Medicine, Inc.	Revolver	0.50		1,099		(11)
Monarch Buyer, Inc.	Delayed Draw	0.50		9,618		(96)
Monarch Buyer, Inc.	Revolver	0.50		4,328		(43)
NEFCO Holding Company LLC	Delayed Draw	1.00		1,642		(2)
NEFCO Holding Company LLC	Revolver	0.50		3,645		(4)
North Haven Fairway Buyer, LLC	Delayed Draw	1.00		3,000		(29)

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
North Haven Fairway Buyer, LLC	Revolver	0.50	%	$	1,099	$	(11)
Nuzoa Bidco, S.L.U. (Spain)	Delayed Draw	1.25		€	2,401	(57)
Oak Purchaser, Inc.	Revolver	0.50		467		(6)
Optimizely North America Inc.	Revolver	0.50		1,364		(5)
Oranje Holdco, Inc.	Revolver	0.50		503		—
Orthrus Limited (United Kingdom)	Delayed Draw	0.50		£	940	(16)
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19		£	24	—
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19		£	2,057	(35)
PDI TA Holdings, Inc	Revolver	0.50		351		(3)
Pestco Intermediate, LLC	Delayed Draw	1.00		790		(7)
Pestco Intermediate, LLC	Revolver	0.50		251		1
PF Atlantic Holdco 2, LLC	Revolver	0.50		2,759		—
PPV Intermediate Holdings, LLC	Delayed Draw	1.00		5,267		(7)
PPV Intermediate Holdings, LLC	Revolver	0.50		547		(1)
Prophix Software Inc. (Canada)	Delayed Draw	—		1,118		(4)
Prophix Software Inc. (Canada)	Revolver	0.50		2,229		(9)
Propio LS, LLC	Revolver	0.50		326		(3)
PXO Holdings I Corp.	Revolver	0.50		542		(11)
QBS Parent, Inc.	Delayed Draw	—		12,283		(45)
QBS Parent, Inc.	Revolver	0.50		4,279		(16)
Radwell Parent, LLC	Delayed Draw	0.50		862		(9)
Radwell Parent, LLC	Revolver	0.38		244		(3)
RFS Opco LLC	Delayed Draw	—		4,046		(20)
Rialto Management Group, LLC	Revolver	0.50		361		(2)
Rotation Buyer, LLC	Delayed Draw	1.00		2,257		(27)
Rotation Buyer, LLC	Revolver	0.50		775		(9)
SCP Eye Care HoldCo, LLC	Revolver	0.50		19		—
Seahawk Bidco, LLC	Delayed Draw	1.00		4,529		(20)
Seahawk Bidco, LLC	Revolver	0.50		2,333		(11)
Sigma Irish Acquico Limited (Ireland)	Delayed Draw	0.50		1,912		(33)
Smarsh Inc.	Delayed Draw	1.00		816		4
Smarsh Inc.	Revolver	0.50		351		2
Speedstar Holding LLC	Delayed Draw	1.00		1,789		(54)
SPF Borrower, LLC	Revolver	0.50		403		—
Spotless Brands, LLC	Revolver	0.50		438		2
Tank Holding Corp.	Revolver	0.38		828		(26)
The Chartis Group, LLC	Delayed Draw	1.00		6,373		(35)

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
The Chartis Group, LLC	Revolver	0.50	%	$	3,187	$	(18)
Total Power Limited (Canada)	Delayed Draw	0.50		C$	824	(8)
Total Power Limited (Canada)	Revolver	0.50		C$	933	(9)
Tufin Software North America, Inc.	Revolver	0.50		2,820		(15)
Turbo Buyer, Inc.	Revolver	0.50		538		(32)
U.S. Legal Support, Inc.	Revolver	0.50		709		(8)
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw	1.00		7		—
United Flow Technologies Intermediate Holdco II, LLC	Revolver	0.50		279		(1)
Vensure Employer Services, Inc.	Delayed Draw	0.50		2,318		—
Wineshipping.com LLC	Delayed Draw	—		1,844		(401)
Wineshipping.com LLC	Revolver	0.50		238		(52)
World 50, Inc.	Revolver	0.50		860		(4)
YLG Holdings, Inc.	Delayed Draw	0.50		743		1
YLG Holdings, Inc.	Revolver	0.50		258		1













Total unfunded commitments				$	273,708	$	(3,180)

The type of investments as of June 30, 2025 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value
First Lien Debt	$	2,042,166	$	1,996,615	88.8	%
Second Lien Debt	56,948		51,987		2.3
Equity Investments	81,976		87,611		3.9
Structured Credit Investments	111,121		112,663		5.0
Total	$	2,292,211	$	2,248,876	100.0	%

The rate type of debt investments as of June 30, 2025 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	2,205,812	$	2,156,822	99.8	%
Fixed Rate	4,423		4,443		0.2
Total	$	2,210,235	$	2,161,265	100.0	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)

The industry composition of investments as of June 30, 2025 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	71,858	$	54,715	2.4	%
Auto Aftermarket & Services	83,074		78,885		3.5
Beverage & Food	16,901		12,667		0.6
Business Services	231,539		231,423		10.3
Capital Equipment	92,250		95,024		4.2
Chemicals, Plastics & Rubber	35,442		35,121		1.6
Construction & Building	85,037		82,831		3.7
Consumer Goods: Durable	4,791		2,797		0.1
Consumer Goods: Non-Durable	4,611		4,694		0.2
Consumer Services	198,976		192,717		8.6
Containers, Packaging & Glass	101,520		92,533		4.1
Diversified Financial Services	208,296		210,885		9.4
Energy: Electricity	8,106		8,215		0.4
Energy: Oil & Gas	34,558		34,690		1.5
Environmental Industries	90,318		87,102		3.9
Healthcare & Pharmaceuticals	248,339		252,045		11.2
High Tech Industries	91,663		91,860		4.1
Leisure Products & Services	117,123		117,987		5.2

Media: Diversified & Production	39,504		40,982		1.8

Retail	18,854		18,935		0.8
Software	288,700		289,079		12.9
Sovereign & Public Finance	79		81		0.0
Structured Credit	111,121		112,663		5.0
Telecommunications	34,179		33,948		1.5
Transportation: Cargo	41,607		32,460		1.4
Utilities: Water	8,085		8,596		0.4
Wholesale	25,680		25,941		1.2
Total	$	2,292,211	$	2,248,876	100.0	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2025

(amounts in thousands) (unaudited)

The geographical composition of investments as of June 30, 2025 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	2,231	$	2,249	0.1	%
Bermuda	2,860		2,875		0.1
Canada	129,013		133,232		5.9
Cayman Islands	90,806		90,717		4.0
France	25,039		25,999		1.2
Ireland	24,854		26,880		1.2
Italy	15,664		17,434		0.8

Luxembourg	79,457		77,891		3.5
Netherlands	11,708		12,236		0.5
Spain	7,518		7,628		0.3
Sweden	1,168		308		0.0
United Kingdom	65,705		69,680		3.1
United States	1,836,188		1,781,747		79.3
Total	$	2,292,211	$	2,248,876	100.0	%

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

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (88.1% of fair value)
Accession Risk Management Group, Inc.	(b)(c)(e)	(2)(3)(14)	Diversified Financial Services	SOFR	4.75%	9.28%	11/1/2019	11/1/2029	$	38,701	$	38,449	$	39,085	2.62%
ACR Group Borrower, LLC	(b)	(2)(3)(14)	Aerospace & Defense	SOFR	4.75%	9.05%	5/14/2024	3/31/2028	1,175		1,164		1,175		0.08
ADPD Holdings, LLC	(a)(b)(c)	(2)(3)(11)(14)	Consumer Services	SOFR	6.00%	10.79%	8/16/2022	8/15/2028	23,109		22,488		20,795		1.39
Advanced Web Technologies Holding Company	(a)(b)(e)	(2)(3)(14)	Containers, Packaging & Glass	SOFR	4.00%, 2.25% PIK	10.56%	12/17/2020	12/17/2027	18,842		18,667		18,832		1.26
AI Grace AUS Bidco Pty LTD (Australia)	(e)	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	5.25%	9.62%	12/5/2023	12/5/2029	2,286		2,226		2,286		0.15
Allied Benefit Systems Intermediate LLC	(e)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.63%	10/31/2023	10/31/2030	2,536		2,502		2,562		0.17
Alpine Acquisition Corp II	(a)(b)	(2)(3)(11)(14)	Transportation: Cargo	SOFR	2.00%, 8.55% PIK	10.55%	4/19/2022	11/30/2029	21,866		21,649		17,167		1.15
AmpersCap LLC	(a)	(2)(3)(14)	Diversified Financial Services	SOFR	5.25%	9.54%	12/17/2024	12/17/2032	742		697		653		0.04
Apex Companies Holdings, LLC	(a)(c)(e)	(2)(3)(14)	Environmental Industries	SOFR	5.25%	9.78%	1/31/2023	1/31/2028	11,721		11,473		11,625		0.78
Applied Technical Services, LLC	(e)	(2)(3)(11)	Business Services	SOFR	6.00%	10.37%	9/18/2023	12/29/2026	474		468		470		0.03
Applied Technical Services, LLC	(a)(e)	(2)(3)(11)(14)	Business Services	SOFR	5.75%	10.12%	12/29/2020	12/29/2026	1,271		1,249		1,247		0.08
Appriss Health, LLC	(a)(b)(c)(e)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	7.00%	11.70%	5/6/2021	5/6/2027	43,444		43,000		43,139		2.90
Ardonagh Midco 3 PLC (United Kingdom)	(d)	(2)(3)(7)	Diversified Financial Services	SOFR	4.75%	9.90%	3/1/2024	2/15/2031	1,176		1,160		1,187		0.08
Artifact Bidco, Inc.	(b)	(2)(3)(14)	Software	SOFR	4.50%	8.83%	7/26/2024	7/26/2031	704		695		697		0.05
Ascend Buyer, LLC	(c)(e)	(2)(3)(11)(14)	Containers, Packaging & Glass	SOFR	5.75%	10.17%	9/30/2021	9/30/2028	12,673		12,508		12,654		0.85
Associations, Inc.	(a)(e)	(2)(3)(11)(14)	Construction & Building	SOFR	6.50%	11.05%	5/3/2024	7/2/2028	6,824		6,817		6,892		0.46
Athlete Buyer, LLC	(a)(e)	(2)(3)(11)(14)	Construction & Building	SOFR	5.75%	10.08%	3/29/2024	4/26/2029	3,873		3,764		3,771		0.25
Atlas US Finco, Inc.	(a)	(2)(3)(7)(14)	High Tech Industries	SOFR	5.00%	9.63%	12/15/2022	12/12/2029	1,442		1,405		1,444		0.10
Atlas US Finco, Inc.	(a)	(2)(3)(7)	High Tech Industries	SOFR	5.00%	9.63%	12/18/2023	12/10/2029	667		656		668		0.04
Auditboard, Inc.	(a)(b)	(2)(3)(14)	Software	SOFR	4.75%	9.07%	7/12/2024	7/12/2031	6,000		5,905		5,941		0.40
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	(b)(c)	(2)(3)(7)(11)	Software	SOFR	3.00%, 4.00% PIK	11.33%	12/24/2019	12/24/2026	38,162		37,851		36,948		2.48
Avalara, Inc.	(b)(c)(e)	(2)(3)(14)	Diversified Financial Services	SOFR	6.25%	10.58%	10/19/2022	10/19/2028	14,265		14,004		14,265		0.96
Azurite Intermediate Holdings, Inc.	(b)(e)	(2)(3)(14)	Software	SOFR	6.50%	10.86%	3/19/2024	3/19/2031	3,577		3,524		3,654		0.24
Barnes & Noble, Inc.	(b)(e)	(2)(3)(10)(11)	Retail	SOFR	8.81%	13.17%	8/7/2019	12/20/2026	20,133		19,842		20,000		1.34

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Big Bus Tours Group Limited (United Kingdom)	(d)	(2)(7)(14)	Leisure Products & Services	SOFR	8.25%	12.54%	6/4/2024	6/4/2031	$	—	$	(25)	$	(25)	0.00%
Big Bus Tours Group Limited (United Kingdom)	(d)	(2)(7)	Leisure Products & Services	EURIBOR	8.25%	11.21%	6/4/2024	6/4/2031	€	3,303	3,486		3,327		0.22
Big Bus Tours Group Limited (United Kingdom)	(d)	(2)(7)	Leisure Products & Services	SOFR	8.25%	12.75%	6/4/2024	6/4/2031	5,341		5,189		5,194		0.35
Bingo Group Buyer, Inc.	(a)(b)(e)	(2)(3)(14)	Environmental Industries	SOFR	5.00%	9.33%	7/10/2024	7/10/2031	3,446		3,389		3,496		0.23
Birsa S.p.A. (Italy)	(a)	(2)(7)(14)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	8.58%	7/2/2024	6/30/2031	€	1,586	1,595		1,547		0.10
BlueCat Networks, Inc. (Canada)	(a)(b)(e)	(2)(3)(7)	High Tech Industries	SOFR	5.00%, 1.00% PIK	10.40%	8/8/2022	8/8/2028	26,437		26,081		26,015		1.74
BMS Holdings III Corp.	(b)(c)	(2)(3)(11)	Construction & Building	SOFR	5.50%	9.83%	9/30/2019	9/30/2026	28,456		28,239		27,459		1.84
Bradyifs Holdings, LLC	(c)(e)	(2)(3)(14)	Wholesale	SOFR	5.00%	9.52%	10/31/2023	10/31/2029	15,415		15,142		15,467		1.04
Celerion Buyer, Inc.	(c)(e)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	5.00%	9.53%	11/3/2022	11/3/2029	2,399		2,356		2,379		0.16
Chemical Computing Group ULC (Canada)	(a)(b)(e)	(2)(3)(7)(11)(14)	Software	SOFR	4.50%	8.96%	8/30/2018	8/30/2025	11,725		11,721		11,725		0.79
CircusTrix Holdings, LLC	(a)(e)	(2)(3)(14)	Leisure Products & Services	SOFR	6.50%	10.86%	7/18/2023	7/14/2028	9,676		9,482		9,808		0.66
Comar Holding Company, LLC	(b)(c)	(2)(3)(11)	Containers, Packaging & Glass	SOFR	2.00%, 4.75% PIK	11.23%	6/18/2018	6/18/2026	46,307		46,268		41,880		2.81
CoreWeave Compute Acquisition Co. II, LLC	(a)	(2)(3)	High Tech Industries	SOFR	9.62%	14.10%	7/30/2023	7/30/2028	1,774		1,750		1,791		0.12
CoreWeave Compute Acquisition Co. IV, LLC	(a)	(2)(14)	High Tech Industries	SOFR	6.00%	10.54%	5/22/2024	5/22/2029	15,173		14,773		14,724		0.99
Cority Software Inc. (Canada)	(a)(b)(c)(e)	(2)(3)(7)(14)	Software	SOFR	4.75%	9.34%	7/2/2019	7/2/2026	60,979		60,654		60,856		4.08
Coupa Holdings, LLC	(c)(e)	(2)(3)(14)	Software	SOFR	5.50%	10.09%	2/27/2023	2/28/2030	2,149		2,098		2,182		0.15
CST Holding Company	(c)(e)	(2)(3)(11)(14)	Consumer Goods: Non-Durable	SOFR	5.00%	9.36%	11/1/2022	11/1/2028	2,442		2,385		2,445		0.16
Dance Midco S.a.r.l. (United Kingdom)	(a)	(2)(14)	Media: Diversified & Production	EURIBOR	5.50%	8.54%	10/25/2024	10/25/2031	€	10,366	10,896		10,526		0.71
DCA Investment Holding LLC	(b)(e)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.41%	10.73%	3/11/2021	4/3/2028	11,949		11,857		11,464		0.77
Denali Midco 2, LLC	(c)(e)	(2)(3)	Consumer Services	SOFR	5.25%	9.61%	9/15/2022	12/22/2028	8,423		8,265		8,359		0.56
Diligent Corporation	(a)	(2)(3)	Telecommunications	SOFR	5.00%	10.09%	8/4/2020	8/4/2030	636		627		642		0.04
Dwyer Instruments, Inc.	(c)(e)	(2)(3)(11)(14)	Capital Equipment	SOFR	4.75%	9.14%	7/21/2021	7/21/2029	24,819		24,534		24,819		1.66
Eliassen Group, LLC	(b)(e)	(2)(3)	Business Services	SOFR	5.75%	10.10%	4/14/2022	4/14/2028	21,170		20,975		20,827		1.40
Ellkay, LLC	(c)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	5.50%, 2.00% PIK	12.55%	9/14/2021	9/14/2027	14,032		13,878		12,278		0.82

