# EDGAR Filing Document

**Accession Number:** 0001702510
**File Stem:** 0001702510-26-000021
**Filing Date:** 2026-3
**Character Count:** 1287309
**Document Hash:** 98568e2e2d79231f868d21d8cd1aa0d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001702510-26-000021.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001702510-26-000021

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carlyle Credit Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001702510

**ORGANIZATION NAME:**
- **EIN:** 815320146
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01248
- **FILM NUMBER:** 26763914

**BUSINESS ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** SUITE 3400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-813-4900

**MAIL ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** SUITE 3400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCG BDC II, Inc.
- **DATE OF NAME CHANGE:** 20170330

?xml version='1.0' encoding='ASCII'? cars-20251231

<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025** 

**OR**

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

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**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<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification Number)** |

---

One Vanderbilt Avenue, Suite 3400, New York, NY 10017

**(Address of principal executive office) (Zip Code)**

(212) 813-4900

**(Registrant's telephone number, including area code)**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

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

**Class I Common Stock, par value $0.01 per share**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

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:&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

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

There is currently no established public market for the registrant's common stock, $0.01 par value per share ("Shares").

The number of shares of the registrant's common stock, $0.01 par value per share, outstanding at March 17, 2026 was 97,121,754, 0, and 0 of Class I, Class S, and Class D shares of common stock, respectively. Shares outstanding exclude March 1, 2026, subscriptions since the issuance price is not yet finalized at the date of this filing.

**Documents Incorporated by Reference:** Portions of the registrant's Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K.

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**CARLYLE CREDIT SOLUTIONS, INC.**

**INDEX**

---

| | | |
|:---|:---|:---|
| **Part I** | | |
| Item 1. | <u>[Business](#i0f84e4a09596417e8207e48196844f46_184)</u> | <u>[4](#i0f84e4a09596417e8207e48196844f46_184)</u> |
| Item 1A. | <u>[Risk Factors](#i0f84e4a09596417e8207e48196844f46_133)</u> | <u>[25](#i0f84e4a09596417e8207e48196844f46_133)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#i0f84e4a09596417e8207e48196844f46_199)</u> | <u>[53](#i0f84e4a09596417e8207e48196844f46_199)</u> |
| Item 1C. | <u>[Cybersecurity](#i0f84e4a09596417e8207e48196844f46_202)</u> | <u>[54](#i0f84e4a09596417e8207e48196844f46_202)</u> |
| Item 2. | <u>[Properties](#i0f84e4a09596417e8207e48196844f46_205)</u> | <u>[55](#i0f84e4a09596417e8207e48196844f46_205)</u> |
| Item 3. | <u>[Legal Proceedings](#i0f84e4a09596417e8207e48196844f46_130)</u> | <u>[55](#i0f84e4a09596417e8207e48196844f46_130)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i0f84e4a09596417e8207e48196844f46_142)</u> | <u>[55](#i0f84e4a09596417e8207e48196844f46_142)</u> |
| Part II | | |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i0f84e4a09596417e8207e48196844f46_169)</u> | <u>[56](#i0f84e4a09596417e8207e48196844f46_169)</u> |
| Item 6. | [<u>[Reserved](#i0f84e4a09596417e8207e48196844f46_172)</u>] | <u>[58](#i0f84e4a09596417e8207e48196844f46_172)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0f84e4a09596417e8207e48196844f46_91)</u> | <u>[59](#i0f84e4a09596417e8207e48196844f46_91)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i0f84e4a09596417e8207e48196844f46_121)</u> | <u>[76](#i0f84e4a09596417e8207e48196844f46_121)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#i0f84e4a09596417e8207e48196844f46_175)</u> | <u>[78](#i0f84e4a09596417e8207e48196844f46_175)</u> |
| Item 9. | <u>[Changes and Disagreements with Accountants on Accounting and Financial Disclosure](#i0f84e4a09596417e8207e48196844f46_178)</u> | <u>[152](#i0f84e4a09596417e8207e48196844f46_178)</u> |
| Item 9A. | <u>[Controls and Procedures](#i0f84e4a09596417e8207e48196844f46_124)</u> | <u>[152](#i0f84e4a09596417e8207e48196844f46_124)</u> |
| Item 9B. | <u>[Other Information](#i0f84e4a09596417e8207e48196844f46_145)</u> | <u>[152](#i0f84e4a09596417e8207e48196844f46_145)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#i0f84e4a09596417e8207e48196844f46_181)</u> | <u>[152](#i0f84e4a09596417e8207e48196844f46_181)</u> |
| Part III | | |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#i0f84e4a09596417e8207e48196844f46_211)</u> | <u>[153](#i0f84e4a09596417e8207e48196844f46_211)</u> |
| Item 11. | <u>[Executive Compensation](#i0f84e4a09596417e8207e48196844f46_214)</u> | <u>[153](#i0f84e4a09596417e8207e48196844f46_214)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i0f84e4a09596417e8207e48196844f46_217)</u> | <u>[153](#i0f84e4a09596417e8207e48196844f46_217)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#i0f84e4a09596417e8207e48196844f46_220)</u> | <u>[153](#i0f84e4a09596417e8207e48196844f46_220)</u> |
| Item 14. | <u>[Principal Accountant Fees and Services](#i0f84e4a09596417e8207e48196844f46_223)</u> | <u>[153](#i0f84e4a09596417e8207e48196844f46_223)</u> |
| **Part IV** | | |
| Item 15. | <u>[Exhibits and Financial Statement Schedules](#i0f84e4a09596417e8207e48196844f46_229)</u> | <u>[154](#i0f84e4a09596417e8207e48196844f46_229)</u> |
| Item 16. | <u>[Form 10-K Summary](#i0f84e4a09596417e8207e48196844f46_232)</u> | <u>[154](#i0f84e4a09596417e8207e48196844f46_232)</u> |

