Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period                      to                     
Commission File No. 814-00995
Carlyle Secured Lending, Inc.
(Exact name of Registrant as specified in its charter)
Maryland 80-0789789
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
One Vanderbilt Avenue, Suite 3400, New York, NY 10017
(212) 813-4900
(Address of principal executive office) (Zip Code)(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par valueCGBDThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☐    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer   Accelerated filer o
Non-accelerated filer 
o
  Smaller reporting company o
Emerging growth company 
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at August 8, 2022 was 51,854,262.



Carlyle Secured Lending, Inc.
INDEX
 
Part I.Financial Information
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
Part II.Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2




CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollar amounts in thousands, except per share data)
June 30, 2022December 31, 2021
ASSETS(unaudited) 
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,649,919 and $1,631,067, respectively)$1,593,901 $1,607,731 
Investments—non-controlled/affiliated, at fair value (amortized cost of $37,285 and $38,462, respectively)32,697 30,286 
Investments—controlled/affiliated, at fair value (amortized cost of $271,097 and $288,024, respectively)262,678 275,035 
Total investments, at fair value (amortized cost of $1,958,301 and $1,957,553, respectively)1,889,276 1,913,052 
Cash, cash equivalents and restricted cash39,291 93,074 
Receivable for investment sold/repaid89,445 530 
Deferred financing costs4,044 3,066 
Interest receivable from non-controlled/non-affiliated investments12,875 11,011 
Interest receivable from non-controlled/affiliated investments615 611 
Interest and dividend receivable from controlled/affiliated investments8,565 8,522 
Prepaid expenses and other assets1,842 1,484 
Total assets$2,045,953 $2,031,350 
LIABILITIES
Secured borrowings (Note 7)$443,395 $407,655 
2015-1R Notes payable, net of unamortized debt issuance costs of $2,294 and $2,417, respectively (Note 8)446,906 446,783 
Senior Notes, net of unamortized debt issuance costs of $347 and $416, respectively (Note 8)189,653 189,584 
Payable for investments purchased322 323 
Interest and credit facility fees payable (Notes 7 and 8)3,198 2,467 
Dividend payable (Note 10)20,840 20,705 
Base management and incentive fees payable (Note 4)11,581 11,819 
Administrative service fees payable (Note 4)938 482 
Other accrued expenses and liabilities2,627 2,728 
Total liabilities1,119,460 1,082,546 
Commitments and contingencies (Notes 9 and 12)
EQUITY
NET ASSETS
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively50,000 50,000 
Common stock, $0.01 par value; 198,000,000 shares authorized; 52,148,211 and 53,142,454 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively521 532 
Paid-in capital in excess of par value1,038,462 1,052,427 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(160,857)(152,522)
Total net assets$926,493 $948,804 
NET ASSETS PER COMMON SHARE$16.81 $16.91 
The accompanying notes are an integral part of these consolidated financial statements.
3


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share data)
(unaudited)
 For the three month periods endedFor the six month periods ended
 June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Investment income:
From non-controlled/non-affiliated investments:
Interest income
$35,362 $32,661 $69,190 $64,417 
Other income
1,632 2,401 3,594 3,868 
Total investment income from non-controlled/non-affiliated investments
36,994 35,062 72,784 68,285 
From non-controlled/affiliated investments:
Interest income
48 45 96 83 
Other income
Total investment income from non-controlled/affiliated investments
50 48 100 89 
From controlled/affiliated investments:
Interest income
— 55 3,873 111 
Dividend income7,524 7,488 15,048 15,016 
Other income— 272 
Total investment income from controlled/affiliated investments7,524 7,546 19,193 15,130 
Total investment income44,568 42,656 92,077 83,504 
Expenses:
Base management fees (Note 4)7,113 6,991 14,163 13,791 
Incentive fees (Note 4)4,458 4,420 9,686 8,677 
Professional fees
752 917 1,535 1,608 
Administrative service fees (Note 4)461 375 867 657 
Interest expense (Notes 7 and 8)8,582 7,055 15,681 14,030 
Credit facility fees (Note 7)588 505 1,105 1,024 
Directors’ fees and expenses
186 150 346 266 
Other general and administrative
382 467 776 872 
Total expenses22,522 20,880 44,159 40,925 
Net investment income (loss) before taxes22,046 21,776 47,918 42,579 
Excise tax expense
176 139 529 263 
Net investment income (loss)
21,870 21,637 47,389 42,316 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments
(653)1,944 3,922 3,616 
Non-controlled/affiliated investments— — 
Controlled/affiliated investments
707 — 1,971 — 
Currency gains (losses) on non-investment assets and liabilities(39)(56)(407)(138)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments
(21,439)16,338 (32,682)34,254 
Non-controlled/affiliated investments
2,974 890 3,588 1,536 
Controlled/affiliated investments
(3,487)2,060 4,570 (2,643)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities
4,732 54 6,997 (171)
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities
(17,205)21,231 (12,041)36,456 
Net increase (decrease) in net assets resulting from operations4,665 42,868 35,348 78,772 
Preferred stock dividend875 875 1,750 1,750 
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$3,790 $41,993 $33,598 $77,022 
Basic and diluted earnings per common share (Note 10)
Basic$0.07 $0.77 $0.64 $1.41 
Diluted$0.07 $0.72 $0.61 $1.31 
Weighted-average shares of common stock outstanding (Note 10)
Basic52,421,296 54,537,840 52,655,375 54,787,041 
Diluted52,421,296 59,805,142 57,974,987 60,054,343 
The accompanying notes are an integral part of these consolidated financial statements.
4