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Essential Services Holding Corporation	(c)	(2)(3)(14)	Consumer Services	SOFR	5.00%	9.65%	6/17/2024	6/17/2031	$	758	$	749	$	756	0.05%
Excel Fitness Holdings, Inc.	(e)	(2)(3)	Leisure Products & Services	SOFR	5.50%	9.83%	8/11/2022	4/29/2029	2,832		2,782		2,832		0.19
Excel Fitness Holdings, Inc.	(a)(e)	(2)(3)(11)(14)	Leisure Products & Services	SOFR	5.25%	9.58%	4/29/2022	4/29/2029	6,141		6,046		6,095		0.41
Excelitas Technologies Corp.	(b)	(2)	Capital Equipment	EURIBOR	5.25%	8.11%	8/12/2022	8/12/2029	€	3,213	3,326		3,304		0.22
Excelitas Technologies Corp.	(a)(b)(c)(e)	(2)(3)(14)	Capital Equipment	SOFR	5.25%	9.61%	8/12/2022	8/12/2029	6,097		6,019		6,055		0.41
FPG Intermediate Holdco, LLC	(a)	(2)(3)(11)(14)	Consumer Services	SOFR	1.00%, 5.75% PIK	11.10%	8/5/2022	3/5/2027	774		767		500		0.03
Galileo Parent, Inc.	(b)	(2)(3)(14)	Telecommunications	SOFR	5.75%	10.08%	11/26/2024	5/3/2030	32,744		32,744		32,744		2.19
Generator US Buyer, Inc.	(b)	(2)(3)	Energy: Electricity	SOFR	5.25%	9.58%	10/1/2024	7/22/2030	1,530		1,504		1,512		0.10
Greenhouse Software, Inc.	(a)(b)(c)(e)	(2)(3)(14)	Software	SOFR	6.25%	10.58%	3/1/2021	9/1/2028	32,796		32,275		33,003		2.21
GS AcquisitionCo, Inc.	(a)(e)	(2)(3)(14)	Software	SOFR	5.25%	9.58%	3/26/2024	5/25/2028	1,095		1,093		1,102		0.07
Guidehouse LLP	(a)	(2)(3)	Sovereign & Public Finance	SOFR	3.75%, 2.00% PIK	10.11%	9/30/2022	12/16/2030	80		79		81		0.01
Hadrian Acquisition Limited (United Kingdom)	(d)	(2)(3)(7)(10)(14)	Diversified Financial Services	SONIA	5.16%, 3.20% PIK	13.08%	2/28/2022	2/28/2029	£	13,774	17,647		17,488		1.17
Heartland Home Services, Inc.	(b)(c)(e)	(2)(3)(11)(14)	Consumer Services	SOFR	6.00%	10.33%	12/15/2020	12/15/2026	31,694		31,449		30,156		2.02
Heartland Home Services, Inc.	(c)	(2)(3)(11)	Consumer Services	SOFR	5.75%	10.08%	2/10/2022	12/15/2026	3,963		3,946		3,766		0.25
Hercules Borrower LLC	(a)(b)(e)	(2)(3)(11)(14)	Environmental Industries	SOFR	5.50%	9.83%	12/14/2020	12/14/2026	17,895		17,704		17,895		1.20
Hoosier Intermediate, LLC	(a)(c)(e)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	5.00%	9.52%	11/15/2021	11/15/2028	16,026		15,800		16,026		1.07
HS Spa Holdings Inc.	(a)(e)	(2)(3)(14)	Consumer Services	SOFR	5.25%	9.76%	6/2/2022	6/2/2029	8,679		8,543		8,738		0.59
HS Spa Holdings Inc.	(a)	(2)(3)(14)	Consumer Services	SOFR	5.25%	9.54%	3/12/2024	6/2/2029	313		308		313		0.02
Icefall Parent, Inc.	(b)(e)	(2)(3)(14)	Software	SOFR	6.50%	10.86%	1/26/2024	1/26/2030	7,811		7,660		7,803		0.52
iCIMS, Inc.	(a)(b)(c)(e)	(2)(3)(14)	Software	SOFR	5.75%	10.38%	8/18/2022	8/18/2028	28,159		27,855		27,614		1.85
IG Investments Holdings, LLC	(b)	(2)(3)(14)	Business Services	SOFR	5.00%	9.57%	11/1/2024	9/22/2028	4,117		4,117		4,117		0.28
Infront Luxembourg Finance S.À R.L. (Luxembourg)	(b)(c)	(2)(7)	Leisure Products & Services	EURIBOR	4.50%, 5.50% PIK	12.91%	5/28/2021	5/28/2027	€	33,924	40,558		35,140		2.35
IQN Holding Corp.	(a)(b)	(2)(3)(14)	Business Services	SOFR	5.25%	9.76%	5/2/2022	5/2/2029	7,026		6,977		7,026		0.47
iRobot Corporation	(a)	(2)(3)(7)(11)	Consumer Goods: Durable	SOFR	6.50%, 2.50% PIK	13.63%	7/25/2023	7/31/2026	4,404		4,404		4,260		0.29
Jeg's Automotive, LLC	(c)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	7.00% (100% PIK)	11.29%	12/22/2021	12/31/2029	5,850		5,850		5,850		0.39
Kaseya, Inc.	(b)(e)	(2)(3)(14)	High Tech Industries	SOFR	5.50%	10.08%	6/23/2022	6/23/2029	36,846		36,303		36,846		2.47

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Lifelong Learner Holdings, LLC	(b)(c)	(2)(3)(11)(14)	Business Services	SOFR	7.75%	12.44%	10/18/2019	10/18/2025	$	8,232	$	8,192	$	7,541	0.51%
LVF Holdings, Inc.	(b)(c)(e)	(2)(3)(11)(14)	Beverage & Food	SOFR	5.50%	9.83%	6/10/2021	6/10/2027	39,757		39,366		39,757		2.66
Material Holdings, LLC	(c)	(2)(3)(11)(14)	Business Services	SOFR	1.35%, 4.65% PIK	10.33%	8/19/2021	8/19/2027	13,749		13,749		13,749		0.92
Material Holdings, LLC	(c)	(2)(3)(8)(11)	Business Services	SOFR	6.00% (100% PIK)	10.29%	8/19/2021	8/19/2027	3,378		1,310		877		0.06
Maverick Acquisition, Inc.	(b)(c)	(2)(3)(11)	Aerospace & Defense	SOFR	6.25%	10.58%	6/1/2021	6/1/2027	42,751		42,351		31,105		2.08
Medical Manufacturing Technologies, LLC	(c)(e)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	5.75%	10.09%	12/23/2021	12/23/2027	19,468		19,226		19,163		1.28
NEFCO Holding Company LLC	(a)(b)(c)(e)	(2)(3)(14)	Construction & Building	SOFR	5.75%	10.31%	8/5/2022	8/5/2028	31,928		31,499		31,842		2.13
North Haven Fairway Buyer, LLC	(a)(b)(c)(e)	(2)(3)(14)	Consumer Services	SOFR	6.50%	10.90%	5/17/2022	5/17/2028	22,799		22,409		22,799		1.53
North Haven Fairway Buyer, LLC	(c)	(2)(3)(14)	Consumer Services	SOFR	5.25%	9.66%	6/26/2024	5/17/2028	2,246		2,139		2,188		0.15
Oak Purchaser, Inc.	(a)(b)(e)	(2)(3)(14)	Business Services	SOFR	5.50%	9.81%	4/28/2022	4/28/2028	7,475		7,426		7,353		0.49
Oak Purchaser, Inc.	(a)(b)(e)	(2)(3)(14)	Business Services	SOFR	5.50%	9.82%	2/1/2024	4/28/2028	1,039		1,000		997		0.07
Optimizely North America Inc.	(b)	(2)(3)	High Tech Industries	EURIBOR	5.25%	8.11%	10/30/2024	10/30/2031	€	3,030	3,258		3,119		0.21
Optimizely North America Inc.	(b)	(2)(3)(14)	High Tech Industries	SOFR	5.00%	9.36%	10/30/2024	10/30/2031	8,970		8,869		8,909		0.60
Optimizely North America Inc.	(b)	(2)(3)	High Tech Industries	SONIA	5.50%	10.20%	10/30/2024	10/30/2031	£	1,212	1,556		1,511		0.10
Oranje Holdco, Inc.	(b)(e)	(2)(3)(14)	Business Services	SOFR	7.75%	12.32%	2/1/2023	2/1/2029	4,026		3,941		4,058		0.27
Oranje Holdco, Inc.	(b)(e)	(2)(3)	Business Services	SOFR	7.25%	11.82%	6/26/2024	2/1/2029	1,687		1,656		1,671		0.11
Orthrus Limited (United Kingdom)	(d)	(2)	Diversified Financial Services	EURIBOR	3.50%, 2.75% PIK	9.13%	12/4/2024	12/4/2031	€	1,805	1,882		1,841		0.12
Orthrus Limited (United Kingdom)	(d)	(2)(3)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	10.72%	12/4/2024	12/4/2031	4,768		4,697		4,696		0.31
Orthrus Limited (United Kingdom)	(d)	(2)(14)	Diversified Financial Services	SONIA	3.50%, 2.75% PIK	10.95%	12/4/2024	12/4/2031	£	2,021	2,531		2,474		0.17
PAM Bidco Limited (United Kingdom)	(d)	(14)	Utilities: Water	FIXED	10.75%	10.75%	10/29/2024	10/29/2031	67		86		82		0.01
PAM Bidco Limited (United Kingdom)	(d)	(2)(14)	Utilities: Water	SONIA	7.30%	12.24%	10/29/2024	10/29/2031	£	5,682	7,181		6,905		0.46
Park County Holdings, LLC	(b)(e)	(2)(3)(10)	Media: Diversified & Production	SOFR	7.28%	11.62%	11/29/2023	11/29/2029	28,759		28,249		28,615		1.92
PDI TA Holdings, Inc	(b)	(2)(3)(14)	Software	SOFR	5.50%	10.08%	2/1/2024	2/1/2031	2,572		2,545		2,568		0.17
Performance Health Holdings, Inc.	(e)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	5.75%	10.11%	7/12/2021	7/12/2027	6,444		6,382		6,444		0.43

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Pestco Intermediate, LLC	(b)(c)(e)	(2)(3)(11)(14)	Environmental Industries	SOFR	6.25%	10.78%	2/6/2023	2/17/2028	$	2,513	$	2,457	$	2,541	0.17%
Pestco Intermediate, LLC	(a)(b)	(2)(3)(14)	Environmental Industries	SOFR	5.25%	9.50%	10/2/2024	2/17/2028	1,237		1,209		1,214		0.08
PF Atlantic Holdco 2, LLC	(c)(e)	(2)(3)(11)(14)	Leisure Products & Services	SOFR	5.50%	10.04%	11/12/2021	11/12/2027	36,293		35,877		36,293		2.43
PPV Intermediate Holdings, LLC	(a)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.54%	8/7/2024	8/31/2029	—		(80)		—		—
Project Castle, Inc.	(e)	(2)(3)	Capital Equipment	SOFR	5.50%	10.09%	6/24/2022	6/1/2029	7,331		6,771		6,389		0.43
Prophix Software Inc. (Canada)	(a)	(2)(3)(7)(14)	Software	SOFR	6.00%	10.36%	2/1/2021	2/1/2027	—		(13)		(10)		(0.00)
Prophix Software Inc. (Canada)	(a)(b)(e)	(2)(3)(7)(14)	Software	SOFR	6.00%	10.35%	11/21/2023	2/1/2027	18,999		18,829		18,921		1.27
PXO Holdings I Corp.	(a)(b)(e)	(2)(3)(11)(14)	Chemicals, Plastics & Rubber	SOFR	5.50%	9.90%	3/8/2022	3/8/2028	9,650		9,522		9,647		0.65
QBS Parent, Inc.	(a)(b)	(2)(3)(14)	Energy: Oil & Gas	SOFR	4.75%	9.27%	11/7/2024	11/7/2031	9,569		9,517		9,516		0.64
QNNECT, LLC	(b)(c)(e)	(2)(3)(14)	Aerospace & Defense	SOFR	5.25%	10.26%	11/2/2022	11/2/2029	3,116		3,046		3,129		0.21
Quantic Electronics, LLC	(c)(e)	(2)(3)(11)(14)	Aerospace & Defense	SOFR	6.00%	10.33%	11/19/2020	11/19/2026	14,919		14,794		14,919		1.00
Quantic Electronics, LLC	(c)(e)	(2)(3)(11)	Aerospace & Defense	SOFR	6.00%	10.33%	3/1/2021	3/1/2027	9,625		9,543		9,625		0.64
Radwell Parent, LLC	(c)(e)	(2)(3)(14)	Wholesale	SOFR	5.50%	9.83%	12/1/2022	4/1/2029	4,628		4,510		4,583		0.31
Ranpak Corp.	(b)	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.79%	12/19/2024	12/19/2031	12,195		12,074		12,073		0.81
Ranpak B.V. (Netherlands)	(b)	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.79%	12/19/2024	12/19/2031	7,805		7,727		7,727		0.52
Regency Entertainment, Inc.	(b)(e)	(2)(3)(11)	Media: Advertising, Printing & Publishing	SOFR	6.75%, 2.25% PIK	13.33%	7/5/2023	6/23/2028	10,000		9,809		10,300		0.69
Rialto Management Group, LLC	(b)	(2)(3)(14)	Diversified Financial Services	SOFR	5.00%	9.53%	12/5/2024	12/5/2030	10,467		10,359		10,358		0.69
Rotation Buyer, LLC	(a)(b)	(2)(3)(14)	Capital Equipment	SOFR	4.75%	9.08%	12/27/2024	12/27/2031	12,056		11,894		11,893		0.80
SCP Eye Care HoldCo, LLC	(a)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	5.50%	9.90%	10/7/2022	10/7/2029	157		154		157		0.01
Seahawk Bidco, LLC	(a)(b)	(2)(3)(14)	Consumer Services	SOFR	4.75%	9.10%	12/19/2024	12/19/2031	24,882		24,622		24,620		1.65
Smarsh Inc.	(a)(e)	(2)(3)(14)	Software	SOFR	5.75%	10.08%	2/18/2022	2/18/2029	3,755		3,698		3,755		0.25
SPay, Inc.	(a)(b)	(2)(3)(11)	Leisure Products & Services	SOFR	2.88%, 6.38% PIK	13.84%	6/15/2018	6/15/2026	29,237		29,195		25,108		1.68
Speedstar Holding LLC	(b)(c)(e)	(2)(3)(14)	Auto Aftermarket & Services	SOFR	6.00%	10.59%	7/2/2024	7/22/2027	18,170		17,948		17,942		1.20
SPF Borrower, LLC	(a)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	6.25%	10.58%	2/1/2024	2/1/2028	10,392		10,392		10,392		0.70
SPF Borrower, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	9.50%	13.83%	2/1/2024	2/1/2028	3,822		3,822		3,822		0.26
Spotless Brands, LLC	(a)(b)(c)(e)	(2)(3)(14)	Consumer Services	SOFR	5.75%	10.03%	6/21/2022	7/25/2028	33,370		32,757		33,451		2.24

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Tank Holding Corp.	(a)(b)(e)	(2)(3)(11)(14)	Capital Equipment	SOFR	5.75%	10.00%	3/31/2022	3/31/2028	$	24,942	$	24,653	$	24,942	1.67%
Tank Holding Corp.	(b)	(2)(3)(11)(14)	Capital Equipment	SOFR	6.00%	10.35%	9/26/2024	3/31/2028	2,717		2,690		2,717		0.18
TCFI Aevex LLC	(b)(c)(e)	(2)(3)(11)	Aerospace & Defense	SOFR	6.00%	10.36%	3/18/2020	3/18/2026	27,957		27,820		27,958		1.87
The Chartis Group, LLC	(a)(b)	(2)(3)(14)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.85%	9/17/2024	9/17/2031	20,820		20,526		20,643		1.38
Total Power Limited (Canada)	(a)(b)	(2)(3)(7)(14)	Energy: Electricity	CORRA	5.25%	10.16%	7/22/2024	7/22/2030	C$	8,022	5,706		5,486		0.37
Tufin Software North America, Inc.	(a)(b)(c)(e)	(2)(3)(11)(14)	Software	SOFR	6.95%	11.29%	8/17/2022	8/17/2028	28,328		27,942		28,202		1.89
Turbo Buyer, Inc.	(b)(c)(e)	(2)(3)(14)	Auto Aftermarket & Services	SOFR	6.00%	10.47%	12/2/2019	12/2/2025	42,210		42,005		39,341		2.64
U.S. Legal Support, Inc.	(a)(b)(e)	(2)(3)(11)(14)	Business Services	SOFR	5.75%	10.08%	11/30/2018	5/31/2026	21,282		21,261		21,211		1.42
United Flow Technologies Intermediate Holdco II, LLC	(a)(e)	(2)(3)(14)	Environmental Industries	SOFR	5.25%	9.59%	6/21/2024	6/21/2031	2,645		2,585		2,635		0.18
US INFRA SVCS Buyer, LLC	(b)(c)	(2)(3)(11)	Environmental Industries	SOFR	2.50%, 4.75% PIK	12.04%	4/13/2020	4/13/2027	49,227		48,949		44,461		2.98
USR Parent Inc.	(e)	(2)(3)(10)	Retail	SOFR	7.60%	12.15%	4/22/2022	4/25/2027	3,333		3,316		3,290		0.22
Vensure Employer Services, Inc.	(a)(b)(e)	(2)(14)	Business Services	SOFR	5.00%	9.34%	9/27/2024	9/27/2031	21,058		20,816		21,029		1.41
Wineshipping.com LLC	(c)	(2)(3)(11)(14)	Beverage & Food	SOFR	5.75%	10.29%	10/29/2021	10/29/2027	15,603		15,434		12,852		0.86
World 50, Inc.	(b)(e)	(2)(3)(14)	Business Services	SOFR	5.75%	10.11%	3/22/2024	3/22/2030	18,996		18,638		18,786		1.26
Yellowstone Buyer Acquisition, LLC	(a)	(2)(3)(11)	Consumer Goods: Durable	SOFR	5.75%	10.48%	9/13/2021	9/13/2027	435		431		402		0.03
YLG Holdings, Inc.	(b)(c)(e)	(2)(3)(14)	Consumer Services	SOFR	4.75%	9.32%	9/30/2020	12/23/2030	10,942		10,838		10,813		0.72