---

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

We have included or incorporated by reference in this Form 10-K, 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-K and the documents incorporated by reference herein involve a number of risks and uncertainties, including statements concerning:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to recover unrealized losses;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the speculative and illiquid nature of our investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources and working capital;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to consummate acquisitions;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our status as a business development company ("BDC"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Part I, Item 1A of and elsewhere in this Form 10-K.

We have based the forward-looking statements included in this Form 10-K on information available to us on the date of this Form 10-K, 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.

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**PART I**

In this Annual Report on Form 10-K, except where the context suggests otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms "we," "us," "our," "Company" and "CARS" refer to Carlyle Credit Solutions, Inc. (formerly TCG BDC II, Inc.), a Maryland corporation, and its consolidated subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "SPV" refers to Carlyle Credit Solutions SPV LLC, a wholly owned and consolidated subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "SPV2" (collectively with the SPV, the "SPVs") refers to Carlyle Credit Solutions SPV 2 LLC, a wholly owned and consolidated subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "CARS Lux Finance" refers to CARS Lux Finance SPV S.a.r.l., a wholly owned and consolidated subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "CARS Lux Master" refers to CARS Lux Master S.a.r.l., a wholly owned and consolidated subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "2024-1 Issuer" refers to Carlyle Direct Lending CLO 2024-1, LLC (together with the SPVs, CARS Lux Finance, and CARS Lux Master, the "Subsidiaries"), a wholly owned and consolidated subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Carlyle" refers to The Carlyle Group Inc. (NASDAQ: CG) and its affiliates and its consolidated subsidiaries (other than portfolio companies of its affiliated funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Administrator" refers to Carlyle Global Credit Administration L.L.C., our administrator, a wholly owned and consolidated subsidiary of Carlyle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Investment Adviser" refers to Carlyle Global Credit Investment Management L.L.C., a Delaware limited liability company and an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and a wholly owned and consolidated subsidiary of Carlyle, which serves as the investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Structured Credit Partners" refers to Structured Credit Partners JV, LLC, a joint venture with Sixth Street Lending Partners, Sixth Street Specialty Lending, Inc. and Carlyle Secured Lending, Inc. ("CGBD"), in which we own 25% of the voting interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• references to "this Form 10-K" are to our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 1. Business**

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 BDC under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act" or the "1940 Act"). For U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Code. We were formed on February 10, 2017, conducted our initial private offering (the "Initial Private Offering") of our shares of common stock to investors in reliance on exemptions from the registration requirements of the Securities Act, and completed our initial closing of capital commitment on September 11, 2017 (the "Commencement," or the "Initial Closing Date"). We held additional closings subsequent to the Initial Closing Date, with our final closing pursuant to the Initial Private Offering occurring on November 9, 2018. We commenced our loan origination and investment activities shortly after our initial capital drawdown from our investors in the Initial Private Offering, which was called on September 22, 2017 and settled by October 4, 2017.

