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 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.

[2]

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 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.

[3]

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

[4]

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

[5]

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.

[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 December 31, 2025, the aggregate fair value of these securities is $100,355, or 5.69% of the Company’s net assets.

[7]

Represents a non-income producing security as of December 31, 2025.

[8]

Under the Investment Company Act, the Company is deemed an “affiliated person” of the portfolio companies because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the portfolio companies for the year ended December 31, 2025 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2024		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2025		Interest and PIK Income
Align Precision Group, LLC	$	—	$	20,296	$	—	$	—	$	—	$	20,296	$	1,075
Align Precision Group, LLC	—		2,814		—		—		71		2,885		172
Align Precision Group, LLC (Equity)	—		5,872		—		—		(423)		5,449		—
Total investments—non-controlled/affiliated	$	—	$	28,982	$	—	$	—	$	(352)	$	28,630	$	1,247

[9]

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 Master S.à.r.l. (“CARS Lux Master”).

[10]

Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.

[11]

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, 2025. As of December 31, 2025, the reference rates for variable rate loans were the 30-day SOFR at 3.69%, the 90-day SOFR at 3.65%, the 180-day SOFR at 3.57%, the daily SONIA at 3.73%, the 30-day EURIBOR at 1.94%, the 90-day EURIBOR at 2.03%, the 180-day EURIBOR at 2.11%, and the 30-day CORRA at 2.30%.

[12]

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 and certain assets of its subsidiary CARS Lux Finance (see Note 7, Borrowings to these consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV2, the 2024-1 Issuer, or CARS Lux Master.

[13]

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 7, Borrowings, to these 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 Master.

[14]

As of December 31, 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	%	$	2,843	$	(29)
AAH Topco., LLC	Delayed Draw	1.00		5,599		(30)
AArete Investment, LLC	Delayed Draw	1.00		3,256		(18)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount *		Fair Value
AArete Investment, LLC	Revolver	0.50	%	$	1,302	$	(7)
Addev Group (France)	Delayed Draw	1.50		€	148	(3)
Advanced Web Technologies Holding Company	Revolver	0.50		1,970		(21)
AGS Health BCP LLC	Delayed Draw	1.00		2,364		8
AGS Health BCP LLC	Revolver	0.50		839		3
Align Precision Group, LLC	Delayed Draw	1.00		1,122		—
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00		2,702		(16)
Alpine Acquisition Corp II	Revolver	0.50		695		(376)
AmpersCap LLC	Delayed Draw	1.00		13,759		(137)
AP Plastics Acquisition Holdings, LLC	Delayed Draw	1.00		725		(1)
AP Plastics Acquisition Holdings, LLC	Revolver	0.50		275		—
Apex Companies Holdings, LLC	Delayed Draw	1.00		22,188		(145)
Applied Technical Services, LLC	Delayed Draw	2.00		2,124		(17)
Applied Technical Services, LLC	Revolver	0.50		3,007		(24)
Artifact Bidco, Inc.	Delayed Draw	0.50		172		—
Artifact Bidco, Inc.	Revolver	0.25		123		—
Ascend Buyer, LLC	Revolver	0.50		1,847		(5)
Associations, Inc.	Delayed Draw	—		289		1
Associations, Inc.	Revolver	0.50		407		2
Athlete Buyer, LLC	Revolver	0.50		97		(12)
Atlas US Finco, Inc.	Revolver	0.50		1,143		1
Auditboard, Inc.	Revolver	0.50		1,143		(1)
Azurite Intermediate Holdings, Inc.	Revolver	0.50		397		2
Bamboo Health Holdings, LLC	Revolver	0.50		4,542		23
Bianalisi S.p.A. (Italy)	Delayed Draw	1.25		€	1,848	(43)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50		350		(10)
Bingo Group Buyer, Inc.	Delayed Draw	0.75		3,056		(26)
Bingo Group Buyer, Inc.	Revolver	0.50		397		(3)
Birsa S.p.A. (Italy)	Delayed Draw	1.25		€	571	(10)
Businessolver.com, Inc.	Delayed Draw	—		2,825		(14)
Businessolver.com, Inc.	Revolver	0.50		1,258		(6)
Celerion Buyer, Inc.	Revolver	0.50		125		(1)
CircusTrix Holdings, LLC	Revolver	0.50		323		(2)
Cliffwater LLC	Revolver	0.38		3,465		(3)
Cority Software Inc. (Canada)	Revolver	0.38		5,208		(26)
Coupa Holdings, LLC	Delayed Draw	1.00		193		1
Coupa Holdings, LLC	Revolver	0.50		148		1