First Lien Debt Total											$	1,759,826	$	1,720,761	115.30%
Second Lien Debt (4.8% of fair value)
11852604 Canada Inc. (Canada)	(d)	(2)(3)(7)(11)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	13.98%	9/30/2021	9/30/2028	$	10,185	$	10,092	$	9,956	0.67%
Aimbridge Acquisition Co., Inc.	(b)	(2)(8)(11)	Leisure Products & Services	SOFR	7.50%	11.79%	2/1/2019	2/1/2027	21,047		20,612		2,542		0.17
AP Plastics Acquisition Holdings, LLC	(b)(e)	(2)(3)(11)	Chemicals, Plastics & Rubber	SOFR	7.25%	11.61%	8/10/2021	8/10/2029	38,180		37,469		38,180		2.56
AQA Acquisition Holdings, Inc.	(b)(e)	(2)(3)	High Tech Industries	SOFR	6.25%	10.84%	5/14/2021	3/3/2029	13,679		13,570		13,645		0.91
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	2,747		2,735		2,735		0.18
Denali Midco 2, LLC	(a)	(2)	Consumer Services	FIXED	13.00% (100% PIK)	13.00%	10/4/2024	12/22/2029	1,320		1,296		1,295		0.09
PAI Holdco, Inc.	(b)	(2)(3)	Auto Aftermarket & Services	SOFR	5.50%, 2.00% PIK	12.09%	10/28/2020	10/28/2028	14,672		14,442		12,888		0.86

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated(1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
TruGreen Limited Partnership	(b)	(2)(3)(11)	Consumer Services	SOFR	8.50%	13.09%	11/16/2020	11/2/2028	$	13,000	$	12,848	$	11,483	0.77%






Second Lien Debt Total											$	113,064	$	92,724	6.21%


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Structured Credit Investments (3.2% of fair value)
AB BSL CLO 5 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.10%	10.39%	11/18/2024	1/20/2038	$	1,250	$	1,250	$	1,250	0.08	%
Aimco CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	11/14/2024	10/17/2037	1,330		1,330		1,330		0.09
Apidos CLO XVIII-R Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	11/22/2024	1/22/2038	3,270		3,270		3,271		0.22
Avoca CLO XI DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	6.15%	8.94%	11/8/2024	10/15/2038	€	1,750	1,876		1,812		0.12
Babson CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.00%	10.29%	11/20/2024	1/15/2038	1,275		1,275		1,284		0.09
Babson CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	12/20/2024	1/15/2038	5,000		5,000		5,000		0.36
Birch Grove CLO 11 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.80%	10.09%	11/15/2024	1/22/2038	3,000		3,000		3,003		0.20
Bryant Park Funding Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	11/18/2024	1/18/2038	3,000		3,000		3,001		0.20
CVC Cordatus Loan Fund XXVI DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	5.75%	8.54%	12/12/2024	1/15/2038	€	3,490	3,653		3,615		0.24
Elmwood CLO II Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	9.94%	10/29/2024	10/20/2037	3,250		3,250		3,321		0.22
Generate CLO 18 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.00%	10.29%	10/18/2024	1/20/2038	2,190		2,190		2,211		0.15
Golub Capital Partners CLO 43B Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	10/31/2024	10/20/2037	3,375		3,375		3,375		0.23
KKR CLO 54 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.80%	10.09%	11/22/2024	1/15/2038	3,050		3,050		3,051		0.20
Oaktree CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.10%	10.39%	11/25/2024	1/15/2038	2,875		2,875		2,876		0.19
Pikes Peak CLO 8	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	12/19/2024	1/20/2038	3,000		3,000		3,000		0.20
Rad CLO 17 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.25%	10.54%	11/5/2024	1/20/2038	2,000		2,000		2,001		0.13
Reese Park CLO Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	6.00%	10.29%	11/20/2024	1/15/2038	2,220		2,220		2,252		0.15
Regatta 30 Funding Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.40%	9.69%	11/25/2024	1/25/2038	1,970		1,970		1,970		0.13
Regatta XXIV Funding Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.15%	9.44%	12/20/2024	1/20/2038	3,000		3,000		3,000		0.20
RR Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.50%	9.79%	11/26/2024	1/15/2037	2,860		2,860		2,861		0.19
Silver Point CLO 1 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.25%	9.54%	12/23/2024	1/20/2038	2,250		2,250		2,250		0.15
Silver Point CLO 7 Ltd.	(a)	(2)(7)(13)	Structured Credit	SOFR	5.75%	10.04%	11/25/2024	1/15/2038	2,200		2,200		2,200		0.15
Voya Euro CLO VIII DAC	(a)	(2)(7)(13)	Structured Credit	EURIBOR	5.85%	8.64%	11/12/2024	1/15/2039	€	4,380	4,640		4,537		0.30


Structured Credit Investments Total											$	62,534	$	62,471	4.19	%

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

Footnotes

Industry

All-In Rate

Acquisition
Date

Shares/ Units

Cost

Fair Value (5)

% of
Net Assets

Equity Investments (3.9% of fair value)

ANLG Holdings, LLC

(a)

(6)(12)

Capital Equipment

6/22/2018

592

1,035

0.07

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Appriss Health, LLC	(a)	(6)	Healthcare & Pharmaceuticals	11.00% (100% PIK)	5/6/2021	1	$	626	$	614	0.04	%
Atlas Ontario LP (Canada)	(a)	(6)(7)(12)	Business Services		4/7/2021	5,114	5,114		5,114		0.34
Blackbird Holdco, Inc.	(a)	(6)	Capital Equipment	12.50% (100% PIK)	12/14/2021	9	9,338		9,336		0.63
Buckeye Group Holdings, L.P.	(c)	(6)(8)	Auto Aftermarket & Services	11.29% (100% PIK)	12/31/2024	4,099	1,218		1,218		0.08
Buckeye Group Holdings, L.P.	(c)	(6)(12)	Auto Aftermarket & Services		12/31/2024	7,542	—		—		—
Buckeye Group Holdings, L.P.	(c)	(6)(12)	Auto Aftermarket & Services		12/31/2024	410	—		—		—
Cority Software Inc. (Canada)	(a)	(6)(7)(12)	Software		7/2/2019	250	250		735		0.05
ECP Parent, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		3/29/2018	268	—		197		0.01
FS NU Investors, LP	(a)	(6)	Consumer Services	20.00% (100% PIK)	8/9/2024	1	137		145		0.01
GB Vino Parent, L.P.	(a)	(6)(12)	Beverage & Food		10/29/2021	4	274		86		0.01
HIG Intermediate, Inc.	(a)	(6)	Diversified Financial Services	10.50%	12/10/2024	8	7,513		7,513		0.50
Integrity Marketing Group, LLC	(a)	(6)	Diversified Financial Services	10.50% (100% PIK)	12/21/2021	20,577	20,496		19,942		1.34
NearU Holdings LLC	(a)	(6)(12)	Consumer Services		8/16/2022	25	2,470		625		0.04
NEFCO Holding Company LLC	(a)	(6)	Construction & Building	8.00%	8/5/2022	1	608		608		0.04
North Haven Goldfinch Topco, LLC	(a)	(6)(12)	Containers, Packaging & Glass		6/18/2018	2,315	2,315		—		—
Pascal Ultimate Holdings, L.P	(a)	(6)(12)	Capital Equipment		7/21/2021	36	346		766		0.05
Profile Holdings I, LP	(a)	(6)(12)	Chemicals, Plastics & Rubber		3/8/2022	3	262		237		0.02
Sinch AB (Sweden)	(a)	(6)(7)(12)	High Tech Industries		3/26/2019	106	1,168		199		0.01
SPF HOLDCO LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		2/1/2024	4,030	5,428		6,742		0.45
Summit K2 Midco, Inc.	(a)	(6)(12)	Diversified Financial Services		4/27/2023	61	49		89		0.01
Talon MidCo 1 Limited	(a)	(6)(12)	Software		8/17/2022	1,018	1,456		1,955		0.13
Tank Holding Corp.	(a)	(6)(12)	Capital Equipment		3/26/2019	850	—		3,485		0.23
Titan DI Preferred Holdings, Inc.	(a)	(6)	Energy: Oil & Gas	13.50% (100% PIK)	2/11/2020	12,031	11,932		12,031		0.81
Turbo Buyer, Inc.	(a)	(6)(12)	Auto Aftermarket & Services		12/2/2019	1,925	933		1,274		0.09
TW LRW Holdings, LLC	(c)	(6)(12)	Business Services		6/14/2024	4	0		0		0.00
U.S. Legal Support Investment Holdings, LLC	(a)	(6)(12)	Business Services		11/30/2018	640	640		819		0.05
Zenith American Holding, Inc.	(a)	(6)(12)	Business Services		12/13/2017	440	211		548		0.04
Equity Investments Total							$	73,376	$	75,313	5.05	%
Total investments—non-controlled/non-affiliated							$	2,008,800	$	1,951,269	130.74	%
Total investments							$	2,008,800	$	1,951,269	130.74	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Derivative Instruments**	Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Unrealized Appreciation (Depreciation)
Forward Currency Contract	Barclays Bank PLC	$	3,260	€	3,000	2/4/2025	$	148
Forward Currency Contract	Barclays Bank PLC	$	1,555	£	1,200	2/4/2025	53
Forward Currency Contract	Barclays Bank PLC	$	7,256	£	5,607	2/4/2025	238
Forward Currency Contract	Barclays Bank PLC	$	9,700	€	8,935	2/4/2025	433
Forward Currency Contract	Barclays Bank PLC	$	1,203	C$	1,672	2/5/2025	39
Forward Currency Contract	Barclays Bank PLC	$	18,848	£	14,538	2/5/2025	653
Forward Currency Contract	Barclays Bank PLC	$	3,519	€	3,240	2/5/2025	158
Forward Currency Contract	Barclays Bank PLC	$	36,337	€	33,459	2/5/2025	1,633
Forward Currency Contract	Barclays Bank PLC	$	1,723	€	1,586	2/5/2025	77
Forward Currency Contract	Barclays Bank PLC	$	5,678	C$	7,889	2/5/2025	183
Forward Currency Contract	Barclays Bank PLC	$	3,498	€	3,221	2/5/2025	157
Total Derivative Instruments							$	3,772

(a) Denotes that all or a portion of the assets are owned by Carlyle Credit Solutions, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CARS” or the “Company”). Accordingly, such assets are not available to creditors of Carlyle Credit Solutions SPV LLC (“SPV”), Carlyle Credit Solutions SPV2 LLC (“SPV2”), Carlyle Direct Lending CLO 2024-1 LLC (the “2024-1 Issuer”) or CARS Lux Finance SPV S.à r.l. (“CARS Lux Finance”).

(c) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, SPV2. SPV2 has entered into a senior secured revolving credit facility (the “SPV2 Credit Facility,” and together with the SPV Credit Facility, the “Credit Facilities”). The lenders of the SPV2 Credit Facility have a first lien security interest in substantially all of the assets of SPV2 (see Note 6, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV, the 2024-1 Issuer or CARS Lux Finance.

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

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. As of December 31, 2024, the reference rates for variable rate loans were the 30-day SOFR at 4.30%, the 90-day SOFR at 4.29%, the 180-day SOFR at 4.25%, the daily SONIA at 4.70%, the 90-day EURIBOR at 2.79% , the 180-day EURIBOR at 2.63%, and the 30-day CORRA at 4.97%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 3.00%.

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

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of December 31, 2024, the aggregate fair value of these securities is $75,313, or 5.54% of the Company’s net assets.

(8)Represents an investment on non-accrual status as of December 31, 2024.

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

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

(12)Represents a non-income producing security as of December 31, 2024.

(13)Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2024, the aggregate fair value of these securities is $62,471 or 4.19% of the Company’s net assets.

(14)As of December 31, 2024, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Accession Risk Management Group, Inc.	Revolver	0.50	%	$	1,096	$	11
ACR Group Borrower, LLC	Delayed Draw	0.75		62		—
ADPD Holdings, LLC	Delayed Draw	1.00		3,418		(292)
ADPD Holdings, LLC	Revolver	0.50		568		(49)
Advanced Web Technologies Holding Company	Revolver	0.50		1,689		(1)
Alpine Acquisition Corp II	Revolver	0.50		1,965		(387)
AmpersCap LLC	Delayed Draw	1.00		3,709		(74)
Apex Companies Holdings, LLC	Delayed Draw	1.00		3,971		(24)
Applied Technical Services, LLC	Delayed Draw	1.00		512		(7)
Applied Technical Services, LLC	Revolver	0.50		19		—
Appriss Health, LLC	Revolver	0.50		3,212		(21)
Artifact Bidco, Inc.	Delayed Draw	0.50		172		(1)
Artifact Bidco, Inc.	Revolver	0.35		123		(1)
Ascend Buyer, LLC	Revolver	0.50		856		(1)
Associations, Inc.	Delayed Draw	—		423		4
Associations, Inc.	Revolver	0.50		203		2
Athlete Buyer, LLC	Delayed Draw	1.00		2,476		(40)
Atlas US Finco, Inc.	Revolver	0.50		134		—
Auditboard, Inc.	Delayed Draw	0.75		2,857		(17)
Auditboard, Inc.	Revolver	0.50		1,143		(7)
Avalara, Inc.	Revolver	0.50		1,426		—
Azurite Intermediate Holdings, Inc.	Revolver	0.50		397		8
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50		913		(25)
Bingo Group Buyer, Inc.	Delayed Draw	0.75		1,066		11

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Bingo Group Buyer, Inc.	Revolver	0.50	%	$	397	$	4
Birsa S.p.A. (Italy)	Delayed Draw	1.25		€	2,538	(55)
Bradyifs Holdings, LLC	Delayed Draw	1.00		354		1
Celerion Buyer, Inc.	Delayed Draw	1.00		249		(2)
Celerion Buyer, Inc.	Revolver	0.50		125		(1)
Chemical Computing Group ULC (Canada)	Revolver	0.50		903		—
CircusTrix Holdings, LLC	Delayed Draw	1.00		215		3
CoreWeave Compute Acquisition Co. IV, LLC	Delayed Draw	0.50		14,827		(222)
Cority Software Inc. (Canada)	Revolver	0.50		3,000		(6)
Coupa Holdings, LLC	Delayed Draw	1.50		193		3
Coupa Holdings, LLC	Revolver	0.50		148		2
CST Holding Company	Revolver	0.50		235		—
Dance Midco S.a.r.l. (United Kingdom)	Delayed Draw	1.00		€	3,295	(48)
Dwyer Instruments, Inc.	Delayed Draw	1.00		1,475		—
Dwyer Instruments, Inc.	Revolver	0.50		2,947		—
Ellkay, LLC	Revolver	0.50		1,071		(124)
Essential Services Holding Corporation	Delayed Draw	1.00		149		—
Essential Services Holding Corporation	Revolver	0.50		93		—
Excel Fitness Holdings, Inc.	Revolver	0.50		891		(6)
Excelitas Technologies Corp.	Delayed Draw	1.00		51		—
Excelitas Technologies Corp.	Revolver	0.50		1,164		(7)
FPG Intermediate Holdco, LLC	Delayed Draw	—		11		(4)
Galileo Parent, Inc.	Revolver	0.50		2,612		—
Greenhouse Software, Inc.	Revolver	0.50		2,204		13
GS AcquisitionCo, Inc.	Delayed Draw	0.50		29		—
GS AcquisitionCo, Inc.	Revolver	0.50		52		—
Hadrian Acquisition Limited (United Kingdom)	Delayed Draw	2.33		£	5,657	45
Heartland Home Services, Inc.	Revolver	0.50		2,056		(94)
Hercules Borrower LLC	Revolver	0.50		2,160		—
Hoosier Intermediate, LLC	Revolver	0.50		2,400		—
HS Spa Holdings Inc.	Delayed Draw	0.50		326		—
HS Spa Holdings Inc.	Revolver	0.50		988		6
Icefall Parent, Inc.	Revolver	0.50		744		(1)
iCIMS, Inc.	Revolver	0.50		1,960		(35)
IG Investments Holdings, LLC	Revolver	0.50		325		—
IQN Holding Corp.	Revolver	0.50		297		—
Kaseya, Inc.	Delayed Draw	1.00		853		—

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Kaseya, Inc.	Revolver	0.50	%	$	1,541	$	—
Lifelong Learner Holdings, LLC	Revolver	0.50		84		(7)
LVF Holdings, Inc.	Revolver	0.38		1,733		—
Material Holdings, LLC	Revolver	1.00		192		—
Medical Manufacturing Technologies, LLC	Revolver	0.50		355		(5)
NEFCO Holding Company LLC	Delayed Draw	1.00		1,642		(4)
NEFCO Holding Company LLC	Revolver	0.50		4,224		(10)
North Haven Fairway Buyer, LLC	Delayed Draw	1.00		3,897		(37)
North Haven Fairway Buyer, LLC	Revolver	0.50		909		—
Oak Purchaser, Inc.	Delayed Draw	0.50		1,349		(23)
Oak Purchaser, Inc.	Revolver	0.50		584		(9)
Optimizely North America Inc.	Revolver	0.50		1,364		(8)
Oranje Holdco, Inc.	Revolver	0.50		503		4
Orthrus Limited (United Kingdom)	Delayed Draw	0.50		£	940	(11)
PAM Bidco Limited (United Kingdom)	Delayed Draw	3.23		£	32	—
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19		£	2,668	(43)
PDI TA Holdings, Inc	Delayed Draw	0.50		233		—
PDI TA Holdings, Inc	Revolver	0.50		232		—
Pestco Intermediate, LLC	Delayed Draw	1.00		790		(9)
Pestco Intermediate, LLC	Revolver	0.50		251		3
PF Atlantic Holdco 2, LLC	Revolver	0.50		2,759		—
PPV Intermediate Holdings, LLC	Delayed Draw	1.00		8,696		—
Prophix Software Inc. (Canada)	Delayed Draw	—		1,468		(6)
Prophix Software Inc. (Canada)	Revolver	0.50		2,658		(10)
PXO Holdings I Corp.	Revolver	0.50		460		—
QBS Parent, Inc.	Revolver	0.38		1,010		(5)
QNNECT, LLC	Delayed Draw	1.00		188		1
Quantic Electronics, LLC	Revolver	0.50		644		—
Radwell Parent, LLC	Delayed Draw	0.50		880		(7)
Radwell Parent, LLC	Revolver	0.38		279		(2)
Rialto Management Group, LLC	Revolver	0.50		361		(4)
Rotation Buyer, LLC	Delayed Draw	1.00		3,005		(30)
Rotation Buyer, LLC	Revolver	0.50		1,166		(12)
SCP Eye Care HoldCo, LLC	Revolver	0.50		19		—
Seahawk Bidco, LLC	Delayed Draw	1.00		7,776		(58)
Seahawk Bidco, LLC	Revolver	0.50		2,333		(17)