In the first quarter of 2022, we commenced our New Continuous Offering, as defined and discussed further in "—Corporate Structure." Commencing December 1, 2024, we have been conducting closings of the New Continuous Offering on a monthly basis. 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 or greater 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 higher yielding investments (which

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

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.

We invest primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. See Part I, Item 1A of this Form 10-K "*Risk Factors— Risks Related to Our Investments— Our investments are risky and speculative."*

Our investment approach is focused on capital preservation based on long-term fundamental credit performance. The Investment Adviser's investment team utilizes a rigorous, systematic, and consistent investment process, refined over Carlyle's 38-year history investing in private markets across multiple cycles, designed to achieve enhanced risk-adjusted returns. In conducting our investment activities, we believe that we benefit from the significant scale and resources of Carlyle, including the Investment Adviser and its affiliates.

**Corporate Structure**

On January 21, 2022, stockholders approved (i) our 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 by extending indefinitely our finite term and finite investment period and permitting us to accept new subscriptions for Shares in a new continuous private offering (the "New Continuous Offering") and (ii) an amendment and restatement (the "Investment Advisory Agreement") of our then existing investment advisory agreement (the "Original Investment Advisory Agreement") with the Investment Adviser (the "January 2022 Proposals"). More specifically, in the case of the conversion to a perpetual life BDC, our stockholders approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extending indefinitely our term, which was scheduled to end at the close of business on November 9, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extending indefinitely our investment period (the "Investment Period"), which was scheduled to end at the close of business on September 11, 2022 (the "Original Investment Period"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permitting us to accept new subscriptions in the New Continuous Offering.

Our Board of Directors may terminate the Investment Period at any time in its discretion. The Company may be dissolved at any time upon a decision of our Board of Directors, subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act.

On January 22, 2022, we and the Investment Adviser executed the Investment Advisory Agreement. For additional information, see "—The Investment Adviser."

As a result of the stockholder approval of the January 2022 Proposals, we intend, subject to market and other conditions, to conduct recurring quarterly tender offers ("Quarterly Tender Offers") for shares of our common stock, par value $0.01 per share ("Shares") in order to offer regular liquidity to stockholders, the first of which commenced June 30, 2022. We initially offered to repurchase through the Quarterly Tender Offers up to 3.5% of the number of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer was conducted, at a specific per Share price based on our net asset value ("NAV") per Share as of the last date of the quarter in which the Quarterly Tender Offer was conducted. On February 18, 2026, the Board of Directors approved an increase in the maximum number of Shares that may be repurchased through the Quarterly Tender Offers from 3.5% to 5.0% of the number of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer is conducted. Accordingly, we now expect to offer to repurchase up to 5.0% of such number of Shares in each Quarterly Tender Offer.

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. Notwithstanding the foregoing, we will continue to use available funds and liquidity (a) to pay, and/or establish reserves for, our actual or anticipated expenses, including management and incentive fees, any amounts that may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, whether incurred before, during or after the end of the relevant 24-month period, (b) to fulfill investment commitments made or approved by the Investment Adviser's investment committee prior to the expiration of the relevant 24-month period, (c) to fund follow-on investments made in existing portfolio companies (including transactions to hedge interest rate relating to such additional investments) and amounts to protect the value of existing investments (for example, without limitation, follow-on debt or equity investments made to protect existing investments) as necessary, (d) to engage in hedging transactions, (e) to fund obligations

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under any guarantee or indemnity made by us prior to the end of the relevant 24-month period, (f) to fulfill obligations with respect to any purchase price due from an investor on a drawdown date that such investor fails to pay or (g) as necessary for us to comply with applicable laws and regulations, including the Investment Company Act and the Code.