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount *		Fair Value
CST Holding Company	Revolver	0.50	%	$	235	$	1
Dance Midco S.a.r.l. (United Kingdom)	Delayed Draw	1.00		€	2,036	(24)
Deerfield Dakota Holding, LLC	Revolver	0.50		4,273		(43)
Denali Intermediate Holdings, Inc.	Revolver	0.50		1,437		(14)
Divisions Holding Corporation	Revolver	0.50		1,600		11
Dwyer Instruments, Inc.	Revolver	0.50		1,891		—
Einstein Parent, Inc.	Revolver	0.50		3,142		(33)
Ellkay, LLC	Revolver	0.50		2,459		(17)
Embark Intermediate Holdings, LLC	Delayed Draw	1.00		4,762		(47)
Embark Intermediate Holdings, LLC	Revolver	0.50		1,143		(11)
Enkindle Limited (United Kingdom)	Delayed Draw	1.00		£	923	(28)
Enverus, Inc.	Delayed Draw	1.00		4,621		(17)
Enverus, Inc.	Revolver	0.50		1,130		(4)
Espresso Bidco Inc.	Delayed Draw	0.50		4,281		(6)
Espresso Bidco Inc.	Revolver	0.50		1,903		(2)
Essential Services Holding Corporation	Delayed Draw	1.00		149		—
Essential Services Holding Corporation	Revolver	0.50		56		—
Excel Fitness Holdings, Inc.	Revolver	0.50		401		(2)
Excelitas Technologies Corp.	Revolver	0.38		1,164		—
Flexera Software LLC	Revolver	0.25		1,620		(4)
FPG Intermediate Holdco, LLC	Delayed Draw	—		43		—
Fullsteam Operations LLC	Delayed Draw	1.00		2,177		(22)
Fullsteam Operations LLC	Revolver	0.50		726		(7)
Galileo Parent, Inc.	Revolver	0.50		1,650		8
Greenhouse Software, Inc.	Revolver	0.50		2,204		—
GS AcquisitionCo, Inc.	Delayed Draw	1.00		624		—
GS AcquisitionCo, Inc.	Revolver	0.50		32		—
Gymspa (France)	Delayed Draw	1.80		€	554	(8)
Hadrian Acquisition Limited (United Kingdom)	Delayed Draw	2.33		£	1,695	6
Heartland Home Services, Inc.	Revolver	0.50		1,542		(35)
Hercules Borrower LLC	Revolver	0.38		2,160		1
Higginbotham Insurance Agency, Inc.	Delayed Draw	0.50		16,752		(83)
Holding Argon (France)	Delayed Draw	1.00		€	4,094	(96)
Hoosier Intermediate, LLC	Revolver	0.38		2,400		—
Horizon Avionics Buyer, LLC	Delayed Draw	—		1,228		(6)
Horizon Avionics Buyer, LLC	Revolver	0.50		506		(3)
HS Spa Holdings Inc.	Revolver	0.50		962		(11)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount *		Fair Value
Hyphen Solutions, LLC	Delayed Draw	1.00	%	$	1,256	$	(7)
Hyphen Solutions, LLC	Revolver	0.50		754		(4)
Icefall Parent, Inc.	Revolver	0.25		744		—
iCIMS, Inc.	Revolver	0.50		1,641		(30)
IEM New Sub 2, LLC	Revolver	—		3,842		(19)
IG Investments Holdings, LLC	Revolver	0.50		325		—
IQN Holding Corp.	Revolver	0.38		171		(1)
Iron Infinity Buyer Sub, Inc.	Delayed Draw	—		10,231		(28)
Iron Infinity Buyer Sub, Inc.	Revolver	0.50		4,213		(11)
Kona Buyer, LLC	Delayed Draw	0.50		20,325		68
Kona Buyer, LLC	Revolver	0.50		902		3
LDS Intermediate Holdings, L.L.C.	Delayed Draw	1.00		6,567		(21)
LDS Intermediate Holdings, L.L.C.	Revolver	0.50		2,770		(9)
Leo BuyerCo, LLC	Delayed Draw	—		3,429		(34)
Leo BuyerCo, LLC	Revolver	0.50		2,743		(27)
Lifelong Learner Holdings, LLC	Revolver	0.50		34		(4)
Material Holdings, LLC	Delayed Draw	—		1,419		—
Material Holdings, LLC	Revolver	—		192		—
Medical Manufacturing Technologies, LLC	Revolver	0.50		1,866		—
Merative L.P.	Delayed Draw	0.50		4,706		—
Merative L.P.	Revolver	0.50		4,118		—
Modernizing Medicine, Inc.	Revolver	0.50		1,099		1
Monarch Buyer, Inc.	Delayed Draw	0.50		8,897		(91)
Monarch Buyer, Inc.	Revolver	0.38		4,328		(44)
More Cowbell II, LLC	Delayed Draw	0.50		1,112		—
More Cowbell II, LLC	Revolver	0.50		2,225		(1)
NEFCO Holding Company LLC	Revolver	0.50		3,077		—