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Smarsh Inc.	Delayed Draw	1.00	%	$	408	$	—
Smarsh Inc.	Revolver	0.50		122		—
Speedstar Holding LLC	Delayed Draw	1.00		1,789		(20)
SPF Borrower, LLC	Revolver	0.50		403		—
Spotless Brands, LLC	Revolver	0.50		1,096		3
Tank Holding Corp.	Delayed Draw	1.00		130		—
Tank Holding Corp.	Revolver	0.38		828		—
The Chartis Group, LLC	Delayed Draw	1.00		6,373		(37)
The Chartis Group, LLC	Revolver	0.50		3,187		(19)
Total Power Limited (Canada)	Delayed Draw	0.50		C$	1,958	(35)
Total Power Limited (Canada)	Revolver	0.50		C$	1,111	(20)
Tufin Software North America, Inc.	Revolver	0.50		1,339		(6)
Turbo Buyer, Inc.	Revolver	0.50		1,075		(71)
U.S. Legal Support, Inc.	Revolver	0.50		709		(2)
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw	1.00		1,260		(3)
United Flow Technologies Intermediate Holdco II, LLC	Revolver	0.50		279		(1)
Vensure Employer Services, Inc.	Delayed Draw	0.50		4,373		(5)
Wineshipping.com LLC	Revolver	0.50		238		(41)
World 50, Inc.	Revolver	0.50		860		(9)
YLG Holdings, Inc.	Delayed Draw	0.50		816		(9)
YLG Holdings, Inc.	Revolver	0.38		291		(3)
Total unfunded commitments				$	176,940	$	(2,026)

The type of investments as of December 31, 2024 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value


First Lien Debt	$	1,759,826	$	1,720,761	88.1	%
Second Lien Debt	113,064		92,724		4.8
Equity Investments	73,376		75,313		3.9
Structured Credit Investments	62,534		62,471		3.2
Total	$	2,008,800	$	1,951,269	100.0	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)

The rate type of debt investments as of December 31, 2024 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	1,932,603	$	1,873,139	99.8	%
Fixed Rate	2,821		2,817		0.2
Total	$	1,935,424	$	1,875,956	100.0	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)

The industry composition of investments as of December 31, 2024 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	98,718	$	87,911	4.5	%
Auto Aftermarket & Services	82,396		78,513		4.0
Beverage & Food	55,074		52,695		2.7
Business Services	137,740		137,440		7.0
Capital Equipment	90,163		94,741		4.9
Chemicals, Plastics & Rubber	47,253		48,064		2.5
Construction & Building	73,662		73,307		3.8
Consumer Goods: Durable	4,835		4,662		0.2
Consumer Goods: Non-Durable	4,611		4,731		0.2
Consumer Services	186,031		180,802		9.3
Containers, Packaging & Glass	99,559		93,166		4.8
Diversified Financial Services	119,484		119,591		6.1
Energy: Electricity	7,210		6,998		0.4
Energy: Oil & Gas	21,449		21,547		1.1
Environmental Industries	87,766		83,867		4.3
Healthcare & Pharmaceuticals	167,556		167,525		8.6
High Tech Industries	109,389		108,871		5.6
Leisure Products & Services	153,202		126,314		6.5
Media: Advertising, Printing & Publishing	9,809		10,300		0.5
Media: Diversified & Production	39,145		39,141		2.0

Retail	23,158		23,290		1.2
Software	246,038		247,651		12.6
Sovereign & Public Finance	79		81		0.0
Structured Credit	62,534		62,471		3.2
Telecommunications	33,371		33,386		1.7
Transportation: Cargo	21,649		17,167		0.9
Utilities: Water	7,267		6,987		0.4
Wholesale	19,652		20,050		1.0
Total	$	2,008,800	$	1,951,269	100.0	%

CARLYLE CREDIT SOLUTIONS, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(amounts in thousands)

The geographical composition of investments as of December 31, 2024 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	2,226	$	2,286	0.1	%
Bermuda	2,860		2,861		0.1
Canada	138,434		138,798		7.1
Cayman Islands	46,005		46,146		2.4
Ireland	10,169		9,964		0.5
Italy	1,595		1,547		0.1
Luxembourg	78,409		72,088		3.7
Netherlands	7,727		7,727		0.4
Sweden	1,168		199		0.0
United Kingdom	58,230		57,195		2.9
United States	1,661,977		1,612,458		82.7
Total	$	2,008,800	$	1,951,269	100.0	%

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

Table of Contents

CARLYLE CREDIT SOLUTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of June 30, 2025

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

1. ORGANIZATION

Carlyle Credit Solutions, Inc. (together with its consolidated subsidiaries, “CARS” or the “Company”) is a Maryland corporation formed on February 10, 2017 and structured as an externally managed, non-diversified closed-end investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In addition, the Company has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The Company’s investment objective is to generate attractive risk adjusted returns and current income primarily through assembling a portfolio of senior secured term loans to U.S. middle market companies in which private equity sponsors hold, directly or indirectly, a financial interest in the form of debt and/or equity. The Company's core investment strategy focuses on lending to U.S. middle market companies, which the Company defines as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle's Global Credit platform while offering risk-diversifying portfolio benefits. The Company seeks to achieve its objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of its assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

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

On September 11, 2017 (“Commencement”), the Company completed its initial closing of capital commitments (the “Initial Closing”) and subsequently commenced substantial investment operations. On January 21, 2022, stockholders approved the Company's conversion from a finite life private BDC with no interim liquidity to a private BDC with a perpetual life and a regular quarterly liquidity program. The conversion extends indefinitely the Company's term and finite investment period and permits the Company to accept new subscriptions for shares of its common stock in a new continuous private offering (the “New Continuous Offering”). Commencing December 1, 2024, the Company has been conducting closings of the New Continuous Offering on a monthly basis. Subscriptions to purchase shares of the Company may be made on an ongoing basis with investors purchasing shares pursuant to an accepted subscription request effective as of the first day of each month based on the net asset value (“NAV”) per share of the Company’s shares (“Shares”) of common stock, par value $0.01 per share, as determined as of the previous day, being the last day of the preceding month. To be accepted, a subscription request, including the full subscription amount, must be received, together with a completed subscription agreement, at least five business days prior to the first day of the month (unless waived by the Investment Adviser). The Company and the Investment Adviser have

received an exemptive order from the SEC that permits the Company to issue in the New Continuous Offering multiple classes of shares of its common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date at the Company’s discretion.

Effective March 3, 2017, the Company changed its name from Carlyle Private Credit, Inc. to TCG BDC II, Inc., and effective March 29, 2022 the Company’s name was changed to Carlyle Credit Solutions, Inc. In connection therewith, the Company has adopted a policy to invest, under normal circumstances, at least 80% of our total assets (net assets plus borrowings for investment purposes) in credit investments (such as loans, notes, bonds, and other credit instruments). This policy may be changed with 60 days’ prior notice to our shareholders. None of the Company’s policies are fundamental, and thus may be changed without shareholder approval.

The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012.

Table of Contents

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

Carlyle Credit Solutions SPV LLC (“SPV”) is a Delaware limited liability company that was formed on January 28, 2019. SPV, which invests in first and second lien senior secured loans, is a wholly owned subsidiary of the Company and is consolidated in these unaudited consolidated financial statements commencing from the date of its formation.

Carlyle Credit Solutions SPV 2 LLC (“SPV2,” and collectively with SPV, the “SPVs”) is a Delaware limited liability company that was formed on March 10, 2020. SPV2, which invests in first and second lien senior secured loans, is a wholly owned subsidiary of the Company and is consolidated in these unaudited consolidated financial statements commencing from the date of its formation.

On October 29, 2024, the Company completed a $348,500 term debt securitization (the “2024-1 Debt Securitization”). The notes and loans offered in the 2024-1 Debt Securitization (the “2024-1 Debt”) were issued by Carlyle Direct Lending CLO 2024-1 LLC (the “2024-1 Issuer”). The $59,500 in the Class C and D notes were retained by the Company and are eliminated in the consolidation. The 2024-1 Issuer is a wholly owned and consolidated subsidiary of the Company and was formed on June 4, 2024. The 2024-1 Debt is secured by a diversified portfolio of the 2024-1 Issuer consisting primarily of first and second lien senior secured loans. Refer to Note 6, Borrowings, to these unaudited consolidated financial statements for details. The 2024-1 Issuer is consolidated in these unaudited consolidated financial statements commencing from the date of its formation.

CARS Lux S.à.r.l. is a private limited liability company organized under the laws of the Grand Duchy of Luxembourg that became a wholly owned subsidiary of the Company on July 23, 2024. On June 6, 2025, CARS Lux S.à.r.l. formally changed its legal name to CARS Lux Finance SPV S.à r.l. (“CARS Lux Finance”), which did not impact the operations, accounting treatment, or tax status of the entity. This change was administrative in nature and did not result in any modification to the entity’s capital structure, governing documents, legal form, ownership, or its functional role within the consolidated group. CARS Lux Finance invests in first and second lien senior secured loans and is consolidated in these unaudited consolidated financial statements starting from July 23, 2024.

CARS Lux Master S.à r.l. (“CARS Lux Finance 2” and together with the CARS Lux Finance, the SPVs and the 2024-1 Issuer, the “Subsidiaries”) is a private limited liability company organized under the laws of the Grand Duchy of Luxembourg that became a wholly owned subsidiary of the Company on June 6, 2025. CARS Lux Finance 2 invests in first and second lien senior secured loans and is consolidated in these unaudited consolidated financial statements starting from June 6, 2025. On July 3, 2025, CARS Lux Finance 2 formally changed its legal name to CARS Lux Finance 2 SPV S.à r.l., which did not impact the operations, accounting treatment, or tax status of the entity. This change was administrative in nature and did not result in any modification to the entity’s capital structure, governing documents, legal form, ownership, or its functional role within the consolidated group.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The

Table of Contents

unaudited consolidated financial statements include the accounts of the Company and the Subsidiaries. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value.

The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of unaudited consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results to be expected for the full year.

Certain prior period disclosures within the Consolidated Schedule of Investments have been amended to conform to the current period presentation.

Use of Estimates

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

Investments

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

Derivative Instruments

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

The Company uses forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Until the contracts are closed, fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as net change in unrealized gain (loss) on forward currency contracts within the Consolidated Statements of Operations. When the contracts are closed, realized gains (losses) are recorded as realized gain (loss) on forward currency contracts within the Consolidated Statements of Operations. The forward currency contracts are recorded at fair value on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted, which is recorded separately, if applicable. The change in fair value of the forward currency contracts is reflected as net unrealized (gain) loss on forward currency contracts within the Consolidated Statements of Cash Flows. Refer to Note 5, Derivative Instruments, to these unaudited consolidated financial statements for further information.

Table of Contents

Any amounts held by the Company in a separate account to cover collateral obligations to the counterparty under the terms of the ISDA Master Agreement (as defined in Note 5, Derivative Instruments, to these unaudited consolidated financial statements) are included in cash, cash equivalents, and restricted cash on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid to and held by the counterparty to cover collateral obligations under the terms of the ISDA Master Agreement are included in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid from the counterparty due to market value fluctuations to cover collateral under the terms of the ISDA Master Agreement are included in other accrued expenses and liabilities on accompanying Consolidated Statements of Assets and Liabilities.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, cash equivalents and restricted cash are held with four large financial institutions and cash held at each financial institution may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of June 30, 2025 and December 31, 2024, the Company held restricted cash balances of $65,551 and $58,745, respectively, which represent amounts that are collected and held by trustees appointed by the Company for payment of interest expense and principal on the outstanding borrowings and reinvestment into new assets. The amounts are held by the trustees as custodians of the assets securing certain of the Company’s financing transactions. As of June 30, 2025 and December 31, 2024, the Company held $1,043 and $2,993, respectively, in restricted cash denominated in a foreign currency. As of June 30, 2025 and December 31, 2024, the cost of foreign currencies was $3,114 and $4,408, respectively. As of June 30, 2025 and December 31, 2024, the fair value of foreign currencies was $3,165 and $4,407, respectively.

Revenue Recognition

Interest from Investments

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

The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. As of June 30, 2025 and December 31, 2024, the fair value of the loans in the portfolio with PIK provisions was $296,075 and $340,092, respectively, which represents approximately 13.2% and 17.4%, respectively, of total investments at fair value. For the three and six months ended June 30, 2025, the Company earned $4,716 and $10,167 in PIK income, respectively. For the three and six months ended June 30, 2024, the Company earned $4,307 and $8,237 in PIK income, respectively.

Other Income

Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2025, the Company earned $1,336 and $2,287, respectively, in other income, primarily from amendment fees, prepayment fees and undrawn commitment fees. For the three and six months ended June 30, 2024, the Company earned $923 and $2,893, respectively, in other income, primarily from amendment fees and prepayment fees.

Non-Accrual Income

Loans are generally placed on non-accrual status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management’s judgment, are likely to remain current. Management may determine not to place a loan

Table of Contents

on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2025 and December 31, 2024, the fair value of investments on non-accrual status was $46,607 and $10,487, respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2025 and December 31, 2024 and for the periods then ended.

Credit Facilities and Debt Securitization — Related Costs, Expenses and Deferred Financing Costs

The Credit Facilities and the 2024-1 Debt, each as defined within Note 6, Borrowings to these unaudited consolidated financial statements, are recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

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

Debt issuance costs include capitalized expenses including structuring and arrangement fees related to the offering of the 2024-1 Debt. Amortization of debt issuance costs for the 2024-1 Debt is computed on the effective yield method over the term of the 2024-1 Debt. The unamortized balance of such costs is presented as a direct deduction to the carrying amount of the 2024-1 Debt in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 6, Borrowings, to these unaudited consolidated financial statements for additional information regarding the Company’s financing activity.

Income Taxes

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

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and six months ended June 30, 2025, the Company incurred $511 and $1,009, respectively, in excise tax expense. For the three and six months ended June 30, 2024, the Company incurred $460 and $841, respectively, in excise tax expense.

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

Dividends and Distributions to Common Stockholders

On November 4, 2024, our Board of Directors approved a change in dividend policy from quarterly distributions to monthly distributions, effective December 2024. To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its common stockholders with the first monthly distribution paid in December 2024. Dividends and distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board of Directors each quarter and is generally based upon the taxable earnings estimated by management

Table of Contents

and available cash. Net realized capital gains, if any, are generally distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan, pursuant to which all cash dividends declared by the Board of Directors are reinvested on behalf of common stockholders in Shares purchased in the New Continuous Offering who do not elect to receive their dividends on such shares in cash. As a result, if the Board of Directors authorizes, and the Company declares, a cash dividend or other distribution in Shares purchased in the New Continuous Offering then stockholders who have not opted out of our dividend reinvestment plan with respect to such Shares will have their cash distributions on such Shares purchased in the New Continuous Offering automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. A participating stockholder will receive an amount of shares equal to the amount of the distribution (net of applicable withholding taxes) on that participant’s shares divided by the NAV per Share as of the purchase date for such distribution.

Functional Currency

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

Earnings Per Common Share

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

Segment Reporting

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

Recent Accounting Standards Updates

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

In November 2024, the FASB issued ASU 2024-04, which amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2025. The Company does not expect this guidance to have a material impact on its unaudited consolidated financial statements.

3. FAIR VALUE MEASUREMENTS

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

Table of Contents

to determine the fair value of the security. The Investment Adviser may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.

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

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

•the nature and realizable value of any collateral;

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

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

•the portfolio company’s public or private credit rating;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;

•the markets in which the portfolio company does business and recent economic and/or market events; and

•comparisons to comparable transactions and publicly traded securities.

Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the unaudited consolidated financial statements as of June 30, 2025 and audited consolidated financial statements as of December 31, 2024.

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

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

•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Investment Adviser does not adjust the

Table of Contents

quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Investment Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2025 and 2024, there were no transfers between levels.

The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2025 and December 31, 2024:


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,996,615	$	1,996,615
Second Lien Debt	—		—		51,987		51,987
Equity Investments	—		—		87,611		87,611
Structured Credit Investments	—		—		112,663		112,663
Total Investments	$	—	$	—	$	2,248,876	$	2,248,876
Derivative Assets(1)	—		—		—		—
Liabilities
Derivative Liabilities(1)	—		(4,402)		—		(4,402)
Total							$	2,244,474


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,720,761	$	1,720,761
Second Lien Debt	—		—		92,724		92,724
Equity Investments	—		—		75,313		75,313
Structured Credit Investments	—		—		62,471		62,471
Total Investments	$	—	$	—	$	1,951,269	$	1,951,269
Derivative Assets(1)	—		3,772		—		3,772
Liabilities
Derivative Liabilities(1)	—		—		—		—
Total							$	1,955,041

(1)As of June 30, 2025 and December 31, 2024, derivative assets and liabilities include forward currency contracts.