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(dollar amounts in thousands)
(unaudited)
For the six month periods ended
June 30, 2022June 30, 2021
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$47,389 $42,316 
Net realized gain (loss)5,486 3,480 
Net change in unrealized appreciation (depreciation) on investments(24,524)33,147 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities6,997 (171)
Net increase (decrease) in net assets resulting from operations35,348 78,772 
Capital transactions:
Repurchase of common stock(13,976)(13,727)
Dividends declared on preferred and common stock (Note 10)(43,683)(41,577)
Net increase (decrease) in net assets resulting from capital share transactions(57,659)(55,304)
Net increase (decrease) in net assets(22,311)23,468 
Net Assets at beginning of period948,804 901,363 
Net Assets at end of period$926,493 $924,831 

The accompanying notes are an integral part of these consolidated financial statements.
5


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands)
(unaudited)
 For the six month periods ended
 June 30, 2022June 30, 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$35,348 $78,772 
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 costs504 583 
Net accretion of discount on investments(5,099)(4,029)
Paid-in-kind interest(8,836)(4,292)
Net realized (gain) loss on investments(5,893)(3,618)
Net realized currency (gain) loss on non-investment assets and liabilities407 138 
Net change in unrealized (appreciation) depreciation on investments24,524 (33,147)
Net change in unrealized currency (gains) losses on non-investment assets and liabilities(6,997)171 
Cost of investments purchased and change in payable for investments purchased(301,586)(357,577)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid231,326 354,734 
Changes in operating assets:
Interest receivable(1,868)1,237 
Dividend receivable(43)(1,481)
Prepaid expenses and other assets(358)(553)
Changes in operating liabilities:
Interest and credit facility fees payable731 24 
Base management and incentive fees payable(238)(158)
Administrative service fees payable456 288 
Other accrued expenses and liabilities(101)(1,056)
Net cash provided by (used in) operating activities(37,723)30,036 
Cash flows from financing activities:
Repurchase of common stock(13,976)(13,727)
Borrowings on SPV Credit Facility and Credit Facility202,500 179,479 
Repayments of SPV Credit Facility and Credit Facility(159,746)(162,500)
Debt issuance costs paid(1,290)(336)
Dividends paid in cash(43,548)(41,967)
Net cash provided by (used in) financing activities(16,060)(39,051)
Net increase (decrease) in cash, cash equivalents and restricted cash(53,783)(9,015)
Cash, cash equivalents, and restricted cash, beginning of period93,074 68,419 
Cash, cash equivalents, and restricted cash, end of period$39,291 $59,404 
Supplemental disclosures:
Interest paid during the period$15,442 $14,174 
Taxes, including excise tax, paid during the period$774 $626 
Dividends declared on preferred stock and common stock during the period$43,683 $41,577 
The accompanying notes are an integral part of these consolidated financial statements.
6