We entered into separate subscription agreements with qualified investors providing for the private placement of Shares pursuant to the Initial Private Offering and have entered and intend to continue to enter into separate subscription agreements with qualified investors providing for the private placement of Shares pursuant to the New Continuous Offering.

Prior to December 1, 2024, investors whose subscription agreements were accepted by us in the New Continuous Offering were required to fund capital calls to purchase Shares up to the amount of their respective capital commitments each time we delivered a capital call notice, which were issued based on our anticipated investment activities and capital needs and at least eight business days prior to funding. All purchases made pursuant to subscription agreements entered into pursuant to the Initial Private Offering were generally made pro rata, in accordance with the remaining capital commitments of all investors. All purchases in the New Continuous Offering were at a per share price equal to then-current NAV per Share of our common stock as determined within two business days of the applicable drawdown notice, subject to the limitations of Section 23 under the Investment Company Act (which generally prohibits us from selling shares at a price below the then-current NAV per Share of our common stock as determined within 48 hours, excluding Sundays and holidays, of such issuance, subject to certain exceptions).

Drawdowns were issued at any time prior to the expiration of the Investment Period for any permitted purpose. Any capital commitments remaining from the Initial Private Offering terminated as of the date of the first closing in connection with the New Continuous Offering, which occurred on August 2, 2022.

No investor who participated in the Initial Private Offering or the New Continuous Offering will be permitted to sell, assign, transfer or otherwise dispose of its shares or capital commitment unless we provide our prior written consent and the transfer was otherwise made in accordance with applicable law.

Commencing December 1, 2024, we have 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 NAV per Share of the applicable class of Shares 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 for each class of Shares being subscribed for, 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).

All purchases of Shares in the New Continuous Offering will be at a per share price equal to the then-current NAV per Share of the applicable class of Shares, as described above, which will be available generally within 20 business days after the effective date of the share purchase, subject to the limitations of Section 23 under the Investment Company Act (which generally prohibits us from selling shares at a price below the then-current NAV per Share of the applicable class of Shares, subject to certain exceptions); at that time, the number of shares based on that NAV and each stockholder's purchase will be determined and shares are credited to the stockholder's account as of the effective date of the share purchase.

On December 23, 2025, the Company amended its charter to rename existing common stock as Class I Common Stock and reclassify and designate authorized but unissued shares as Class I, Class D, and Class S. The share classes have different ongoing distribution and/or shareholder servicing fees.

On January 30, 2026, the Company entered into a placement agent agreement (the "Placement Agent Agreement') with TCG Capital Markets L.L.C., ("TCG"). Pursuant to the Placement Agent Agreement, no upfront transaction fee will be paid with respect to shares of Class I, Class S or Class D common stock, however, if stockholders purchase shares of Class S or Class D common stock through certain financial intermediaries, they may directly charge stockholders transaction or other fees.

In addition, we borrow money from financial institutions and may in the future issue debt securities or preferred stock, which we refer to collectively as "senior securities," up to the maximum amount permitted by the Investment Company Act. See "—Regulation—General—Indebtedness and Senior Securities."

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**The Investment Adviser**

The Investment Adviser manages our investment activities, including sourcing potential investments, conducting research and due diligence on prospective investments, analyzing and structuring our investments and monitoring our investments on an ongoing basis.

The Investment Adviser is part of Carlyle's Global Credit segment, and benefits from the more than 205 experienced investment professionals across the origination, capital markets, underwriting and portfolio management teams. The Investment Adviser's investment committee that oversees our investment activities comprises several of the most senior credit professionals within the Global Credit segment, with backgrounds and expertise across multiple asset classes with significant industry experience and tenure. The investment committee is responsible for reviewing and approving our investment opportunities. The members of the investment committee have experience investing through different credit cycles. The investment committee is led by Mark Jenkins, a Managing Director and Co-President and Head of Global Credit & Insurance at Carlyle.

The Investment Adviser also serves, and may in the future serve, as investment adviser to other existing and future affiliated BDCs that have investment objectives similar to our investment objectives.