Table of Contents

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


	Financial Assets
	Three Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Structured Credit Investments		Total
Balance, beginning of period	$	1,717,548	$	91,361	$	82,364	$	106,797	$	1,998,070
Purchases	377,653		592		1,556		4,000		383,801
Sales	(269)		—		—		—		(269)
Paydowns	(102,615)		(38,144)		—		—		(140,759)
Accretion of discount	2,092		717		38		(2)		2,845
Net realized gains (losses)	13		—		—		—		13
Net change in unrealized appreciation (depreciation)	2,193		(2,539)		3,653		1,868		5,175
Balance, end of period	$	1,996,615	$	51,987	$	87,611	$	112,663	$	2,248,876
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	2,575	$	(1,858)	$	3,653	$	1,868	$	6,238


	Financial Assets
	Six Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Structured Credit Investments		Total
Balance, beginning of period	$	1,720,761	$	92,724	$	75,313	$	62,471	$	1,951,269
Purchases	548,775		1,893		9,161		48,584		608,413
Sales	(324)		(2,599)		(668)		—		(3,591)
Paydowns	(271,172)		(38,180)		—		—		(309,352)
Accretion of discount	4,999		781		78		3		5,861
Net realized gains (losses)	62		(18,011)		29		—		(17,920)
Net change in unrealized appreciation (depreciation)	(6,486)		15,379		3,698		1,605		14,196
Balance, end of period	$	1,996,615	$	51,987	$	87,611	$	112,663	$	2,248,876
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(8,003)	$	(1,980)	$	3,686	$	1,605	$	(4,692)

Table of Contents


	Financial Assets
	Three Months Ended June 30, 2024
	First Lien Debt		Second Lien Debt		Equity Investments		Total
Balance, beginning of period	$	1,581,711	$	153,474	$	62,727	$	1,797,912
Purchases	49,435		2,961		1,152		53,548
Sales	(24,873)		—		(78)		(24,951)
Paydowns	(96,899)		(25,836)		—		(122,735)
Accretion of discount	1,846		406		32		2,284
Net realized gains (losses)	(1,850)		—		78		(1,772)
Net change in unrealized appreciation (depreciation)	(1,284)		(4,206)		(343)		(5,833)
Balance, end of period	$	1,508,086	$	126,799	$	63,568	$	1,698,453
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(3,665)	$	(4,204)	$	(343)	$	(8,212)


	Financial Assets
	Six Months Ended June 30, 2024
	First Lien Debt		Second Lien Debt		Equity Investments		Total
Balance, beginning of period	$	1,572,751	$	186,479	$	61,088	$	1,820,318
Purchases	125,400		3,367		7,697		136,464
Sales	(37,521)		—		(1,480)		(39,001)
Paydowns	(156,698)		(60,753)		(2,739)		(220,190)
Accretion of discount	3,877		901		133		4,911
Net realized gains (losses)	(43,172)		—		1,042		(42,130)
Net change in unrealized appreciation (depreciation)	43,449		(3,195)		(2,173)		38,081
Balance, end of period	$	1,508,086	$	126,799	$	63,568	$	1,698,453
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(476)	$	(2,802)	$	(834)	$	(4,112)

The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3:

Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Investment Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company.

Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis.

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

Table of Contents

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

The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2025 and December 31, 2024:


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	June 30, 2025				Low		High
Investments in First Lien Debt	$	1,783,844	Discounted Cash Flow	Discount Rate	6.80	%	22.66	%	10.26	%
	114,002		Consensus Pricing	Indicative Quotes	97.00	%	99.50	%	98.84	%
	98,769		Income Approach	Discount Rate	11.47	%	14.55	%	11.99	%
			Market Approach	Comparable Multiple	8.75x		11.29x		10.10x
Total First Lien Debt	1,996,615
Investments in Second Lien Debt	51,987		Discounted Cash Flow	Discount Rate	10.32	%	19.22	%	14.64	%


Total Second Lien Debt	51,987
Investments in Structured Credit	112,663		Consensus Pricing	Indicative Quotes	97.11	%	102.05	%	99.91	%
Total Structured Credit Investments	112,663
Investments in Equity	49,626		Income Approach	Discount Rate	12.34	%	16.16	%	13.48	%
	37,985		Market Approach	Comparable Multiple	6.65x		21.25x		13.56x
Total Equity Investments	87,611
Total Level 3 Investments	$	2,248,876


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	December 31, 2024				Low		High
Investments in First Lien Debt	$	1,458,326	Discounted Cash Flow	Discount Rate	7.22	%	21.50	%	11.19	%
	143,365		Consensus Pricing	Indicative Quotes	87.15	%	100.00	%	98.87	%
	119,070		Income Approach	Discount Rate	10.65	%	14.61	%	11.49	%
			Market Approach	Comparable Multiple	8.75x		13.94x		10.55x
Total First Lien Debt	1,720,761
Investments in Second Lien Debt	65,054		Discounted Cash Flow	Discount Rate	10.40	%	17.03	%	12.80	%
	25,128		Consensus Pricing	Indicative Quotes	88.33	%	99.75	%	94.53	%
	2,542		Income Approach	Discount Rate	14.33	%	14.33	%	14.33	%
Total Second Lien Debt	92,724
Investments in Structured Credit	62,471		Consensus Pricing	Indicative Quotes	99.96	%	102.20	%	100.23	%
Total Structured Credit Investments	62,471
Investments in Equity	43,143		Income Approach	Discount Rate	12.34	%	14.61	%	13.18	%
	32,170		Market Approach	Comparable Multiple	6.25x		17.09x		11.06x
Total Equity Investments	75,313
Total Level 3 Investments	$	1,951,269

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

The significant unobservable inputs used in the fair value measurement of the Company’s structured credit investments are indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement.

Table of Contents

Financial instruments disclosed but not carried at fair value

The following table presents the principal amount and fair value of the Credit Facilities and 2024-1 Debt as of June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
SPV Credit Facility	$	291,407	$	291,407	$	164,732	$	164,732
SPV2 Credit Facility	252,000		252,000		55,000		55,000
2024-1 Aaa/AAA Class A-1 Notes	92,500		92,594		92,500		92,584
2024-1 Aaa/AAA Class A-L1 Notes	104,000		104,106		104,000		103,995
2024-1 Aaa/AAA Class A-L2 Notes	50,000		50,051		50,000		49,998
2024-1 Aaa/AAA Class A-2 Notes	17,000		17,102		17,000		16,999
2024-1 Aaa/AAA Class B Notes	25,500		25,514		25,500		25,588

Total	$	832,407	$	832,774	$	508,732	$	508,896

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

The carrying value of the 2024-1 Debt approximates their fair value. The 2024-1 Debt is categorized as Level 3 within the hierarchy and is valued generally using market quotation(s) received from broker/dealer(s), which are significant unobservable inputs.

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

4. RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On June 26, 2017, the Company entered into an investment advisory agreement (the “Original Investment Advisory Agreement”) with the Investment Adviser. The initial term of the Original Investment Advisory Agreement was two years from June 26, 2017 and renewed automatically for successive annual periods with the specific approval of the Board of Directors, including the vote of a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act (the “Independent Directors”). On October 11, 2021, the Board, including all of its Independent Directors, reviewed and approved the terms of an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) for an initial term of two years, conditional upon stockholders’ approval of the proposal to convert the Company to a perpetual life BDC as discussed above. On January 21, 2022, stockholders approved the Amended and Restated Investment Advisory Agreement, which the Company entered into effective as of the date of such approval.

Pursuant to the Original Investment Advisory Agreement and the Amended and Restated Investment Advisory Agreement effective as of January 21, 2022, and subject to the overall supervision of the Board of Directors, the Investment Adviser provides investment advisory services to the Company. For providing these services, the Investment Adviser receives fees from the Company consisting of two components—a management fee and an incentive fee.

From the period September 12, 2021 until January 21, 2022, the management fee was calculated and payable quarterly in arrears at an annual rate of 1.00% of the Company’s average Capital Under Management (as defined below) at the end of the then-current quarter and the prior calendar quarter. “Capital Under Management” means cumulative capital called, less cumulative distributions categorized as Returned Capital. “Returned Capital” means unused capital commitments increased by the aggregate amount of (i) any portion of distributions made by the Company to an investor during the Original Investment Period (as defined below) which represents (A) proceeds realized from the sale or repayment of any investment (as opposed to investment income) during the Investment Period (but not in excess of the cost of any such investment) or (B) a return of such investor’s capital contributions to the Company, as determined by the Board of Directors, and (ii) any amount drawn down by the Company from unused capital commitments to pay management fees, incentive fees, organizational expenses or Company expenses, to the extent such investor receives subsequent distributions. For the avoidance of doubt, Capital Under Management does not include capital acquired through the use of leverage, and Returned Capital does not include distributions of the

Table of Contents

Company’s investment income (i.e., proceeds received in respect of interest payments, dividends or fees, net of expenses) or net realized capital gains to the investors.

Under the Original Investment Advisory Agreement until January 21, 2022, the incentive fee consisted of two parts. The first part was calculated and payable quarterly in arrears and equaled 15.0% of pre-incentive fee net investment income for the immediately preceding calendar quarter, subject to a preferred return of 1.75% per quarter (7.0% annualized), or “hurdle rate,” and a “catch-up” feature. The second part was determined and payable in arrears as of the end of each calendar year in an amount equal to 15.0% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation less the aggregate amount of any previously paid capital gain incentive fees, provided that no incentive fee on capital gains is payable to the Investment Adviser unless cumulative total return exceeded a 7.0% annual return on weighted average cumulative capital called less cumulative distributions categorized as Returned Capital.

Pursuant to the Amended and Restated Investment Advisory Agreement, effective January 21, 2022, (i) the income-based incentive fee rate was reduced from 15.0% to 12.5%, and the “hurdle rate” was reduced from 1.75% (7.0% annualized) to 1.25% (5.0% annualized); (ii) the capital gains incentive fee was reduced from 15.0% to 12.5%; and (iii) the calculation of the annual base management fee was changed to 1.00% of the Company's net asset value as of the end of the immediately preceding calendar quarter (as adjusted for capital called, dividends reinvested, distributions paid and issuer share repurchases made during the current calendar quarter) from 1.00% of the Company's average Capital Under Management. The terms of the Amended and Restated Investment Advisory Agreement were effective upon execution of the agreement, except for the change to the income-based incentive fee which became effective for the calendar quarter ending June 30, 2022. The Amended and Restated Investment Advisory Agreement will continue in effect until January 21, 2024 and, unless terminated earlier, will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the vote of the Board of Directors and by the vote of a majority of the Independent Directors. On April 29, 2025, the Company’s Board of Directors, including a majority of the Independent Directors, approved at an in-person meeting the continuance of the Company’s Amended and Restated Investment Advisory Agreement with the Investment Adviser for an additional one year term. The Amended and Restated 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.

Below is a summary of the base management fees and incentive fees incurred during the three and six months ended June 30, 2025 and 2024.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Base management fees	$	3,567	$	2,505	$	7,255	$	5,151




Incentive fees	5,152		4,509		10,118		9,430
Total base management fees and incentive fees	$	8,719	$	7,014	$	17,373	$	14,581

Accrued capital gains incentive fees are based upon the cumulative net realized and unrealized appreciation (depreciation) from inception. Accordingly, the accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. For the three and six months ended June 30, 2025 and 2024, there were no accrued or realized capital gains incentive fees.

As of June 30, 2025 and December 31, 2024, $8,719 and $8,738, respectively, was included in management and incentive fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

On June 26, 2017, the Investment Adviser entered into a personnel agreement with The Carlyle Group Employee Co., L.L.C. (“Carlyle Employee Co.”), an affiliate of the Investment Adviser, pursuant to which Carlyle Employee Co. provides the Investment Adviser with access to investment professionals.

Administration Agreement

On April 18, 2017, the Company entered into an administration agreement (the “Administration Agreement”) with the Administrator. Unless terminated earlier, the Administration Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by a majority vote of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent

Table of Contents

Directors. The Administration Agreement may not be assigned by a party without the consent of the other party and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party. On April 29, 2025, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the Administration Agreement for an additional one year term.

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

For the three and six months ended June 30, 2025, the Company incurred $334 and $593, respectively, in fees under the Administration Agreement. For the three and six months ended June 30, 2024, the Company incurred $500 and $965, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, $353 and $1,504, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

Sub-Administration Agreements

On June 26, 2017, the Administrator entered into sub-administration agreements with Carlyle Employee Co. (the “Carlyle Sub-Administration Agreements”). Pursuant to the Carlyle Sub-Administration Agreements, Carlyle Employee Co. provides the Administrator with access to personnel.

On June 22, 2017, the Administrator entered into a sub-administration agreement with State Street Bank and Trust Company (“State Street” and, such agreement, the “State Street Sub-Administration Agreement” and, together with the Carlyle Sub-Administration Agreements, the “Sub-Administration Agreements”).

Unless terminated earlier, the State Street Sub-Administration Agreement renews automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent Directors. On April 29, 2025, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the Sub-Administration Agreements for an additional one year term.

For the three and six months ended June 30, 2025, the Company incurred $348 and $507, respectively, in fees under the State Street Sub-Administration Agreement. For the three and six months ended June 30, 2024, the Company incurred $226 and $429, respectively, in fees under the State Street Sub-Administration Agreement. These fees are included in other general and administrative expenses in the accompanying Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, $496 and $229, respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

Placement Fees

On June 26, 2017, the Company entered into a placement fee arrangement with TCG Securities, L.L.C. (“TCG”), a licensed broker-dealer and an affiliate of the Investment Adviser, which may require stockholders to pay a placement fee to TCG for TCG’s services.

For the three and six months ended June 30, 2025 and 2024, TCG had no placement fees accrued from the Company’s stockholders in connection with the issuance or sale of the Company’s common stock.

Board of Directors

The Company’s Board of Directors currently consists of seven members, four of whom are Independent Directors. The Board of Directors has established an Audit Committee and a Pricing Committee of the Board of Directors, and may establish additional committees in the future. For the three and six months ended June 30, 2025, the Company incurred $104 and $190, respectively, in fees and expenses associated with its directors’ services on the Company’s Board of Directors and its committees. For the three and six months ended June 30, 2024, the Company incurred $83 and $168, respectively, in fees and

Table of Contents

expenses associated with its directors’ services on the Company’s Board of Directors and its committees. These fees are included in directors’ fees and expenses in the accompanying Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, no fees or expenses associated with its directors were payable.

5. DERIVATIVE INSTRUMENTS

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures. Below is a summary of the outstanding forward currency contracts as of June 30, 2025 and December 31, 2024.


As of June 30, 2025
Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	$	6,935	C$	9,412	$	(123)
Barclays Bank PLC	$	49,548	€	44,249	(3,050)
Barclays Bank PLC	$	28,435	£	21,624	(1,229)

					$	(4,402)


As of December 31, 2024
Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	$	6,882	C$	9,561	$	222
Barclays Bank PLC	$	58,036	€	53,441	2,606
Barclays Bank PLC	$	27,658	£	21,345	944
					$	3,772

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

For financial reporting purposes, any amounts held by the Company in a separate account to cover collateral obligations to the counterparty under the terms of the ISDA Master Agreement are included in cash, cash equivalents, and restricted cash on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid to and held by the counterparty to cover collateral obligations under the terms of the ISDA Master Agreement are included in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid from the counterparty due to market value fluctuations to cover collateral under the terms of the ISDA Master Agreement are included in other accrued expenses and liabilities on the accompanying Consolidated Statements of Assets and Liabilities. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the forward currency contracts on the unaudited consolidated financial statements of the Company, including the fair value of derivatives by risk category and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements, as well as any related collateral received or pledged by the Company as of June 30, 2025 and December 31, 2024. Refer to Note 3, Fair Value

Table of Contents

Measurements, to these unaudited consolidated financial statements for details related to the fair value measurement of derivatives instruments.


As of June 30, 2025
Counterparty	Risk Exposure	Unrealized Appreciation on Forward Currency Contracts		Unrealized Depreciation on Forward Currency Contracts		Net Amount		Collateral (Received) Pledged		Net Amount

Barclays Bank PLC	Foreign Currency	$	—	$	(4,402)	$	(4,402)	$	—	$	(4,402)


As of December 31, 2024
Counterparty	Risk Exposure	Unrealized Appreciation on Forward Currency Contracts		Unrealized Depreciation on Forward Currency Contracts		Net Amount		Collateral (Received) Pledged		Net Amount

Barclays Bank PLC	Foreign Currency	$	3,772	$	—	$	3,772	$	—	$	3,722

6. BORROWINGS

SPV and SPV2 are party to the SPV Credit Facility and SPV2 Credit Facility, respectively, as described below. In accordance with the Investment Company Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 200% after such borrowing. As of June 30, 2025 and December 31, 2024, asset coverage was 279.2% and 393.4%, respectively, and the Company was in compliance with all covenants and other requirements of the respective agreements of the Credit Facilities.

The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of June 30, 2025 and December 31, 2024.


	As of
	June 30, 2025		December 31, 2024
SPV Credit Facility	$	291,407	$	164,732
SPV2 Credit Facility	252,000		55,000

2024-1 Debt	289,000		289,000
Total principal amount outstanding	832,407		508,732
Less: unamortized debt issuance costs	(1,997)		(2,077)
Total carrying value	$	830,410	$	506,655

SPV Credit Facility

SPV entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility”) with a lender on April 1, 2019, which was most recently amended and restated on December 12, 2024, and may be further amended from time to time. The SPV Credit Facility provides for secured borrowings of $300,000 as of June 30, 2025, subject to availability under the SPV Credit Facility and restrictions imposed on borrowings under the Investment Company Act. The total commitments of $300,000 will be subject to increases of $100,000 on December 12, 2025 and $100,000 on June 12, 2026, provided satisfaction of commitment increase conditions on such dates. The SPV Credit Facility has a revolving period through October 15, 2026, and a maturity date of April 3, 2028, with one one-year extension option, subject to SPV’s and the lender’s consent. SPV may borrow amounts in U.S. Dollars or certain other permitted currencies. Borrowings under the SPV Credit Facility bear interest initially at SOFR (or, if applicable, a rate based on the prime rate or federal funds rate) plus 2.35% (2.54% prior to the December 12, 2024 amendment) per year. SPV also pays a fee of 0.75% per year on undrawn amounts under the SPV Credit Facility. Payments under the SPV Credit Facility are made quarterly. The lender has a first lien security interest on substantially all of the assets of SPV.