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
First Lien Debt (64.8% of fair value)
Advanced Web Technologies Holding Company^*(2)(3)(14)Containers, Packaging & GlassL + 6.00%7.52%12/17/202012/17/2026$9,394 $9,200 $9,247 1.00 %
Airnov, Inc.^*(2)(3)(14)Containers, Packaging & GlassL + 5.00%7.07%12/20/201912/19/20252,042 2,016 2,036 0.22 
Allied Universal Holdco LLC^(2)(3)Business ServicesL + 4.25%5.92%2/17/20217/10/2026495 497 461 0.05 
Alpine Acquisition Corp II^*(2)(3)(14)(15)Transportation: CargoSOFR + 6.00%7.22%4/19/202211/30/202620,401 19,931 19,603 2.12 
American Physician Partners, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsL + 6.75%, 3.50% PIK12.04%1/7/20198/5/202229,587 29,587 29,587 3.19 
Analogic Corporation^*(2)(3)(14)Capital EquipmentL + 5.25%6.49%6/22/20186/22/20242,422 2,404 2,362 0.25 
Applied Technical Services, LLC^(2)(3)(14)Business ServicesL + 5.75%8.10%12/29/202012/29/2026541 531 536 0.05 
Appriss Health, LLC^(2)(3)(14)Healthcare & PharmaceuticalsL + 7.25%8.25%5/6/20215/6/202736,923 36,253 35,955 3.88 
Apptio, Inc.^(2)(3)(14)SoftwareL + 6.00%7.25%1/10/20191/10/20256,131 6,057 6,131 0.65 
Ascend Buyer, LLC^*(2)(3)(14)Containers, Packaging & GlassL + 5.75%7.99%9/30/20219/30/202812,732 12,481 12,326 1.33 
Associations, Inc.^(2)(3)(14)Construction & BuildingL + 4.00%, 2.50% PIK8.99%7/2/20217/2/202712,692 12,583 12,525 1.35 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)SoftwareL + 6.00%7.63%12/24/201912/24/202632,323 31,759 29,763 3.21 
Barnes & Noble, Inc.^(2)(3)(11)RetailL + 6.50%9.36%8/7/201912/20/202628,572 27,700 27,784 3.00 
BlueCat Networks, Inc. (Canada)*(2)(3)(7)High Tech IndustriesL + 6.25%8.50%10/30/202010/30/202611,411 11,227 11,464 1.24 
BMS Holdings III Corp.^(2)(3)(14)Construction & BuildingL + 5.50%6.78%9/30/20199/30/2026— (162)(216)(0.02)
Bubbles Bidco S.P.A. (Italy)^(2)(3)(7)(14)Consumer Goods: Non-DurableL + 9.25% (100% PIK)9.25%10/20/202110/20/20284,700 5,311 4,827 0.51 
Bubbles Bidco S.P.A. (Italy)^(2)(3)(7)(14)Consumer Goods: Non-DurableL + 6.25%6.25%10/20/202110/20/2028— — (55)(0.01)
Captive Resources Midco, LLC^*(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.50%7.17%6/30/20155/31/202710,223 10,120 10,223 1.10 
Chartis Holding, LLC^*(2)(3)(14)Business ServicesL + 5.00%6.11%5/1/20195/1/2025690 681 686 0.07 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(14)SoftwareL + 4.50%6.17%8/30/20188/30/2024464 463 455 0.05 
Chudy Group, LLC^(2)(3)(14)Healthcare & PharmaceuticalsL + 5.75%6.75%6/30/20216/30/2027844 832 837 0.09 
CircusTrix Holdings, LLC^*(2)(3)Hotel, Gaming & LeisureL + 5.50%, 1.50% PIK8.67%2/2/20181/16/202410,592 10,575 10,282 1.11 
CircusTrix Holdings, LLC^(2)(3)Hotel, Gaming & LeisureL + 5.50%, 1.50% PIK8.67%1/8/20217/16/2023559 501 559 0.06 
Cobblestone Intermediate Holdco LLC^(2)(3)Consumer ServicesL + 5.50%7.17%1/29/20201/29/2026719 715 713 0.07 
Comar Holding Company, LLC^*(2)(3)(14)Containers, Packaging & GlassL + 5.75%8.00%6/18/20186/18/202426,307 26,072 25,238 2.72 
Cority Software Inc. (Canada)^*(2)(3)(7)(14)SoftwareL + 5.00%6.00%7/2/20197/2/202610,462 10,286 10,357 1.12 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareL + 7.00%8.00%9/3/20207/2/20261,869 1,828 1,871 0.20 
7

