CGBD

Carlyle Secured Lending

Carlyle Group · Q4 2025 (3 months ago)

SEC EDGAR ↗

$4.9BPortfolio FV

429Positions(419 debt, 6 equity)

99.1¢Avg Mark

31Stressed

Portfolio Quality

Portfolio Healthⓘ

A96/ 100

Non-accrual: 0.0%

Stressed: 7.2%

Avg mark: 99.1¢

Grade: A (90+) · B (80-89) · C (70-79) · D (60-69) · F (<60)|Factors: distressed non-accruals (mark <95%), stressed positions, avg mark, first lien %

Data Quality

93%

Fair Value

95%

Spread

100%

Lien

83%

Mark

95%

Avg Spread

532bps

Fair-value weighted

Avg Mark

99.1¢

30 stressed (<90¢)

First Lien

80%

Senior secured positions

PIK Income

15%

Deferred interest yield

Non-Accrual

0.0%

Of portfolio FV

Portfolio Mix

419debt

10 equity positions

Key Financials

NAV / Share

16.26$

↓

Net Asset Value per share

Dividend Coverage

0.83x

Undercovered

NII per share ÷ Dividend per share

Leverage

1.22x

High leverage

Debt ÷ Equity

Total Assets

2.8B

Total portfolio value

NII / Share

0.38$

Annual

Net Investment Income per share

Dividend / Share

0.45$

Quarterly

Most recent quarterly dividend

Est. Div Yield

11.1%

Annualized

Estimated annual dividend yield

Total Debt

1.5B

Total debt outstanding

Equity

1.3B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

-4.7% over period

NAVAnnualized Div

NII vs Dividend Coverage

NII/shareCoverage

Portfolio Composition

Investment Type

429positions

First Lien334

Debt71

Second Lien13

Equity6

+2 more

Rate Type

SOFR382

Euribor19

Fixed14

SONIA10

+2 more

Maturity Profile

Avg: 2.9 years

419 debt positions with maturity data

Top Sectors

Top Borrowers by FV

Include equity

Excluding 10 equity/SPV positions

Fair Value Mark Distribution

1.7% stressed(<80¢, $83M)8.0% watchlist(80–95¢, $395M)90.3% healthy(≥95¢, $4444M)

Weighted median mark: 100.1¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments429 positions

PIK onlyStressed only

PIK = Payment-in-Kind (deferred interest)NA = Non-accrual (not collecting interest)⚠ = Stressed (mark <90¢)

Company	#	Sector	Total FV ▼	Avg Mark	Status(PIK● NA● ⚠)
▶Spotless Brands, LLC	6	Consumer Discretionary	$106.3M	101.3¢	⚠ 1
▶Heartland Home Services, Inc.	8	Consumer Discretionary	$93.1M	96.7¢
▶Tank Holding Corp.	6	Industrials	$87.5M	96.8¢
▶NMI AcquisitionCo, Inc.	2	Information Technology	$84.6M	99.9¢
▶Turbo Buyer, Inc.	4	Consumer Discretionary	$81.3M	97.4¢
▶North Haven Fairway Buyer, LLC	5	Consumer Discretionary	$79.2M	100.4¢
▶AQA Acquisition Holdings, Inc.	2	Information Technology	$74.1M	100.1¢
▶KBP Investments, LLC	2	Consumer Staples	$72.1M	97.5¢
▶NEFCO Holding Company LLC	4	Industrials	$71.8M	100.8¢
▶Yellowstone Buyer Acquisition, LLC	4	Consumer Discretionary	$71.7M	92.9¢
▶Tufin Software North America, Inc.	2	Information Technology	$66.6M	100.6¢
▶Greenhouse Software, Inc.	2	Information Technology	$65.8M	101.7¢
▶PF Atlantic Holdco 2, LLC	5	Consumer Discretionary	$63.8M	100.7¢
▶Apex Companies Holdings, LLC	3	Industrials	$63.3M	100.2¢
▶AP Plastics Acquisition Holdings, LLC	3	Materials	$62.9M	101.2¢
▶Medical Manufacturing Technologies, LLC	2	Health Care	$62.8M	100.5¢
▶Galileo Parent, Inc.	2	Communication Services	$59.8M	100.3¢
▶Dwyer Instruments, Inc.	4	Industrials	$59.5M	100.7¢
▶iCIMS, Inc.	3	Information Technology	$55.1M	99.0¢
▶Eliassen Group, LLC	4	Industrials	$49.6M	98.6¢

Page 1 of 11 (201 companies, 429 positions)

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