Table of Contents

Below is a summary of the borrowings and repayments under the SPV Credit Facility for the three and six months ended June 30, 2025 and 2024, and the outstanding balances under the SPV Credit Facility for the respective periods.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Outstanding borrowings, beginning of period	$	186,112	$	452,164	$	164,732	$	424,447
Borrowings	147,525		73,187		292,444		169,229
Repayments	(49,000)		(123,000)		(174,649)		(190,000)
Foreign currency translation	6,770		(277)		8,880		(1,602)
Outstanding borrowings, end of period	$	291,407	$	402,074	$	291,407	$	402,074

The SPV Credit Facility consisted of the following as of June 30, 2025 and December 31, 2024:


	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)

June 30, 2025	$	300,000	$	291,407	$	8,593	$	8,593
December 31, 2024	$	300,000	$	164,732	$	135,268	$	135,268

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

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

For the three and six months ended June 30, 2025 and 2024, the components of interest expense and credit facility fees of the SPV Credit Facility were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Interest expense	$	3,833		$	7,585		$	6,423		$	15,429
Facility unused commitment fee	98			889			355			1,968
Amortization of deferred financing costs	229			223			450			455

Total interest expense and credit facility fees	$	4,160		$	8,697		$	7,228		$	17,852
Cash paid for interest expense and credit facility fees	$	2,236		$	9,130		$	4,067		$	17,966

Weighted average debt principal outstanding	$	249,629		$	392,049		$	206,561		$	398,974
Weighted average interest rate(1)	6.07		%	7.65		%	6.18		%	7.65		%

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

As of June 30, 2025 and December 31, 2024, the components of interest and credit facility fees payable of the SPV Credit Facility were as follows:


	As of
	June 30, 2025			December 31, 2024
Interest expense payable	$	3,806		$	740
Unused commitment fees payable	97			331

Interest and credit facility fees payable	$	3,903		$	1,071
Weighted average interest rate	5.97		%	6.72		%

SPV2 Credit Facility

SPV2 entered into a senior secured revolving credit facility (as amended, the “SPV2 Credit Facility”, together with the SPV Credit Facility, the “Credit Facilities”) with a lender on May 13, 2020, which was most recently amended and restated on October 18, 2024, and may be further amended from time to time. The SPV2 Credit Facility provides for secured borrowings during the applicable revolving period up to a principal amount of $550,000 as of June 30, 2025, subject to availability under the SPV2 Credit Facility and restrictions imposed on borrowings under the Investment Company Act. The SPV2 Credit Facility has a revolving period through March 7, 2027 (March 7, 2025 prior to October 18, 2024 amendment) and a maturity date of March 7, 2032 (March 7, 2030 prior to October 18, 2024 amendment). Borrowings under the SPV2 Credit Facility bear interest initially at SOFR (or, if applicable, a rate based on the prime rate or federal funds rate plus 0.50%) plus 2.40% per year, plus a term SOFR adjustment of 0.15% per year. SPV2 pays a fee of 0.25% per year on undrawn amounts under the SPV2 Credit

Table of Contents

Facility. Payments under the SPV2 Credit Facility are made quarterly. The lender has a security interest on substantially all of the assets of SPV2.

Below is a summary of the borrowings and repayments under the SPV2 Credit Facility for the three and six months ended June 30, 2025 and 2024, and the outstanding balances under the SPV2 Credit Facility for the respective periods.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Outstanding borrowings, beginning of period	$	137,500	$	330,300	$	55,000	$	330,300
Borrowings	139,500		—		222,000		—
Repayments	(25,000)		—		(25,000)		—

Outstanding borrowings, end of period	$	252,000	$	330,300	$	252,000	$	330,300

The SPV2 Credit Facility consisted of the following as of June 30, 2025 and December 31, 2024:


	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)

June 30, 2025	$	550,000	$	252,000	$	298,000	$	77,776
December 31, 2024	$	550,000	$	55,000	$	495,000	$	226,179

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

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

For the three and six months ended June 30, 2025 and 2024, the components of interest expense and credit facility fees of the SPV2 Credit Facility were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024				2025			2024
Interest expense	$	3,260		$	6,575			$	5,177		$	13,156
Facility unused commitment fee	231			139				672			278
Amortization of deferred financing costs	230			224				458			448

Total interest expense and credit facility fees	$	3,721		$	6,938			$	6,307		$	13,882
Cash paid for interest expense and credit facility fees	$	2,550		$	4,051			$	4,638		$	14,199

Weighted average debt principal outstanding	$	185,011		$	330,300			$	148,624		$	330,300
Weighted average interest rate(1)	6.97		%	7.87		%		6.93		%	7.88		%

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

As of June 30, 2025 and December 31, 2024, the components of interest and credit facility fees payable of the SPV2 Credit Facility were as follows:


	As of
	June 30, 2025			December 31, 2024
Interest expense payable	$	1,788		$	754
Unused commitment fees payable	94			237

Interest and credit facility fees payable	$	1,882		$	991
Weighted average interest rate	6.85		%	7.14		%

Securitizations

On October 29, 2024, the Company completed the 2024-1 Debt Securitization. The 2024-1 Debt was issued by the 2024-1 Issuer, a wholly owned and consolidated subsidiary of the Company. The 2024-1 Debt Securitization was executed through a private placement of the 2024-1 Debt, consisting of $348,500 in notes and loans that were issued at par and were scheduled to mature in October 2037. As of June 30, 2025, the Company retained $59,500 in the Class C and D notes. The Company received 100% of the $83,100 in nominal value of the non-interest bearing preferred interests issued by the 2024-1 Issuer (the “2024-1 Issuer Preferred Interests”) on the closing date of the 2024-1 Debt Securitization in exchange for the

Table of Contents

Company’s contribution to the 2024-1 Issuer of the initial closing date loan portfolio. In connection with the contribution, the Company made customary representations, warranties and covenants to the 2024-1 Issuer in the purchase agreement.

The following table summarizes the terms of the 2024-1 Debt and the principal amount and carrying value as of June 30, 2025 and December 31, 2024:


				As of
2024-1 Debt Tranche(1)	Credit Rating	Reference Rate	Spread	June 30, 2025		December 31, 2024
Class A-1 Notes	AAA	SOFR	1.68%	$	92,500	$	92,500
Class A-L1 Loans	AAA	SOFR	1.68%	104,000		104,000
Class A-L2 Loans	AAA	SOFR	1.68%	50,000		50,000
Class A-2 Notes	AAA	SOFR	2.00%	17,000		17,000
Class B Notes	AA	SOFR	2.13%	25,500		25,500
Total Principal Amount Outstanding				$	289,000	$	289,000
Less: unamortized debt issuance costs				(1,997)		(2,077)
Total Carrying Value				$	287,003	$	286,923

(1)Excludes $59.5 million of Class C and D notes, which are rated A and BBB-, respectively, and accrue interest at SOFR plus spread of 2.20% and 3.50%, respectively, and are retained by the Company.

The Company contributed the loans that comprised the initial closing date loan portfolio (including the loans distributed to the Company from the SPVs) to the 2024-1 Issuer pursuant to a contribution agreement. Future loan transfers from the Company to the 2024-1 Issuer will be made pursuant to a sale agreement and are subject to the approval of the Company’s Board of Directors. Assets of the 2024-1 Issuer are not available to the creditors of the SPVs or the Company.

During the reinvestment period, pursuant to the indenture governing the 2024-1 Debt, all principal collections received on the underlying collateral may be used by the 2024-1 Issuer to purchase new collateral under the direction of Investment Adviser in its capacity as collateral manager under a collateral management agreement (the “Collateral Management Agreement”) of the 2024-1 Issuer and in accordance with the Company’s investment strategy.

Pursuant to the Collateral Management Agreement, the 2024-1 Issuer pays management fees (comprised of base management fees, subordinated management fees and incentive management fees) to the Investment Adviser for rendering collateral management services. As per the Collateral Management Agreement, for the period the Company retains all of the 2024-1 Issuer Preferred Interests, the Investment Adviser does not earn management fees for providing such collateral management services. The Company currently retains all of the 2024-1 Issuer Preferred Interests, thus the Investment Adviser did not earn any management fees from the 2024-1 Issuer for the three and six months ended June 30, 2025. Any such waived fees may not be recaptured by the Investment Adviser.

As of June 30, 2025, the 2024-1 Debt was secured by 112 investments with a total fair value of $419,286 and cash of $13,979. The pool of investments in the securitization must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture governing the 2024-1 Debt.

Table of Contents

For the three and six months ended June 30, 2025, the components of interest expense and credit facility fees on the 2024-1 Debt were as follows:



	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
Interest expense	$	3,989		$	8,747
Amortization of deferred financing costs and debt issuance costs	40			80
Total interest expense and credit facility fees	$	4,029		$	8,827
Cash paid for interest expense and credit facility fees	$	10,776		$	10,776

Weighted average debt principal outstanding	$	289,000		$	289,000
Weighted average interest rate(1)	5.52		%	6.08		%

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

As of June 30, 2025 and December 31, 2024, $3,190 and $4,042, respectively, of interest expense related to securitizations was included in interest and credit facility fees payable. As of June 30, 2025 and December 31, 2024, the weighted average interest rate was 6.02% and 6.35%, respectively, based on benchmark rates.

7. COMMITMENTS AND CONTINGENCIES

A summary of significant contractual payment obligations was as follows as of June 30, 2025 and December 31, 2024:


	As of
Payment Due by Period	June 30, 2025		December 31, 2024
Less than one year	$	—	$	—
1-3 years	291,407		—
3-5 years	—		164,732
More than 5 years	541,000		344,000
Total	$	832,407	$	508,732

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the unaudited consolidated financial statements as of June 30, 2025 and audited consolidated financial statements as of December 31, 2024 for any such exposure.

The Company has in the past, currently is and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments. The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates:


	Par / Principal Amount as of
	June 30, 2025		December 31, 2024
Unfunded delayed draw commitments	$	171,953	$	102,427
Unfunded revolving loan commitments	101,755		74,513
Total unfunded commitments	$	273,708	$	176,940

8. NET ASSETS

The Company has the authority to issue 200,000,000 Shares of common stock, par value $0.01 per share, of which 78,099,761 and 76,812,863 were issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. The Company and the Investment Adviser have received an exemptive order from the SEC that permits the Company to issue in the New Continuous Offering multiple classes of shares of its common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date at the Company’s discretion.

Table of Contents

Share Issuances

New Continuous Offering

The following table summarizes total shares of common stock issued and proceeds related to capital activity during the six months ended June 30, 2025 and 2024:


	Shares Issued	Proceeds Received















For the six months ended June 30, 2024
January 5, 2024	1,293,638	$	25,213
April 3, 2024	701,357	13,852




Total	1,994,995	$	39,065
For the six months ended June 30, 2025
January 1, 2025	640,973	$	12,454
February 1, 2025	592,986	11,534
March 1, 2025	191,543	3,718
April 1, 2025	343,968	6,615
May 1, 2025	284,021	5,413
June 1, 2025	294,504	5,622
Total	2,347,995	$	45,356

On July 1, 2025, the Company accepted subscriptions in the amount of $7,881 with 412,605 Shares issued as of such date.

Dividend Reinvestment


	Shares Issued	Total Consideration








Six Months Ended June 30, 2024
January 29, 2024	43,547	$	849
April 19, 2024	47,662	934



Total	91,209	$	1,783
Six Months Ended June 30, 2025
January 17, 2025	72,192	$	1,403
February 18, 2025	67,606	1,315
March 18, 2025	68,955	1,338
April 29, 2025	73,790	1,419
May 30, 2025	70,167	1,337
June 27, 2025	72,328	1,381
Total	425,038	$	8,193

Quarterly Tender Offers

In the second quarter of 2022, the Company commenced a quarterly liquidity program pursuant to which the Company expects to conduct quarterly tender offers (the “Quarterly Tender Offer”) to repurchase up to 3.5% of the number of shares of its common stock outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer is conducted, at a per share price equal to the net asset value per share as of the last date of the quarter in which the Quarterly Tender Offer is conducted, less an early repurchase fee of 2% of the net asset value of such shares in the case of shares that have an initial issue date within the one year period prior to the valuation date associated with such Quarterly Tender Offer. However, the Board of Directors has the discretion to determine whether or not the Company will purchase common stock from stockholders, and the Company is not required to conduct tender offers on a quarterly basis or at all. If during any

Table of Contents

consecutive 24-month period, the Company does not engage in a quarterly tender offer in which the Company accepts for purchase 100% of properly tendered shares (a “Qualifying Tender”), the Company generally will not make commitments for new portfolio investments (excluding short-term cash management investments under 30 days in duration) and will reserve available assets to satisfy future tender requests until a Qualifying Tender occurs, subject to the Company continuing to use available funds and liquidity for certain purposes. The most recent Qualifying Tender was the Quarterly Tender Offer that commenced on June 20, 2025, with a cash payment date of July 29, 2025.

The following summarizes the results of the Quarterly Tender Offers completed during the six months ended June 30, 2025, and June 30, 2024:


Cash Payment Date(1)	Percentage of Outstanding Shares Offered to Repurchase(2)	Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased(3)		Shares Repurchased	Percentage of Outstanding Shares Repurchased(4)








January 31, 2025	3.5%	$	19.43	December 31, 2024	$	16,063	826,938	1.1	%
April 28, 2025	3.5%	$	19.23	March 31, 2025	$	12,674	659,197	0.8	%
July 29, 2025	3.5%	$	19.10	June 30, 2025	$	34,036	1,782,012	2.3	%


Cash Payment Date(1)	Percentage of Outstanding Shares Offered to Repurchase(2)	Price Paid Per Share		Repurchase Pricing Date	Amount Repurchased(3)		Shares Repurchased	Percentage of Outstanding Shares Repurchased(4)
March 11, 2024	3.5%	$	19.60	December 31, 2023	$	59,799	3,050,962	5.4	%	(5)
May 10, 2024	3.5%	$	19.81	March 31, 2024	$	53,405	2,695,879	4.9	%	(6)

(1)Cash payment date is the date the Company pays cash in repayment of promissory notes issued in exchange for shares acquired by the Company upon completion of the tender offer.

(2)Amounts do not include additional shares for which the Company reserved the right to purchase as part of the Quarterly Tender Offer.

(3)Amount repurchased is inclusive of early repurchase fees, if applicable.

(4)Percentage based on the total shares as of the Repurchase Pricing Date.

(5)Pursuant to Rule 13e-4(f)(1) of the Exchange Act, the Company accepted an additional 1,109,441 shares in the Quarterly Tender Offer that had a December 31, 2023 Repurchase Pricing Date, representing approximately 2.0% of its common stock outstanding as of September 30, 2023.

(6)Pursuant to Rule 13e-4(f)(1) of the Exchange Act, the Company accepted an additional 726,073 shares in the Quarterly Tender Offer that had a March 31, 2024 Repurchase Pricing Date, representing approximately 1.3% of its common stock outstanding as of December 31, 2023.

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


	Common Stock			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount
Balance, April 1, 2025	77,620,179	$	776	$	1,564,930	$	45,271	$	(65,145)	$	(53,451)	$	1,492,381
Common stock issued	922,493	9		17,641		—		—		—		17,650

Dividend reinvestment	216,285	3		4,133		—		—		—		4,136
Repurchase of common stock	(659,196)	(7)		(12,667)		—		—		—		(12,674)

Net investment income (loss)	—	—		—		36,085		—		—		36,085
Net realized gain (loss)	—	—		—		—		(4,520)		—		(4,520)
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		(3,082)		(3,082)

Dividends declared	—	—		—		(38,095)		—		—		(38,095)

Balance, June 30, 2025	78,099,761	$	781	$	1,574,037	$	43,261	$	(69,665)	$	(56,533)	$	1,491,881

Table of Contents


	Common Stock			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount
Balance, January 1, 2025	76,812,863	$	768	$	1,549,238	$	48,343	$	(52,331)	$	(53,556)	$	1,492,462
Common stock issued	2,347,995	23		45,333		—		—		—		45,356

Dividend reinvestment	425,038	5		8,188		—		—		—		8,193
Repurchase of common stock	(1,486,135)	(15)		(28,722)		—		—		—		(28,737)

Net investment income (loss)	—	—		—		70,857		—		—		70,857
Net realized gain (loss)	—	—		—		—		(17,334)		—		(17,334)
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		(2,977)		(2,977)

Dividends declared	—	—		—		(75,939)		—		—		(75,939)

Balance, June 30, 2025	78,099,761	$	781	$	1,574,037	$	43,261	$	(69,665)	$	(56,533)	$	1,491,881

The following tables summarize capital activity during the three and six months ended June 30, 2024:


	Common Stock			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount
Balance, April 1, 2024	54,566,405	$	546	$	1,112,742	$	37,858	$	(43,257)	$	(26,656)	$	1,081,233
Common stock issued	701,357	7		13,845		—		—		—		13,852

Dividend reinvestment	47,662	0		934		—		—		—		934
Repurchase of common stock	(2,695,879)	(27)		(53,378)		—		—		—		(53,405)

Net investment income (loss)	—	—		—		31,588		—		—		31,588
Net realized gain (loss)	—	—		—		—		(1,842)		—		(1,842)
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		(5,557)		(5,557)

Dividends declared	—	—		—		(26,837)		—		—		(26,837)

Balance, June 30, 2024	52,619,545	$	526	$	1,074,143	$	42,609	$	(45,099)	$	(32,213)	$	1,039,966


	Common Stock			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount
Balance, January 1, 2024	56,280,182	$	563	$	1,146,462	$	31,238	$	(3,256)	$	(71,795)	$	1,103,212
Common stock issued	1,994,995	20		39,045		—		—		—		39,065

Dividend reinvestment	91,209	0		1,783		—		—		—		1,783
Repurchase of common stock	(5,746,841)	(57)		(113,147)		—		—		—		(113,204)

Net investment income (loss)	—	—		—		66,036		—		—		66,036
Net realized gain (loss)	—	—		—		—		(41,843)		—		(41,843)
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		39,582		39,582

Dividends declared	—	—		—		(54,665)		—		—		(54,665)

Balance, June 30, 2024	52,619,545	$	526	$	1,074,143	$	42,609	$	(45,099)	$	(32,213)	$	1,039,966

Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to the Company by the weighted-average number of shares outstanding for the period.