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
DCA Investment Holding LLC^*(2)(3)(14)Healthcare & PharmaceuticalsSOFR + 6.00%6.75%3/11/20214/3/2028$13,408 $13,241 $13,043 1.41 %
Derm Growth Partners III, LLC ^(2)(3)(8)Healthcare & PharmaceuticalsL + 6.25%7.25%5/31/20167/29/202255,807 50,995 45,013 4.86 
DermaRite Industries, LLC^*(2)(3)Healthcare & PharmaceuticalsL + 7.00% (100% PIK)10.25%3/3/20176/30/202320,357 20,360 16,091 1.74 
Diligent Corporation^(2)(3)(14)TelecommunicationsL + 6.25%9.10%8/4/20208/4/2025671 658 659 0.07 
Dwyer Instruments, Inc^*(2)(3)(14)Capital EquipmentL + 5.50%8.38%7/21/20217/21/20272,239 2,180 2,189 0.24 
Eliassen Group, LLC^*(2)(3)(14)Business ServicesSOFR + 5.75%7.80%4/14/20224/14/20281,000 888 884 0.10 
Ellkay, LLC^(2)(3)(14)Healthcare & PharmaceuticalsL + 5.75%6.85%9/14/20219/14/202714,178 13,896 13,531 1.45 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsL + 4.19%, 3.56% PIK8.75%6/1/20176/1/202325,795 25,755 21,871 2.36 
EPS Nass Parent, Inc.^(2)(3)(14)Utilities: ElectricL + 5.75%7.99%4/19/20214/19/2028896 879 867 0.09 
Ethos Veterinary Health LLC^(2)(3)Consumer ServicesL + 4.75%6.42%5/17/20195/15/20262,573 2,557 2,573 0.28 
EvolveIP, LLC^*(2)(3)(14)(15)TelecommunicationsSOFR + 5.50%7.11%11/26/20196/7/20255,529 5,523 5,471 0.59 
Excel Fitness Holdings, Inc.^(2)(3)(14)(15)Hotel, Gaming & LeisureSOFR + 5.25%7.83%4/29/20224/29/20296,234 6,095 6,092 0.66 
Flagship Intermediate Holdco, LLC^*(2)(3)(14)(15)Consumer ServicesSOFR + 5.75%7.28%2/18/20222/18/202821,719 21,039 20,423 2.20 
Frontline Technologies Holdings, LLC^*(2)(3)SoftwareL + 5.25%6.49%9/18/20179/18/20233,029 3,021 3,012 0.33 
Greenhouse Software, Inc.^(2)(3)(14)SoftwareL + 6.50%8.10%3/1/20213/1/202715,196 14,881 14,508 1.57 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)Banking, Finance, Insurance & Real EstateSONIA + 5.26%, 3.47% PIK9.92%2/28/20222/28/2029£14,424 18,763 16,924 1.83 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)(14)Banking, Finance, Insurance & Real EstateSONIA + 5.00%, 2.75% PIK8.94%2/28/20222/28/2029£529 494 487 0.05 
Harbour Benefit Holdings, Inc.^*(2)(3)(14)Business ServicesL + 5.25%7.43%12/13/201712/13/20248,324 8,268 8,299 0.90 
Heartland Home Services, Inc^(2)(3)(14)Consumer ServicesL + 5.75%7.33%2/10/202212/15/20263,361 3,209 3,018 0.33 
Heartland Home Services, Inc^*(2)(3)(14)Consumer ServicesL + 6.00%7.64%12/15/202012/15/20267,290 7,208 7,181 0.78 
Hercules Borrower LLC^*(2)(3)(14)Environmental IndustriesL + 6.50%8.72%12/14/202012/14/202618,590 18,146 18,318 1.98 
Higginbotham Insurance Agency, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateL + 5.50%7.17%11/25/202011/25/20264,953 4,896 4,835 0.52 
Hoosier Intermediate, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsL + 5.50%6.96%11/15/202111/15/202810,199 9,972 9,559 1.03 
HS Spa Holdings Inc.^(2)(3)(14)Consumer ServicesSOFR + 5.75%7.56%6/2/20226/2/20298,648 8,452 8,451 0.91 
iCIMS, Inc.^(2)(3)SoftwareL + 5.50%6.72%9/12/20189/12/20241,670 1,654 1,670 0.18 
8

