CGBD

Carlyle Secured Lending

Carlyle Group · Period ending 2025-12-31

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¢

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

—

NII per share ÷ Dividend per share

Leverage

1.22x

High leverage

Debt ÷ Equity

Total Assets

2.8B

Total portfolio value

NII / Share

—

Annual

Net Investment Income per share

Dividend / Share

—

Quarterly

Most recent quarterly dividend

Est. Div Yield

—

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

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

Company	#	Sector	Total FV ▼	Avg Mark	Status
▶Spotless Brands, LLC	6	Consumer Discretionary	$106287k	101.3¢	⚠ 1
▶Heartland Home Services, Inc.	8	Consumer Discretionary	$93054k	96.7¢
▶Tank Holding Corp.	6	Industrials	$87509k	96.8¢
▶NMI AcquisitionCo, Inc.	2	Information Technology	$84618k	99.9¢
▶Turbo Buyer, Inc.	4	Consumer Discretionary	$81263k	97.4¢
▶North Haven Fairway Buyer, LLC	5	Consumer Discretionary	$79221k	100.4¢
▶AQA Acquisition Holdings, Inc.	2	Information Technology	$74064k	100.1¢
▶KBP Investments, LLC	2	Consumer Staples	$72099k	97.5¢
▶NEFCO Holding Company LLC	4	Industrials	$71767k	100.8¢
▶Yellowstone Buyer Acquisition, LLC	4	Consumer Discretionary	$71687k	92.9¢
▶Tufin Software North America, Inc.	2	Information Technology	$66589k	100.6¢
▶Greenhouse Software, Inc.	2	Information Technology	$65799k	101.7¢
▶PF Atlantic Holdco 2, LLC	5	Consumer Discretionary	$63835k	100.7¢
▶Apex Companies Holdings, LLC	3	Industrials	$63331k	100.2¢
▶AP Plastics Acquisition Holdings, LLC	3	Materials	$62948k	101.2¢
▶Medical Manufacturing Technologies, LLC	2	Health Care	$62813k	100.5¢
▶Galileo Parent, Inc.	2	Communication Services	$59808k	100.3¢
▶Dwyer Instruments, Inc.	4	Industrials	$59483k	100.7¢
▶iCIMS, Inc.	3	Information Technology	$55078k	99.0¢
▶Eliassen Group, LLC	4	Industrials	$49580k	98.6¢

Page 1 of 11 (201 companies, 429 positions)

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