North Haven Fairway Buyer, LLC	Delayed Draw	1.00		1,495		(11)
North Haven Fairway Buyer, LLC	Revolver	0.50		687		(5)
Nuzoa Bidco, S.L.U. (Spain)	Delayed Draw	1.25		€	2,401	(42)
Oak Purchaser, Inc.	Delayed Draw	0.50		1,373		(3)
Oak Purchaser, Inc.	Revolver	0.50		824		(2)
OEConnection, LLC	Delayed Draw	0.50		5,839		(29)
OEConnection, LLC	Revolver	0.50		1,538		(8)
OEI, Inc.	Delayed Draw	0.50		10,651		(80)
OEI, Inc.	Revolver	0.50		4,260		(32)
Optimizely North America Inc.	Revolver	0.50		1,364		(22)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount *		Fair Value
Orthrus Limited (United Kingdom)	Delayed Draw	0.50	%	£	421	$	(6)
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19		£	1,751	(29)
PDI TA Holdings, Inc	Revolver	0.50		156		(4)
PF Atlantic Holdco 2, LLC	Revolver	0.50		2,759		—
PPV Intermediate Holdings, LLC	Delayed Draw	1.00		5,267		—
PPV Intermediate Holdings, LLC	Revolver	0.50		1,360		(3)
Prophix Software Inc. (Canada)	Delayed Draw	—		756		(1)
Prophix Software Inc. (Canada)	Revolver	0.50		858		(1)
Propio LS, LLC	Revolver	0.50		182		(1)
PROS Parent, Inc.	Revolver	0.38		2,665		(7)
PXO Holdings I Corp.	Revolver	0.50		490		(8)
QBS Parent, Inc.	Delayed Draw	—		12,283		78
QBS Parent, Inc.	Revolver	0.50		3,890		25
Radwell Parent, LLC	Revolver	0.38		291		—
Rialto Management Group, LLC	Revolver	0.38		894		1
Rotation Buyer, LLC	Delayed Draw	1.00		2,257		(20)
Rotation Buyer, LLC	Revolver	0.50		1,016		(9)
Saguaro Buyer, LLC	Delayed Draw	1.00		5,047		(10)
Saguaro Buyer, LLC	Revolver	0.50		1,531		(3)
SCHP Purchaser, INC	Revolver	0.50		3,100		(30)
SCP Eye Care HoldCo, LLC	Revolver	0.50		19		—
Seahawk Bidco, LLC	Delayed Draw	1.00		1,650		4
Seahawk Bidco, LLC	Revolver	0.50		2,333		6
Sigma Irish Acquico Limited (Ireland)	Delayed Draw	0.50		1,286		(16)
Smarsh Inc.	Delayed Draw	1.00		816		—
Smarsh Inc.	Revolver	0.50		376		—
Specialty Pharma III, Inc.	Revolver	0.50		3,654		(18)
Speedstar Holding LLC	Delayed Draw	1.00		1,789		(69)
SPF Borrower, LLC	Revolver	0.50		403		—
Spotless Brands, LLC	Delayed Draw	1.00		8,943		(59)
Spotless Brands, LLC	Revolver	0.50		877		4
Summit Bidco, Inc. (Canada)	Delayed Draw	0.50		C$	1,895	(13)
Summit Bidco, Inc. (Canada)	Revolver	0.50		C$	962	(7)
Tank Holding Corp.	Revolver	0.38		828		(71)
The Chartis Group, LLC	Delayed Draw	1.00		5,311		53
The Chartis Group, LLC	Revolver	0.50		3,187		32
Total Power Limited (Canada)	Delayed Draw	1.00		C$	824	(5)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount *		Fair Value
Total Power Limited (Canada)	Revolver	0.50	%	C$	1,111	$	(7)
Tufin Software North America, Inc.	Revolver	0.50		2,820		(11)
Turbo Buyer, Inc.	Revolver	0.50		545		—
U.S. Legal Support, Inc.	Revolver	0.50		674		(2)
UFT Buyer LLC	Delayed Draw	0.50		6,140		(61)
UFT Buyer LLC	Revolver	0.50		2,303		(23)
US INFRA SVCS Buyer, LLC	Delayed Draw	1.00		—		—
Vensure Employer Services, Inc.	Delayed Draw	0.50		397		(4)
Victors Purchaser, LLC	Delayed Draw	—		1,330		(4)
Victors Purchaser, LLC	Revolver	0.50		2,313		(7)
Whitney Merger Sub, Inc.	Revolver	0.50		4,895		(49)
Wineshipping.com LLC	Delayed Draw	—		1,384		(384)
Wineshipping.com LLC	Revolver	0.50		214		(59)
World 50, Inc.	Revolver	0.50		860		1
Wrench Group LLC	Delayed Draw	1.00		938		1
Wrench Group LLC	Revolver	0.50		938		1
YLG Holdings, Inc.	Delayed Draw	1.00		592		2
YLG Holdings, Inc.	Revolver	0.50		291		1
Total unfunded commitments				$	408,527	$	(2,725)