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Individual FoodService Holdings, LLC^*(2)(3)(14)WholesaleL + 6.25%7.66%2/21/202011/22/2025$10,455 $10,181 $10,219 1.10 %
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(3)(7)Hotel, Gaming & LeisureL + 9.00%9.00%5/28/20215/28/20278,250 9,793 8,408 0.90 
Integrity Marketing Acquisition, LLC*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%7.07%1/15/20208/27/20254,895 4,850 4,665 0.50 
Integrity Marketing Acquisition, LLC^(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.50%7.42%1/15/20208/27/20254,557 4,494 4,308 0.46 
IQN Holding Corp.^(2)(3)(14)Business ServicesSOFR + 5.50%6.65%5/2/20225/2/20296,783 6,705 6,703 0.72 
Jeg's Automotive, LLC^*(2)(3)(14)AutomotiveL + 5.75%7.84%12/22/202112/22/202719,621 19,161 19,078 2.06 
K2 Insurance Services, LLC^*(2)(3)(14)Banking, Finance, Insurance & Real EstateL + 5.00%7.23%7/3/20197/1/20263,347 3,295 3,326 0.36 
Kaseya, Inc.^(2)(3)(14)High Tech IndustriesSOFR + 5.75%8.29%6/23/20226/23/202935,453 34,682 34,680 3.74 
Lifelong Learner Holdings, LLC^(2)(3)(14)Business ServicesL + 5.75%6.99%10/18/201910/18/202626,087 25,744 24,446 2.64 
LinQuest Corporation*(2)(3)Aerospace & DefenseL + 5.75%8.04%7/28/20217/28/20289,925 9,742 9,446 1.02 
Liqui-Box Holdings, Inc.^(2)(3)(14)Containers, Packaging & GlassL + 4.50%8.14%6/3/20196/3/20241,774 1,762 1,582 0.17 
LVF Holdings, Inc.^*(2)(3)(14)Beverage, Food & TobaccoL + 6.25%8.49%6/10/20216/10/202741,828 41,026 38,707 4.18 
Material Holdings, LLC^*(2)(3)(14)Business ServicesL + 5.75%7.98%8/19/20218/19/20277,064 6,913 6,617 0.71 
Maverick Acquisition, Inc.^*(2)(3)(14)Aerospace & DefenseL + 6.25%8.50%6/1/20216/1/202735,802 35,095 32,909 3.55 
Medical Manufacturing Technologies, LLC^*(2)(3)(14)(15)Healthcare & PharmaceuticalsSOFR + 5.75%7.69%12/23/202112/23/202722,744 22,166 21,790 2.35 
MMIT Holdings, LLC^*(2)(3)(14)High Tech IndustriesL + 6.25%8.50%9/15/20219/15/202710,909 10,698 10,537 1.14 
National Technical Systems, Inc.^(2)(3)(14)Aerospace & DefenseL + 5.50%6.55%10/28/20206/12/20231,284 1,274 1,275 0.14 
NES Global Talent Finance US, LLC (United Kingdom)^(2)(3)(7)Energy: Oil & GasL + 5.50%6.74%5/9/20185/11/20239,637 9,602 9,413 1.02 
NMI AcquisitionCo, Inc.^*(2)(3)(14)High Tech IndustriesL + 5.75%7.42%9/6/20179/6/202540,124 40,049 39,089 4.22 
North Haven Fairway Buyer, LLC^(2)(3)(14)Consumer ServicesL + 5.75%7.20%5/17/20225/17/202612,834 12,359 12,350 1.33 
Oak Purchaser, Inc.^(2)(3)(14)Business ServicesSOFR + 5.50%7.55%4/28/20224/28/20285,030 4,952 4,961 0.54 
Performance Health Holdings, Inc.*(2)(3)Healthcare & PharmaceuticalsL + 6.00%8.88%7/12/20217/12/20276,444 6,324 6,438 0.69 
PF Atlantic Holdco 2, LLC^*(2)(3)(14)Hotel, Gaming & LeisureL + 6.00%7.30%11/12/202111/12/202717,585 17,043 16,571 1.79 
PF Growth Partners, LLC^*(2)(3)Hotel, Gaming & LeisureL + 5.00%6.57%7/1/20197/11/20257,998 7,931 7,938 0.86 
PPT Management Holdings, LLC^(2)(3)Healthcare & PharmaceuticalsL + 6.00%, 2.50% PIK9.50%12/15/201612/16/202228,547 28,528 22,936 2.48 
Product Quest Manufacturing, LLC^(2)(3)(8)Containers, Packaging & GlassL + 6.75%10.00%9/21/20173/31/2021840 840 840 0.09 
Project Castle, Inc.^(2)(3)Capital EquipmentSOFR + 5.50%6.90%6/24/20226/1/20297,500 6,719 6,713 0.72 
9