On June 26, 2017, the Company's Board of Directors, including 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"), approved the Original Investment Advisory Agreement between the Company and the Investment Adviser in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the Investment Company Act. The initial term of the Original Investment Advisory Agreement was two years from June 26, 2017 and, unless terminated earlier, the Original Investment Advisory Agreement renewed automatically for successive annual periods, provided that such continuance was specifically approved at least annually by the approval of the Company's Board of Directors, including a majority of the Independent Directors. On October 11, 2021, the Board, including all of its Independent Directors, reviewed the Investment Advisory Agreement, considered the mechanics of the changes and the Investment Adviser's rationale for the changes and approved the terms of the Investment Advisory Agreement for an initial term of two years, conditional upon stockholders' approval of the January 2022 Proposals.

On January 21, 2022, stockholders approved the Investment Advisory Agreement as discussed above, which we executed on January 22, 2022. The terms of the Investment Advisory Agreement were effective immediately upon execution of the agreement, except that the changes to the calculation of the income-based incentive fee became effective for the calendar quarter ending June 30, 2022.

Unless terminated earlier, the Investment Advisory Agreement renews 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 Investment Advisory Agreement with the Investment Adviser for an additional one year term. The 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. 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.

Under the Original Investment Advisory Agreement, 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 (and, in the case of the Company's first quarter, the Company's Capital Under Management as of such quarter-end). "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. The "Original Investment Period" commenced on September 11, 2017 and was scheduled to expire September 11, 2021. On January 11, 2021, the Board of Directors extended the Investment Period for one additional one-year period through September 11, 2022. On January 11, 2021, the Company, in connection with the extension of the Investment Period to September 11, 2022, entered into a letter agreement with the Investment Adviser, under which the Investment Adviser agreed that effective September 12, 2021 the annual rate of its management fee would decrease

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from a rate of 1.25% to 1.00% of the Company's average Capital Under Management. 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 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. In connection with the execution of the Investment Advisory Agreement on January 12, 2022, the calculation of the annual base management fee 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).

Under the Investment Advisory Agreement, the incentive fee consists of two parts: an income-based incentive fee and a capital gains incentive fee. Prior to January 12, 2022, the first part was calculated and payable quarterly in arrears and equaled 15% 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. In connection with the execution of the Investment Advisory Agreement on January 12, 2022, the calculation of the income-based incentive fee changed by reducing the income-based incentive fee rate to 12.5% and by reducing the "hurdle rate" to 1.25% (5.0% annualized). The capital gains incentive fee rate was reduced to 12.5%.

**Our Administrator**

On April 18, 2017, the Company's Board of Directors approved an administration agreement (the "Administration Agreement") between the Company and the Administrator, a Delaware limited liability company. 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 its 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 Sarbanes-Oxley Act internal control assessment. Reimbursement under the Administration Agreement occurs quarterly in arrears.

Unless terminated earlier, the 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 a majority vote 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 Administration Agreement for a one year period. 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 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 our Administrator with access to Carlyle's finance, operations, legal, compliance and administrative professionals.

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"). Pursuant to the State Street Sub-Administration Agreement, State Street provides certain administrative and professional services. State Street also serves as our custodian. 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 State Street Sub-Administration Agreements for a one year period. The State Street Sub-Administration Agreement may be terminated upon at least 60 days' written notice and without penalty by the vote of a majority of the outstanding securities of the Company, or by the vote of the Board of Directors or by either party to the State Street Sub-Administration Agreement.

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**Carlyle**

The Investment Adviser and Administrator are affiliates of Carlyle. Carlyle is one of the world's largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management ("AUM") as of December 31, 2025, Carlyle's teams invest across a range of strategies that leverage its deep industry expertise, local insights, and global resources to deliver attractive returns throughout an investment cycle. Carlyle employs more than 2,500 employees, including 770 investment professionals in 27 offices across four continents, and serves more than 3,200 active carry fund investors from 87 countries.