The type of investments as of December 31, 2025 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value
First Lien Debt	$	2,415,655	$	2,383,274	89.9	%
Second Lien Debt	58,354		55,729		2.1
Equity Investments	90,979		100,355		3.8
Structured Credit Investments	111,121		111,928		4.2
Total	$	2,676,109	$	2,651,286	100.0	%

The rate type of debt investments as of December 31, 2025 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	2,580,385	$	2,546,170	99.8	%
Fixed Rate	4,745		4,761		0.2
Total	$	2,585,130	$	2,550,931	100.0	%

[15]

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.

[16]

Represents an investment on non-accrual status as of December 31, 2025.

[17]

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 5.05% of the Company’s net assets.

[18]

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

[19]

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”).

[20]

[21]

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

[22]

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 consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV, the 2024-1 Issuer or CARS Lux Finance.

[23]

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

[24]

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%.

[25]

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


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50	%	$	913	$	(25)
Bingo Group Buyer, Inc.	Delayed Draw	0.75		1,066		11
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		—


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
IQN Holding Corp.	Revolver	0.50	%	$	297	$	—
Kaseya, Inc.	Delayed Draw	1.00		853		—
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)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Seahawk Bidco, LLC	Revolver	0.50	%	$	2,333	$	(17)
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)

[26]

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 7, Borrowings to these consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV2, the 2024-1 Issuer or CARS Lux Finance.

[27]

[28]

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

[29]

Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, 2024-1 Issuer (see Note 7, Borrowings to these consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV, SPV2 or CARS Lux Finance.

[30]

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, or the 2024-1 Issuer.

[31]

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.

[32]

[33]

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

[34]

Denotes that all or a portion of the assets are owned by the SPV's wholly owned subsidiary, CARS Lux Finance. Substantially all of the assets of CARS Lux Finance have been pledged as collateral under the SPV Credit Facility. Accordingly, such assets are not available to creditors of the Company, SPV2, the 2024-1 Issuer, or CARS Lux Master.

[35]

[36]

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

[37]

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

[38]

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

[39]

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.

[40]

Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of these securities is $111,928 or 6.34% of the Company’s net assets.