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Prophix Software Inc. (Canada)^(2)(3)(7)(14)SoftwareL + 6.50%7.50%2/1/20212/1/2026$10,963 $10,752 $11,079 1.20 %
PXO Holdings I Corp.^*(2)(3)(14)(15)Chemicals, Plastics & RubberSOFR + 5.50%7.01%3/8/20223/8/202814,753 14,383 14,118 1.52 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseL + 6.25%8.48%11/19/202011/19/202614,850 14,585 14,349 1.55 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseL + 6.25%8.43%3/1/20213/1/20279,571 9,371 9,193 0.99 
QW Holding Corporation^*(2)(3)Environmental IndustriesL + 5.75%6.87%8/31/20168/31/202642,447 42,365 41,619 4.49 
Regency Entertainment, Inc.^(2)(3)Media: Diversified & ProductionL + 6.75%8.25%5/22/202010/22/202520,000 19,733 19,733 2.13 
Riveron Acquisition Holdings, Inc.*(2)(3)Banking, Finance, Insurance & Real EstateL + 5.75%7.95%5/22/20195/22/202513,027 12,870 13,027 1.41 
RSC Acquisition, Inc.^(2)(3)(14)(15)Banking, Finance, Insurance & Real EstateSOFR + 5.50%6.86%11/1/201911/1/20269,378 9,239 8,911 0.96 
Sapphire Convention, Inc.^*(2)(3)(14)TelecommunicationsL + 6.25%7.26%11/20/201811/20/202529,100 28,769 25,797 2.78 
Smarsh Inc.^(2)(3)(14)SoftwareSOFR + 6.50%8.62%2/18/20222/18/20296,530 6,366 6,178 0.67 
SPay, Inc.^*(2)(3)Hotel, Gaming & LeisureL + 2.30%, 6.95% PIK10.91%6/15/20186/17/202423,887 23,733 20,333 2.19 
Speedstar Holding, LLC^*(2)(3)(14)AutomotiveL + 7.00%8.24%1/22/20211/22/202726,832 26,343 27,050 2.92 
Spotless Brands, LLC^(2)(3)(14)(15)Consumer ServicesSOFR + 5.75%7.40%6/21/20226/21/202818,138 17,556 17,554 1.89 
Tank Holding Corp.^*(2)(3)(14)(15)Capital EquipmentSOFR + 6.00%7.62%3/31/20223/31/202838,621 37,848 37,046 4.00 
TCFI Aevex LLC^*(2)(3)(14)Aerospace & DefenseL + 6.00%7.00%3/18/20203/18/202611,104 10,935 8,585 0.93 
Trafigura Trading LLC^(2)(3)(13)(14)Metals & MiningL + 8.40%10.64%7/26/20217/18/20226,114 6,038 6,039 0.65 
Turbo Buyer, Inc. ^(2)(3)(14)AutomotiveL + 6.00%8.88%12/2/201912/2/2025— (207)(89)(0.01)
U.S. Legal Support, Inc.^*(2)(3)(14)(15)Business ServicesSOFR + 5.50%7.69%11/30/201811/30/202415,325 15,135 15,208 1.64 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco7.50%, 1.00% PIK8.50%9/15/20199/15/20264,644 4,958 4,831 0.52 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & Tobacco11.00% PIK11.00%10/22/20209/15/2026799 905 871 0.09 
US INFRA SVCS Buyer, LLC^(2)(3)Environmental IndustriesL + 6.50%8.20%4/13/20204/13/20269,365 9,242 8,841 0.95 
USALCO, LLC*(2)(3)Chemicals, Plastics & RubberL + 6.00%8.25%10/19/202110/19/2027995 977 950 0.10 
USR Parent Inc.^(2)(3)RetailSOFR + 7.60%8.65%4/22/20224/25/20274,444 4,401 4,268 0.46 
Westfall Technik, Inc.^*(2)(3)Chemicals, Plastics & RubberL + 6.00%8.25%9/13/20189/13/202421,383 21,230 21,015 2.27 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberL + 6.25%8.50%7/1/20219/13/20244,933 4,848 4,870 0.53 
Wineshipping.com LLC^*(2)(3)(14)Beverage, Food & TobaccoL + 5.75%7.54%10/29/202110/29/20274,529 4,389 4,339 0.47 
Yellowstone Buyer Acquisition, LLC^(2)(3)Consumer Goods: DurableL + 5.75%7.36%9/13/20219/13/2027447 439 429 0.05 
10