Carlyle's Global Credit segment, which had $211 billion in AUM as of December 31, 2025, advises products that pursue investment strategies across the credit spectrum, including liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, and cross-platform credit products. Global Credit, which also includes the insurance solutions and global capital markets businesses, has been Carlyle's fastest-growing segment in the past five years, with total AUM nearly quadrupling in that period. Since the establishment of Global Credit in 1999, these various capital sources have provided the opportunity for Carlyle to offer highly customizable and creative financing solutions to borrowers to meet their specific capital needs. Carlyle draws on the expertise and underwriting capabilities of its more than 205 investment professionals and leverages the resources and industry expertise of Carlyle's global network to provide creative solutions for borrowers.

**Strategic Relationships**

We have established, and may in the future establish, strategic relationships that may diversify our product offering, increase our scale, enhance our origination capabilities or provide other benefits.

In December 2025, we, together with Carlyle Secured Lending, Inc. ("CGBD"), an affiliated BDC, and certain affiliates of Sixth Street Partners, LLC, Sixth Street Lending Partners and Sixth Street Specialty Lending, Inc. (together, "Sixth Street") (collectively with us and CGBD, the "SCP Members"), agreed to co-invest through Structured Credit Partners JV, LLC ("Structured Credit Partners"), a joint venture that will primarily invest in broadly syndicated loans and will be co-managed by Carlyle and Sixth Street. The broadly syndicated loans will be financed by financing subsidiaries that include warehouses and collateralized loan obligations. We and CGBD each own 25% of the voting interest in Structured Credit Partners, with the remaining 50% ownership held by Sixth Street. As of December 31, 2025, Structured Credit Partners had not commenced operations, and no capital had been contributed to the joint venture. Each Carlyle SCP Member's initial capital commitment to Structured Credit Partners is up to $150.0 million, if and when requested, and the total initial capital commitments of all SCP Members to Structured Credit Partners are up to $600.0 million, if and when requested. Each SCP Member has equal representation on the board of managers of Structured Credit Partners.

**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.

**Competitive Strengths**

Carlyle Global Credit's key competitive strengths are based on Carlyle's integrated platform – with a breadth of capabilities, scale of capital and depth of expertise – which Carlyle believes allows it to mitigate competition and thereby improve our ability to deliver on the expectations of stockholders. We believe the following characteristics distinguish Carlyle's capabilities in private credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Proven Direct Origination Approach*. The Carlyle Direct Lending platform is Carlyle's direct lending business unit that operates within the broader Carlyle Global Credit Segment. Carlyle Direct Lending's business directly originates nearly 100% of its investments, sourced from both the dedicated direct lending origination team as well as from the many adjacent capabilities across the Carlyle Global Credit platform. This origination approach has resulted in a strong and diversified flow of opportunities, approximately 1,500 per annum, from which Carlyle believes it can select investments with the best potential risk/reward characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Breadth of Capabilities*. Carlyle believes it has one of the broadest credit investment capabilities in the market today. As a global private credit platform, Carlyle has the ability to invest across the capital structure in first lien, unitranche, second lien, junior debt and preferred equity. Carlyle Global Credit can potentially serve as a one-stop

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shop, providing creative and holistic solutions for borrowers across the capital structure, which allows it to pursue investment opportunities with limited competition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Scale of Capital.* With $211 billion of AUM as of December 31, 2025 across its platform, Carlyle Global Credit maintains a significant capital base that can provide a full capital solution, delivering certainty of execution for borrowers and mitigating opportunities for competitive disintermediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Depth of Expertise*. Carlyle is a market leading global platform with $477 billion of AUM, an experienced and tenured bench of 770 investment professionals with well-established, long-standing relationships with sponsors, management teams, and industry experts, as of December 31, 2025. Carlyle believes that it brings differentiated diligence insights and extensive experience to inform credit selection. As a firm, Carlyle seeks to bring the collective power of the global platform with respect to individual investments, including sector credit analysts, Carlyle Private Equity's deep knowledge and relationships with potential customers, suppliers or competitors of a given company, and internal dedicated diligence groups (*e.g.*, government affairs and environment, social and corporate governance ("ESG")). Carlyle believes this integrated and collaborative approach allows it to move faster and with higher conviction than its competitors in many scenarios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Rigorous Credit Selection.* Carlyle employs a robust, iterative and heavily documented underwriting process for its Direct Lending business, which consists of four "gates" where a credit is reviewed and requires sign-off, including (i) at the point of origination, (ii) by the underwriting team, (iii) by Carlyle Direct Lending's screening committee (the "Direct Lending Screening Committee" or the "Screening Committee") and finally (iv) by Carlyle's Private Credit Investment Committee at the Investment Adviser that oversees our investment activities. This rigorous diligence approach has allowed for a less than 5% closing rate on new transactions that were reviewed by the deal team over the past 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Defensive Approach.* Carlyle approaches the direct lending business with a defensive mindset that permeates all aspects of investment selection. On a strategic level, Carlyle seeks to construct well diversified portfolios, heavily weighted towards non-cyclical industries, and applies only moderate leverage at the portfolio level in order to seek to generate sustainable income levels. In addition, in individual asset selection, Carlyle favors sponsored over non-sponsored borrowers, seeks to transact with sponsors it knows well (approximately 80% of Carlyle Direct Lending's business is with repeat sponsors), works with companies it knows well via its significant incumbencies, seeks opportunities at the top of the capital structure, and primarily invests in transactions where Carlyle maintains leadership or roles with significant influence (approximately 75% of originations having a titled role in recent years).