Table of Contents

Basic and diluted earnings per share were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net increase (decrease) in net assets resulting from operations	$	28,483	$	24,189	$	50,546	$	63,775
Weighted-average shares outstanding	77,837,977		53,276,079		77,617,499		54,357,882
Basic and diluted earnings per share	$	0.37	$	0.45	$	0.65	$	1.17

Dividends

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

Date Declared

Record Date

Payment Date

Per Share Amount

March 22, 2023

April 20, 2023

0.51

June 21, 2023

July 21, 2023

0.51

September 20, 2023

October 20, 2023

0.51

December 20, 2023

January 19, 2024

0.51

March 20, 2024

April 19, 2024

0.51

June 18, 2024

July 19, 2024

0.51

August 7, 2024

October 18, 2024

0.21

September 25, 2024

October 18, 2024

0.30

November 29, 2024

December 17, 2024

0.32

December 18, 2024

January 17, 2025

0.17

January 29, 2025

January 31, 2025

February 18, 2025

0.16

February 26, 2025

February 28, 2025

March 18, 2025

0.16

March 20, 2025

March 31, 2025

April 29, 2025

0.17

April 24, 2025

April 30, 2025

May 30, 2025

0.16

May 23, 2025

May 30, 2025

June 27, 2025

0.16

June 17, 2025

June 30, 2025

July 29, 2025

0.17

July 25, 2025

July 31, 2025

August 27, 2025

0.16

9. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the six months ended June 30, 2025 and 2024:


	Six Months Ended June 30,
	2025			2024
Per Share Data:
Net asset value per share, beginning of period	$	19.43		$	19.60
Net investment income (loss)(1)	0.91			1.21
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts	(0.26)			(0.04)
Net increase (decrease) in net assets resulting from operations	0.65			1.17
Dividends declared(2)	(0.98)			(1.02)
Other(3)	—			0.01
Net asset value per share, end of period	$	19.10		$	19.76
Number of shares outstanding, end of period	78,099,761			52,619,545
Total return based on net asset value(4)	3.41		%	6.13		%
Net assets, end of period	$	1,491,881		$	1,039,966
Ratio to average net assets:(5)
Expenses before incentive fees	2.27		%	3.82		%
Expenses after incentive fees	2.95		%	4.70		%
Net investment income (loss)	4.75		%	6.14		%
Interest expense and credit facility fees	1.50		%	2.95		%
Ratios/Supplemental Data:
Asset coverage, end of period	279.22		%	242.00		%
Portfolio turnover	15.03		%	7.69		%


Weighted-average shares outstanding	77,617,499			54,357,882

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

(2)Dividends declared per share was calculated as the sum of dividends declared during the period divided by the number of shares outstanding at the date of the relevant transaction (refer to Note 8, Net Assets, to these unaudited consolidated financial statements).

(3)Includes the impact of different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding and certain per share data based on the shares outstanding as of a period end or transaction date.

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

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

10. SEGMENT REPORTING

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

11. LITIGATION

The Company may become party to certain lawsuits in the ordinary course of business. The Company does not believe that the outcome of current matters, if any, will materially impact the Company or its unaudited consolidated financial

statements. As of June 30, 2025 and December 31, 2024, the Company was not subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company.

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

12. TAX

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of June 30, 2025 and December 31, 2024.

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

The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of the dividends declared for the six months ended June 30, 2025 and 2024 was as follows:


	For the six months months periods ended
	June 30, 2025		June 30, 2024
Ordinary income	$	75,939	$	54,665
Long-term capital gains	$	—	$	—
Tax return of capital	$	—	$	—

13. SUBSEQUENT EVENTS

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

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

•the return or impact of current and future investments;

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

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

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

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

•the impact of supply chain constraints on our portfolio companies and the global economy;

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

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

•our ability to recover unrealized losses;

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

•our contractual arrangements and relationships with third parties;

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

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

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

•the speculative and illiquid nature of our investments;

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

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

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

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

•the ability to consummate acquisitions;

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

•our intention to conduct recurring quarterly tender offers for a limited number of shares of our common stock, subject to market and other conditions;

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

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

•the ability of The Carlyle Group Employee Co., L.L.C. to attract and retain highly talented professionals that can provide services to our investment adviser and administrator;

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

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

We use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking information for any reason, including the factors set forth in “Risk Factors” in this report and in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2024 (our “2024 Form 10-K”).

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1 of this Form 10-Q “Financial Statements.” This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “Risk Factors” set forth in this report and in Part I, Item 1A of our 2024 Form 10-K. Our actual results could differ materially from those anticipated by such forward-looking statements due to factors discussed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this Form 10-Q.

Overview

Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act and have operated our business as a BDC since we began our investment activities. For U.S. federal income tax purposes, we have elected to be treated as a registered investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). We were incorporated in February 2017. We conducted the Initial Private Offering and have been conducting the New Continuous Offering of our Shares to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. We have an indefinite term. Our principal executive offices are located at One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

Our investment objective is to generate attractive risk adjusted returns and current income primarily through assembling a portfolio of senior secured term loans to U.S. middle market companies in which private equity sponsors hold, directly or indirectly, a financial interest in the form of debt and/or equity. Our core investment strategy focuses on lending to U.S. middle market companies, which we define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle's Global Credit platform while offering risk-diversifying portfolio benefits. We seek to achieve our investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of our assets invested in investments that are typically higher yielding than Middle Market Senior Loans (which may include unsecured debt, mezzanine debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

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

We are externally managed by our Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”) and a subsidiary of Carlyle. We benefit from our Investment Adviser’s investment team of over 190 investment professionals with the deep knowledge and expertise across multiple asset classes who are supported by a team of finance, operations and administrative professionals currently employed by Carlyle Employee Co., a wholly owned subsidiary of Carlyle. In conducting our investment activities, we believe that we benefit from the significant scale, relationships and resources of Carlyle, including our Investment Adviser and its affiliates.

Second Quarter 2025 Highlights

Quarterly Results

•Net investment income was $36.1 million or $0.46 per Share.

•Dividends declared on Shares were $38.1 million or $0.49 per Share.

•Net investment income for the three months ended June 30, 2025 increased from the comparable period in the prior year, primarily due to a higher average outstanding investment balance due to net origination activity in 2025, partially offset by lower yields on investments.

•NAV per Share decreased to $19.10 as of June 30, 2025 from $19.23 as of March 31, 2025.

Portfolio and Investment Activity

•As of June 30, 2025, we held 227 investments across 178 portfolio companies (including 38 investments in structured credit investments across 35 different collateral managers) and 27 industries for a total fair value of $2.2 billion.

•During the three months ended June 30, 2025, we had investment fundings of $382.7 million and investment repayments of $140.8 million.

•As of June 30, 2025, non-accrual investments represented 3.3% and 2.1% of our portfolio based on cost and fair value, respectively.

Liquidity and Capital Activity

•During the three months ended June 30, 2025, we received $17.7 million in total subscriptions and issued 922,493 Shares in connection with these subscriptions.

•During the three months ended June 30, 2025, we repurchased and extinguished 659,197 Shares for a cost of $12.7 million.

•Total liquidity as of June 30, 2025 was $159.9 million in cash and undrawn debt capacity.

•On April 14, 2025, the SEC granted to us and our Investment Adviser exemptive relief permitting us to issue and

sell multiple classes of shares with varying sales loads and asset-based distribution and/or service fees

Recent Developments

•On July 1, 2025, we accepted subscriptions in the amount of $7.9 million for 412,605 Shares.

•On July 25, 2025, we declared a dividend of 0.16 per Share payable on or about August 27, 2025 to common stockholders of record as of July 31, 2025.

•On July 29, 2025, we repurchased and extinguished 1,782,012 shares for a cost of $34.0 million.

Key Components of Our Results of Operations

As a BDC, we believe that the key components of our results of operations for our business are earnings per share, dividends declared, net investment income and net asset value per Share. For the three months ended June 30, 2025, we

recorded basic and diluted earnings per Share of $0.37, declared dividends per Share of 0.49 and earned $0.46 of net investment income per Share.

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


	Three Months Ended
	June 30, 2025		March 31, 2025
Net increase (decrease) in net assets resulting from operations	$	28,483	$	22,063
Weighted-average shares outstanding	77,837,977		77,394,571
Earnings per share - Basic and Diluted	$	0.37	$	0.29

For the three months ended June 30, 2025 and March 31, 2025 we declared dividends per Share of $0.49 for each period. As of June 30, 2025 and December 31, 2024, our NAV per Share was $19.10 and $19.43, respectively.

Investment Income

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

Expenses

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

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

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

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

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

•certain costs and expenses relating to distributions paid on our shares;

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

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

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

•transfer agent and custodial fees;

•commissions and other compensation payable to brokers or dealers;

•federal and state registration fees;

•any U.S. federal, state and local taxes, including any excise taxes;

•independent director fees and expenses;

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

•the costs of any reports, proxy statements or other notices to our stockholders and the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

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

•our fidelity bond;

•directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•indemnification payments;

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

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

Net Investment Income

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


	Three Months Ended
	June 30, 2025		March 31, 2025
Total investment income	$	58,942	$	55,968
Total expenses (including excise tax expense)	22,857		21,196
Net investment income	$	36,085	$	34,772
Weighted-average shares outstanding	77,837,977		77,394,571
Net investment income per share	$	0.46	$	0.45

Portfolio and Investment Activity

Portfolio Overview

The following tables summarize certain characteristics of our investment portfolio as of June 30, 2025:


	First Lien Debt			Second Lien Debt			Equity Investments			Structured Credit Investments			Total Investments
Count of investments	152			6			31			38			227
Investments, at amortized cost	$	2,042,166		$	56,948		$	81,976		$	111,121		$	2,292,211
Investments, at fair value	$	1,996,615		$	51,987		$	87,611		$	112,663		$	2,248,876
Percentage of total investments at fair value	88.8		%	2.3		%	3.9		%	5.0		%	100.0		%


	Weighted Average Yields at
	Amortized Cost		Fair Value
First Lien Debt(1)	10.3	%	10.4	%
Second Lien Debt(1)	12.7	%	13.9	%
Total Debt and Income Producing Investments(1)(2)	10.4	%	10.5	%

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

investment could differ materially from the yields presented above. Inclusive of all debt and income producing investments and investments on non-accrual status, the weighted average yield on amortized cost was 10.1% as of June 30, 2025.

(2)Weighted average yield for total debt and income producing investments includes income producing equity investments.

The geographical composition of investments at fair value as of June 30, 2025 were as follows:


Geography—% of Fair Value	As of June 30, 2025
Australia	0.1	%
Bermuda	0.1
Canada	5.9
Cayman Islands	4.0
France	1.2
Ireland	1.2
Italy	0.8

Luxembourg	3.5
Netherlands	0.5
Spain	0.3
Sweden	0.0
United Kingdom	3.1
United States	79.3
Total	100.0	%

The industry composition of investments at fair value as of June 30, 2025 were as follows:


Industry—% of Fair Value	As of June 30, 2025
Aerospace & Defense	2.4	%
Auto Aftermarket & Services	3.5
Beverage & Food	0.6
Business Services	10.3
Capital Equipment	4.2
Chemicals, Plastics & Rubber	1.6
Construction & Building	3.7
Consumer Goods: Durable	0.1
Consumer Goods: Non-Durable	0.2
Consumer Services	8.6
Containers, Packaging & Glass	4.1
Diversified Financial Services	9.4
Energy: Electricity	0.4
Energy: Oil & Gas	1.5
Environmental Industries	3.9
Healthcare & Pharmaceuticals	11.2
High Tech Industries	4.1
Leisure Products & Services	5.2

Media: Diversified & Production	1.8

Retail	0.8
Software	12.9
Sovereign & Public Finance	0.0
Structured Credit	5.0
Telecommunications	1.5
Transportation: Cargo	1.4
Utilities: Water	0.4
Wholesale	1.2
Total	100.0	%

Our investment activity for the three months ended June 30, 2025 is presented below (information presented herein is at amortized cost unless otherwise indicated):


	Three Months Ended
	June 30, 2025
Investments:
Total investments, beginning of period	$	2,046,580
New investments purchased	383,801
Net accretion of discount on investments	2,845
Net realized gain (loss) on investments	13
Investments sold or repaid	(141,028)
Total Investments, end of period	$	2,292,211
Principal amount of investments funded:
First Lien Debt	$	376,538
Second Lien Debt	592
Equity Investments(1)	1,556
Structured Credit Investments	4,000
Total	$	382,686
Principal amount of investments sold or repaid:


First Lien Debt	$	(102,637)
Second Lien Debt	(38,144)
Equity Investments(1)	—
Structured Credit Investments	—
Total	$	(140,781)
Number of new investment commitments(2)(3)	29
Average new investment commitment amount	$	15,581

(1)Based on cost/proceeds of equity activity.

(2)Represents commitments to a portfolio company, including structured credit investments, as part of an individual transaction.

(3)For the three months ended June 30, 2025, 100.0% of new funded debt investments and structured credit investments were at floating interest rates.

See the Consolidated Schedules of Investments as of June 30, 2025 to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on these investments, including a list of companies and type and amount of investments.

Portfolio Credit

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


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

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

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

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

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

Our Investment Adviser monitors and, when appropriate, changes the risk ratings assigned to each first lien and second lien debt investment in our portfolio. Our Investment Adviser reviews our investment ratings in connection with our quarterly valuation process. The below table summarizes the Internal Risk Ratings as of June 30, 2025 and December 31, 2024.


	June 30, 2025				December 31, 2024
	Fair Value		% of Fair Value		Fair Value		% of Fair Value
Internal Risk Rating 1	$	—	—	%	$	11,725	0.7	%
Internal Risk Rating 2	1,792,525		87.5		1,521,490		83.9
Internal Risk Rating 3	210,688		10.3		271,001		14.9
Internal Risk Rating 4	45,050		2.2		6,727		0.4
Internal Risk Rating 5	339		0.0		2,542		0.1
Total	$	2,048,602	100.0	%	$	1,813,485	100.0	%

As of June 30, 2025 and December 31, 2024, the weighted average Internal Risk Ratings of our first lien and second lien debt investment portfolio were 2.1 and 2.2, respectively. As of June 30, 2025 and December 31, 2024, five and three of our first lien and second lien debt investments were assigned an Internal Risk Rating of 4 or 5, respectively.

The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of June 30, 2025 and December 31, 2024:


	June 30, 2025					December 31, 2024
	Number of Investments	Fair Value		% of Fair Value		Number of Investments	Fair Value		% of Fair Value
Performing	221	$	2,202,269	97.9	%	195	$	1,940,782	99.5	%
Non-accrual(1)	6	46,607		2.1		4	10,487		0.5
Total	227	$	2,248,876	100.0	%	199	$	1,951,269	100.0	%

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

Portfolio Financing

Our primary source of financing is secured debt, which are presented on the Consolidated Statements of Assets and Liabilities as Debt and secured borrowings. Refer to Note 6, Borrowings, to the unaudited consolidated financial statements

included in this Quarterly Report on Form 10-Q for additional information regarding our financing. The following table details those sources of financing:


	Outstanding Principal Balance, as of
	June 30, 2025			December 31, 2024
SPV Credit Facility	$	291,407		$	164,732
SPV2 Credit Facility	252,000			55,000
2024-1 Debt	289,000			289,000
Total	$	832,407		$	508,732
Weighted average interest rate	6.25		%	6.56		%

SPV Credit Facility

SPV entered into a senior secured revolving credit facility with a lender on April 1, 2019 (the “SPV Credit Facility”), as amended from time to time. As of June 30, 2025, the maximum principal amount of the SPV Credit Facility is $300,000 (subject to increases of $100,000 on December 12, 2025 and $100,000 on June 12, 2026, provided satisfaction of commitment increase conditions on such dates), and is subject to availability under the SPV Credit Facility and restrictions imposed on borrowings under the Investment Company Act. The SPV Credit Facility has a maturity date of April 3, 2028, with one one-year extension option, subject to SPV’s and the lender’s consent. The SPV Credit Facility has a revolving period through October 15, 2026. SPV may borrow amounts in U.S. Dollars or certain other permitted currencies. Borrowings under the SPV Credit Facility bear interest initially at SOFR (or, if applicable, a rate based on the prime rate or federal funds rate) plus 2.35% per year. The SPV also pays a fee of 0.75% per year on undrawn amounts under the SPV Credit Facility. Payments under the SPV Credit Facility are made quarterly. The SPV Credit Facility is secured by a first lien security interest on substantially all of the assets of SPV.

The SPV Credit Facility consisted of the following as of June 30, 2025 and December 31, 2024:



	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)		Weighted Average Interest Rate

June 30, 2025	$	300,000	$	291,407	$	8,593	$	8,593	5.97	%
December 31, 2024	$	300,000	$	164,732	$	135,268	$	135,268	6.72	%

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

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

SPV2 Credit Facility

SPV2 entered into a senior secured revolving credit facility with a lender on May 13, 2020 (the “SPV2 Credit Facility,” together with the SPV Credit Facility, the “Credit Facilities”), as amended from time to time. The SPV2 Credit Facility provides for secured borrowings during the applicable revolving period up to a principal amount of $550,000, subject to availability under the SPV2 Credit Facility and restrictions imposed on borrowings under the Investment Company Act. The SPV2 Credit Facility has a revolving period through March 7, 2027 and a maturity date of March 7, 2032. Borrowings under the SPV2 Credit Facility bear interest initially at SOFR (or, if applicable, a rate based on the prime rate or federal funds rate plus 0.50%) plus 2.40% per year, plus a term SOFR adjustment of 0.15% per year. SPV2 is also required to pay an undrawn commitment fee of 0.25% per year. Payments under the SPV2 Credit Facility are made quarterly. The lenders have a security interest on substantially all of the assets of SPV2.