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
YLG Holdings, Inc.^(2)(3)Consumer ServicesL + 5.00%6.56%9/30/202011/1/2025$1,970 $1,924 $1,970 0.21 %
First Lien Debt Total$1,273,533 $1,224,585 132.17 %
Second Lien Debt (15.4% of fair value)
11852604 Canada Inc. (Canada)^(2)(3)(7)Healthcare & PharmaceuticalsL + 9.50% (100% PIK)10.51%9/30/20219/30/2028$7,129 $6,981 $6,897 0.74 %
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseL + 8.25%9.80%1/17/20201/17/202824,814 24,387 25,806 2.79 
Aimbridge Acquisition Co., Inc.^(2)(3)Hotel, Gaming & LeisureL + 7.50%8.56%2/1/20192/1/20279,241 9,133 8,036 0.87 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberL + 7.50%9.01%8/10/20218/10/202933,680 32,829 32,787 3.53 
AQA Acquisition Holdings, Inc.^*(2)(3)High Tech IndustriesL + 7.50%9.17%3/3/20213/3/202935,000 34,234 34,053 3.68 
Blackbird Purchaser, Inc.^(2)(3)(14)Capital EquipmentL + 7.50%9.17%12/14/20214/8/202713,791 13,456 12,934 1.40 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareL + 7.50%9.17%10/3/20184/19/202618,197 17,944 17,901 1.93 
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasL + 8.25%9.92%2/11/20207/30/202618,600 18,248 18,647 2.00 
Jazz Acquisition, Inc.^(2)(3)Aerospace & DefenseL + 8.00%9.67%6/13/20196/18/202723,450 23,207 20,909 2.26 
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesL + 7.50%9.17%10/23/201810/26/20261,731 1,728 1,731 0.19 
PAI Holdco, Inc.^(2)(3)AutomotiveL + 5.50%, 2.00% PIK8.74%10/28/202010/28/202813,946 13,607 13,925 1.50 
Peraton Corp.^*(2)(3)Aerospace & DefenseL + 7.75%9.00%2/24/20212/1/202911,941 11,781 11,300 1.22 
Quartz Holding Company^*(2)(3)SoftwareL + 8.00%9.67%4/2/20194/2/20277,048 6,948 7,048 0.76 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage, Food & TobaccoSONIA + 8.50%9.69%3/12/20203/12/2028£20,000 24,816 21,332 2.30 
TruGreen Limited Partnership^(2)(3)Consumer ServicesL + 8.50%10.17%11/16/202011/2/202813,000 12,782 12,590 1.36 
Watchfire Enterprises, Inc.^(2)(3)Media: Advertising, Printing & PublishingL + 8.00%9.67%10/2/201310/2/20247,000 7,000 7,000 0.76 
World 50, Inc.^(9)Business Services11.50%11.50%1/10/20201/9/202718,552 18,240 17,697 1.91 
WP CPP Holdings, LLC^(2)(3)Aerospace & DefenseL + 7.75%8.99%7/18/20194/30/202624,500 24,345 20,090 2.17 
Second Lien Debt Total
$301,666 $290,683 31.37 %
11

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net Assets
Equity Investments (4.2% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $655 0.07 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/202154,7244,7100.51 
Atlas Ontario LP (Canada)^(6)(7)Business Services4/7/20215,1145,1145,1140.55 
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721045530.06 
Blackbird Holdco, Inc.^(6)Capital Equipment12/14/20211010,127 10,142 1.09 
Buckeye Parent, LLC^(6)Automotive12/22/20218858858850.10 
Chartis Holding, LLC^(6)Business Services5/1/20194334336840.07 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183181870.02 
Cority Software Inc. (Canada)^(6)(7)Software7/2/20192502506240.07 
Derm Growth Partners III, LLC ^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000 — — 
Diligent Corporation^(6)Telecommunications4/5/20211110,89110,4891.12 
ECP Parent, LLC^(6)Healthcare & Pharmaceuticals3/29/2018268— 290 0.03 
GB Vino Parent, L.P.^(6)Beverage, Food & Tobacco10/29/202143513790.04 
Integrity Marketing Group, LLC^(6)Banking, Finance, Insurance & Real Estate12/21/202115,82615,56015,6201.69 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/2019433 306 662 0.07 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,5001,500 1,147 0.12 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3151,8850.20 
Pascal Ultimate Holdings, L.P^(6)Capital Equipment7/21/202136363 383 0.04 
Profile Holdings I, LP^(6)Chemicals, Plastics & Rubber3/8/202255235230.06 
Sinch AB (Sweden)^(6)(7)High Tech Industries3/26/20191041,168 340 0.04 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017221,558 1,315 0.14 
Tank Holding Corp.^(6)Capital Equipment3/26/2019850— 1,982 0.21 
Titan DI Preferred Holdings, Inc. ^(6)Energy: Oil & Gas2/11/202013,71613,475 13,580 1.47 
Turbo Buyer, Inc. ^(6)Automotive12/2/20191,925933 2,764 0.30 
U.S. Legal Support Investment Holdings, LLC^(6)Business Services11/30/2018641641 933 0.10 
Unifrutti Financing PLC (Cyprus)^(6)(7)Beverage, Food & Tobacco10/22/20201506 6360.07 
Unifrutti Financing PLC (Cyprus)^(6)(7)Beverage, Food & Tobacco10/22/2020133 2060.02 
W50 Parent LLC^(6)Business Services1/10/20205001907560.08 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5657601,1890.13 
Equity Investments Total$74,720 $78,633 8.49 %
Total investments—non-controlled/non-affiliated$1,649,919 $1,593,901 172.04 %
12

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
Investments—non-controlled/affiliatedFootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition Date
Maturity Date
Par/ Principal Amount **
Amortized Cost (4)
Fair
Value (5)
% of Net 
Assets
First Lien Debt (1.7% of fair value)
Direct Travel, Inc.^*(2)(3)(8)(12)Hotel, Gaming & LeisureL + 8.50%9.50%10/14/201610/1/2023$36,711 $34,682 $29,966 3.23 %
Direct Travel, Inc.^(2)(3)(12)(14)Hotel, Gaming & LeisureL + 6.00%7.06%10/1/202010/1/20232,7312,6032,7310.29 
First Lien Debt Total$37,285 $32,697 3.53 %
Investments—non-controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value 
(5)
% of Net 
Assets
Equity Investments (0.0% of fair value)
Direct Travel, Inc.^(6)(12)Hotel, Gaming & Leisure10/1/202043 $— $— — %
Equity Investments Total$— $— — %
Total investments—non-controlled/affiliated$37,285 $32,697 3.53 %


Investments—controlled/affiliatedFootnotesIndustry
Reference Rate & Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar Amount/ LLC Interest **Cost
Fair
Value (5)
% of Net Assets
Investment Funds (13.9% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest^(7)(10)Investment FundsN/A—%11/3/202012/31/2030$78,122 $78,096 $75,911 8.19 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundsN/A—%2/29/201612/31/2024193,000 193,001 186,767 20.17 
Middle Market Credit Fund, Mezzanine Loan^(2)(7)(9)(10)Investment FundsL + 9.00%11.29%6/30/20165/21/2023— — — 
Investment Funds Total$271,097 $262,678 28.36 %
Total investments—controlled/affiliated$271,097 $262,678 28.36 %
Total Investments$1,958,301 $1,889,276 203.92 %

^ Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 7, Borrowings, to these consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).
* Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization completed by the Company on June 26, 2015 (see Note 8, Notes Payable, to these consolidated financial statements). Accordingly, such assets are not available to the creditors of the Company.
** Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”).
13

CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of June 30, 2022
(dollar amounts in thousands)
(unaudited)
(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, 2022, 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, 2022, 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 LIBOR (“L”), 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, 2022. As of June 30, 2022, the reference rates for our variable rate loans were the 30-day LIBOR at 1.80%, the 90-day LIBOR at 2.30%, the 180-day LIBOR at 2.90%, the 30-day SOFR at 1.70%, and the 90-day SOFR at 2.10%.
(3)Loan includes interest rate floor feature, which is generally 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.
(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2022, the aggregate fair value of these securities is $78,633, or 8.49% of the Company’s net assets.
(7)The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.
(8)Loan was on non-accrual status as of June 30, 2022.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, and Note 6, Middle Market Credit Fund II, LLC, to these consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the six month period ended June 30, 2022, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2021Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of June 30, 2022Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan
$— $— $— $— $— $— $— 
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
184,141 — — — 2,626 186,767 10,000 
Middle Market Credit Fund II LLC, Member's Interest77,958 — — — (2,047)75,911 5,048 
Total investments—controlled/affiliated$262,099 $— $— $— $579 $262,678 $15,048 

14

CARLYLE SECURED LENDING,