The SPV2 Credit Facility consisted of the following as of June 30, 2025 and December 31, 2024:



	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)		Weighted Average Interest Rate

June 30, 2025	$	550,000	$	252,000	$	298,000	$	77,776	6.85	%
December 31, 2024	$	550,000	$	55,000	$	495,000	$	226,179	7.14	%

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

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

Securitizations

On October 29, 2024, the Company completed a $348,500 term debt securitization (the “2024-1 Debt Securitization”), which was inclusive of $59,500 in Class C and D notes retained by the Company as of June 30, 2025. The notes and loans offered in the 2024-1 Debt Securitization (the “2024-1 Debt”) were issued by Carlyle Direct Lending CLO 2024-1 LLC (the “2024-1 Issuer”), a wholly owned and consolidated subsidiary of us. The 2024-1 Debt is secured by a diversified portfolio of the 2024-1 Issuer consisting primarily of first and second lien secured loans and is scheduled to mature in October, 2037.

We received 100% of the $83,100 in nominal value of the non-interest bearing preferred interests issued by the 2024-1 Issuer (the “2024-1 Issuer Preferred Interests”) on the closing date of the 2024-1 Debt Securitization in exchange for our contribution to the 2024-1 Issuer of the initial closing date loan portfolio. In connection with the contribution, we made customary representations, warranties and covenants to the 2024-1 Issuer in the purchase agreement.

The following table summarizes the terms of the 2024-1 Debt tranches and their principal amount and carrying value as of June 30, 2025 and December 31, 2024:


				As of
2024-1 Debt Tranche (1)	Credit Rating	Reference Rate	Spread	June 30, 2025			December 31, 2024
Class A-1 Notes	AAA	SOFR	1.68%	$	92,500		$	92,500
Class A-L1 Loans	AAA	SOFR	1.68%	104,000			104,000
Class A-L2 Loans	AAA	SOFR	1.68%	50,000			50,000
Class A-2 Notes	AAA	SOFR	2.00%	17,000			17,000
Class B Notes	AA	SOFR	2.13%	25,500			25,500
Total Principal Amount Outstanding				$	289,000		$	289,000
Less: unamortized debt issuance costs				(1,997)			(2,077)
Total Carrying Value				$	287,003		$	286,923
Weighted average interest rate				6.02		%	6.35		%

(1) Excludes $59.5 million of Class C and D notes, which are rated A and BBB-, respectively, accrue interest at SOFR plus spread of 2.20% and 3.50%, respectively, and are retained by the Company.

Forward Currency Contracts

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with the derivative counterparty, Barclays Bank PLC (the “Counterparty”), in respect of forward currency contracts. Each ISDA Master Agreement is a bilateral agreement between the Company and the Counterparty that governs over the counter derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with the Counterparty permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. As of June 30, 2025, the total unrealized appreciation (depreciation) related to forward currency contracts governed by these agreements was $(4,402).

Consolidated Results of Operations

For the three months ended June 30, 2025 and March 31, 2025

The following table sets forth information regarding our consolidated results of operations for the three months ended June 30, 2025 and March 31, 2025:


	Three Months Ended				Change
	June 30, 2025		March 31, 2025		$
Investment income:
Interest income	$	52,890	$	49,566	$	3,324
PIK income	4,716		5,451		(735)
Other income	1,336		951		385
Total investment income	58,942		55,968		2,974
Expenses:
Base management fees	3,567		3,688		(121)
Incentive fees	5,152		4,966		186
Professional fees	420		455		(35)
Administrative service fees	334		259		75
Interest expense and credit facility fees	11,910		10,452		1,458
Directors’ fees and expenses	104		86		18
Other general and administrative	859		792		67
Excise tax expense	511		498		13
Total expenses	22,857		21,196		1,661
Net investment income (loss)	36,085		34,772		1,313
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments	13		(17,933)		17,946
Net realized currency gain (loss) on non-investment assets and liabilities	4		1,477		(1,473)
Net realized gain (loss) on forward currency contracts	(4,537)		3,642		(8,179)
Net change in unrealized appreciation (depreciation) on investments	5,175		9,021		(3,846)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	(6,724)		(2,275)		(4,449)
Net change in unrealized gain (loss) on forward currency contracts	(1,533)		(6,641)		5,108
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(7,602)		(12,709)		5,107
Net increase (decrease) in net assets resulting from operations	$	28,483	$	22,063	$	6,420

Investment Income

The increase in investment income for the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, was primarily due to a higher average outstanding investment balance due to net origination activity, partially offset by lower yields on investments. As of June 30, 2025, the size of our portfolio increased to $2,292,211 from $2,046,580 as of March 31, 2025, at amortized cost. As of June 30, 2025 and March 31, 2025, the weighted average yield of our total debt and income producing investments was 10.4% and 10.7%, respectively, based on amortized cost.

Interest income and PIK income on our first and second lien debt investments are dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of June 30, 2025 and March 31, 2025, six and five of our debt and preferred equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $46,607 and $35,000, which represented approximately 2.1% and 1.8% of total investments at fair value as of June 30, 2025 and March 31, 2025, respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2025 and March 31, 2025.

Expenses

The increase in interest expense and credit facility fees for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 was driven by higher weighted average borrowings outstanding.

The decrease in base management fees for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 was driven by lower net assets as adjusted for capital activity that occurred during the respective periods.

The increase in incentive fees for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 was driven by higher pre-incentive fee net investment income.

For the three months ended June 30, 2025, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of June 30, 2025. The accrual for any capital gains incentive fee under accounting principles generally accepted in the United States (“U.S. GAAP”) in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and management fees.

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

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

The amount of and number of investments with realized gain (loss) and change in unrealized appreciation (depreciation) for the three months ended June 30, 2025 and March 31, 2025 were as follows:


	Three Months Ended
	June 30, 2025		March 31, 2025
Realized gains on investments	$	13	$	79
Number of investments with realized gains	3		3
Realized losses on investments	$	—	$	(18,012)
Number of investments with realized losses	0		2
Change in unrealized appreciation on investments	$	22,717	$	29,949
Number of investments with unrealized appreciation	105		83
Change in unrealized depreciation on investments	$	(17,542)	$	(20,928)
Number of investments with unrealized depreciation	109		121

During the three months ended March 31, 2025, we recognized a realized loss related to the restructuring of our investment in Aimbridge Acquisition Co., Inc. from debt to equity.

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

For the three and six months ended June 30, 2025 and June 30, 2024

The following table sets forth information regarding our consolidated results of operations for the three and six months ended June 30, 2025 and June 30, 2024:


	Three Months Ended June 30,				Change			Six Months Ended June 30,				Change
	2025		2024		$			2025		2024		$
Investment income:
Interest income	$	52,890	$	51,044	$	1,846		$	102,456	$	105,394	$	(2,938)
PIK income	4,716		4,307		409			10,167		8,237		1,930
Other income	1,336		923		413			2,287		2,893		(606)
Total investment income	58,942		56,274		2,668			114,910		116,524		(1,614)
Expenses:
Base management fees	3,567		2,505		1,062			7,255		5,151		2,104
Incentive fees	5,152		4,509		643			10,118		9,430		688
Professional fees	420		441		(21)			875		890		(15)
Administrative service fees	334		500		(166)			593		965		(372)
Interest expense and credit facility fees	11,910		15,635		(3,725)			22,362		31,734		(9,372)
Directors’ fees and expenses	104		83		21			190		168		22
Other general and administrative	859		553		306			1,651		1,309		342
Excise tax expense	511		460		51			1,009		841		168
Total expenses	22,857		24,686		(1,829)			44,053		50,488		(6,435)
Net investment income (loss)	36,085		31,588		4,497			70,857		66,036		4,821
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments	13		(1,772)		1,785			(17,920)		(42,130)		24,210
Net realized currency gain (loss) on non-investment assets and liabilities	4		(70)		74			1,481		287		1,194
Net realized gain (loss) on forward currency contracts	(4,537)		—		(4,537)			(895)		—		(895)
Net change in unrealized appreciation (depreciation) on investments	5,175		(5,833)		11,008			14,196		38,081		(23,885)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	(6,724)		276		(7,000)			(8,999)		1,501		(10,500)
Net change in unrealized gain (loss) on forward currency contracts	(1,533)		—		(1,533)			(8,174)		—		(8,174)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(7,602)		(7,399)		(203)		—	(20,311)		(2,261)		(18,050)
Net increase (decrease) in net assets resulting from operations	$	28,483	$	24,189	$	4,294		$	50,546	$	63,775	$	(13,229)

Investment Income

The increase in investment income for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, was primarily due to a higher average outstanding investment balance due to net origination activity, partially offset by lower yields on investments. The decrease in investment income for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was primarily driven by lower yields on investments and a decrease in other income, partially offset by a higher average outstanding investment balance. As of June 30, 2025, the size of our portfolio increased to $2,292,211 from $1,737,333 as of June 30, 2024, at amortized cost. As of June 30, 2025 and June 30, 2024, the weighted average yield of our total debt and income producing investments was 10.4% and 12.4%, respectively, based on amortized cost.

investments at fair value as of June 30, 2025 and June 30, 2024. The remaining income producing investments were performing and current on their interest payments as of June 30, 2025 and June 30, 2024.

Expenses

The decrease in interest expense and credit facility fees for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily driven by a lower average debt balance.

The increase in incentive fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was primarily driven by higher pre-incentive fee net investment income.

The increase in base management fees for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was driven by higher average net assets.

For the three and six months ended June 30, 2025, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of June 30, 2025. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and management fees.

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

The amount of and number of investments with realized gain (loss) and changes in unrealized appreciation (depreciation) for the three and six months ended June 30, 2025 and June 30, 2024 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Realized gains on investments	$	13	$	86	$	91	$	4,098
Number of investments with realized gains	3		3		6		8
Realized losses on investments	$	—	$	(1,858)	$	(18,011)	$	(46,228)
Number of investments with realized losses	0		3		2		6
Change in unrealized appreciation on investments	$	22,717	$	11,752	$	49,907	$	62,698
Number of investments with unrealized appreciation	105		62		108		81
Change in unrealized depreciation on investments	$	(17,542)	$	(17,585)	$	(35,711)	$	(24,617)
Number of investments with unrealized depreciation	109		91		124		84

During the six months ended June 30, 2025, we recognized a realized loss related to the restructuring of our investment in Aimbridge Acquisition Co., Inc. from debt to equity. During the six months ended June 30, 2024, we recognized a realized loss after the write-off of our investment in American Physician Partners, partially offset by a realized gain from the recapitalization of our investment in Dermatology Associates.

Net change in unrealized appreciation (depreciation) is driven by changes in other inputs utilized under our valuation methodology, including, but not limited to, enterprise value multiples, borrower leverage multiples and borrower ratings, and the impact of exits.

Financial Condition, Liquidity and Capital Resources

Capitalization

We have capitalized our business to date primarily through the issuance and sale of our common stock and asset-level financing. We may also fund a portion of our investments through borrowings under the Credit Facilities, as well as through securitization of a portion of our existing investments. As of June 30, 2025, we had $832,407 of outstanding consolidated indebtedness under the Credit Facilities and the 2024-1 Debt, as previously discussed within Portfolio and Investment Activity - Portfolio Financing. As of June 30, 2025, we had $159,939 of liquidity that can be used to satisfy our short-term cash requirements and working capital for our business. As of June 30, 2025 and December 31, 2024, the statutory debt to equity ratio was 0.56x and 0.34x, respectively. Refer to Note 6, Borrowings, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding our financing.

Sources of Liquidity

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


	As of
	June 30, 2025		December 31, 2024
Cash, cash equivalents and restricted cash	$	73,570	$	108,453
Available borrowings under Credit Facilities	86,369		361,447
Total Liquidity	$	159,939	$	469,900

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

Liquidity Needs

Our primary liquidity needs include our funding of new and existing portfolio investments, payment of operating expenses and interest and principal payments under the Credit Facilities. We also repurchase our shares through the Quarterly Tender Offers.

Contractual Obligations and Contingencies

In the ordinary course of our business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q as of March 31, 2025 and the audited consolidated financial statements as of December 31, 2024 for any such exposure.

We have in the past, currently are and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments. We had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of June 30, 2025 and December 31, 2024:


	Par / Principal Amount as of
	June 30, 2025		December 31, 2024
Unfunded delayed draw commitments	$	171,953	$	102,427
Unfunded revolving commitments	101,755		74,513
Total unfunded commitments	$	273,708	$	176,940

Pursuant to an undertaking by us in connection with the 2024-1 Debt Securitization, we agreed to hold on an ongoing basis the 2024-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding principal amount of all collateral obligations issued by the 2024-1 Issuer, subject to adjustments, for so long as any securities of the 2024-1 Issuer remains outstanding. As of June 30, 2025 and December 31, 2024, we were in compliance with this undertaking.

Cash Flows

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


	Six Months Ended
	June 30, 2025
Cash flows provided by (used in) operating activities	$	(286,316)

Cash flows provided by (used in) financing activities	251,433
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(34,883)

During the six months ended June 30, 2025, we paid $644,166 related to cost of investments purchased and received $311,287 in repayments on our investments. During the six months ended June 30, 2025 we had net proceeds from borrowings of $314,795 on our Credit Facilities. During the six months ended June 30, 2025, we issued 2,347,995 shares for an aggregate offering price of approximately $45,356, repurchased and extinguished 1,486,135 shares for an aggregate purchase price of $28,737.

Critical Accounting Policies and Estimates

The preparation of our unaudited consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates and judgments are based on historical information, information currently available to us and on various other assumptions management believes to be reasonable under the circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations. Changes in these estimates and assumptions may have a material effect on our results of operations and financial condition. There have been no material changes in the critical accounting estimates since those discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

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

Interest Rate Risk

As of June 30, 2025, on a fair value basis, approximately 99.8% of our debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. The Credit Facilities and 2024-1 Debt are also subject to floating interest rates and are primarily paid based on floating SOFR rates.

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

The following table estimates the potential changes in net cash flow generated from interest income, should interest rates increase or decrease by 100, 200 or 300 basis points. These hypothetical interest income calculations are based on a model of the settled debt investments in our portfolio held as of June 30, 2025 and December 31, 2024, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income. Interest expense is calculated based on outstanding secured borrowings as of June 30, 2025 and December 31, 2024, and based on the terms of our Credit Facilities and 2024-1 Debt. Interest expense on our Credit Facilities and 2024-1 Debt is calculated using the stated interest rate as of June 30, 2025 and December 31, 2024, adjusted for the hypothetical changes in rates, as shown below. We intend to continue to finance a portion of our investments with borrowings and the interest rates paid on our borrowings may significantly impact our net interest income.

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

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024, the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments) and outstanding secured borrowings assuming no changes in our investment and borrowing structure:


	As of June 30, 2025						As of December 31, 2024
Basis Point Change	Interest Income		Interest Expense		Net Investment Income		Interest Income		Interest Expense		Net Investment Income
Up 300 basis points	$	64,653	$	(24,911)	$	39,742	$	57,766	$	(15,262)	$	42,504
Up 200 basis points	$	43,102	$	(16,607)	$	26,495	$	38,511	$	(10,175)	$	28,336
Up 100 basis points	$	21,551	$	(8,304)	$	13,247	$	19,255	$	(5,087)	$	14,168
Down 100 basis points	$	(21,551)	$	8,304	$	(13,247)	$	(19,255)	$	5,087	$	(14,168)
Down 200 basis points	$	(42,966)	$	16,553	$	(26,413)	$	(38,494)	$	10,175	$	(28,319)
Down 300 basis points	$	(62,968)	$	23,880	$	(39,088)	$	(57,413)	$	15,260	$	(42,153)

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

The Company may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also Note 11, Litigation, to the unaudited consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth within this Form 10-Q, consideration should be given to the information disclosed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2024.

Risks Related to Our Investments

Tariffs may adversely affect us or our portfolio companies.

Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could adversely affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

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

Except as previously reported by the Company on a Current Report on Form 8-K, we did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.

Share Repurchases

In the second quarter of 2022, we commenced a quarterly liquidity program pursuant to which we expect to conduct quarterly tender offers (the “Quarterly Tender Offer”) to repurchase up to 3.5% of the number of shares of our common stock outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer is conducted, at a per share price equal to the net asset value per share as of the last day of the quarter in which the Quarterly Tender Offer is conducted, less an early repurchase fee of 2% of the net asset value of such shares in the case of shares that have an initial issue date within the one year period prior to the valuation date associated with such Quarterly Tender Offer. However, the Board of Directors has the discretion to determine whether or not we will purchase common stock from stockholders, and we are not required to conduct tender offers on a quarterly basis or at all. If during any consecutive 24-month period, we do not engage in a quarterly tender offer in which we accept for purchase 100% of properly tendered shares (a “Qualifying Tender”), we will not make commitments for new portfolio investments (excluding short-term cash management investments under 30 days in duration) and will reserve available assets to satisfy future tender requests until a Qualifying Tender occurs, subject to our continuing to use available funds and liquidity for certain purposes.

On April 28, 2025, upon completion of our tender offer that commenced March 21, 2025, we repurchased 659,197 shares for a purchase price $19.23 of per share, or approximately $12.7 million in aggregate.

On July 29, 2025, upon completion of our tender offer that commenced June 20, 2025, we repurchased 1,782,012 shares for a purchase price $19.10 of per share, or approximately $34.0 million in aggregate.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended June 30, 2025, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits


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

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

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

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

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

101.SCH			Inline XBRL Taxonomy Extension Schema Document*

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document*

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

* Filed herewith

SIGNATURES

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


	CARLYLE CREDIT SOLUTIONS, INC.

Dated: August 12, 2025	By	/s/ Thomas M. Hennigan
		Thomas M. Hennigan Chief Financial Officer (principal financial officer)