**Market Opportunity**

We believe the middle market lending environment provides attractive investment opportunities as a result of a combination of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Favorable Market Environment.* We believe the middle market remains one of the most attractive investment areas due to its large size, superior value relative to the broadly syndicated loan market, and supply-demand imbalance that continues to favor non-bank lenders. We believe market yields remain attractive and leverage levels at middle market companies are stable, creating a favorable investment environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Large and Growing U.S. Middle Market.* The middle market direct lending asset class has undergone tremendous growth and maturation over the past decade and is one of the largest sub-segments of private credit, a now $1,950+ billion market. Carlyle believes this growth has been driven by fundamentally sound, secular drivers, including the expansion of private market activity, increased bank regulation and consolidation and structural changes in liquid credit markets, all of which we believe creates a significant opportunity for private credit investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Benefits of Traditional Middle Market Focus.* Carlyle believes that there are meaningful benefits to investing in middle market directly originated assets, which allows the strategy to generate excess return as compared to traditional fixed income asset classes, with comparable risk performance. The excess return is generated by prudently taking incremental complexity and illiquidity risk. Traditional middle market companies offer more attractive economics in the form of upfront fees, spreads and prepayment penalties. In addition, senior secured middle market loans typically have strong defensive characteristics and structural protections, including priority in the capital structure and covenants. Many of the middle market loans are structured with financial covenants in contrast to broadly syndicated markets, where financial covenants are comparatively rare. Additional protection may be gained through better credit documentation and control, enhanced management and diligence access, monitoring of assets, and significantly more influence in the instance of a workout scenario.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Environment Favors Non-Traditional Lenders.* The direct lending asset class has also benefited from an ongoing secular trend in the banking industry. Post Great Financial Crisis in 2008, as tougher regulations have reshaped the landscape, traditional banks have reduced their lending capabilities. As banks have retreated due to a number of new laws, regulations and regulatory guidance, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Basel III regulatory capital framework, institutional investors have increased their lending capabilities to fill the void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Favorable Capital Markets Trends.* Over the past two decades, Carlyle has witnessed a secular trend with respect to the shift in economic activity from public to privately owned businesses due to less appetite for public market exposure. The number of public companies in the U.S. has dropped by nearly 50% from its peak, with a mirror image increase in the rise of private equity-backed companies. Overall public listing activity has declined by approximately two-thirds over the past forty years. These privately owned companies often prefer to finance themselves through the private markets, which has allowed for a natural expansion of the market opportunity for direct lenders on a secular basis for over a decade. Given current market dynamics, Carlyle believes that the asset class will continue to expand.

**Investment Strategy**

Our investment strategy is a continuation of a strategy adopted by the Carlyle Direct Lending platform. We focus on investing primarily in companies that we believe at the time of investment to be established and stable, with positive cash flow. Our investment portfolio is primarily composed of investments in senior secured loans, second lien secured loans, and, to a significantly lesser extent, subordinated loans of private, U.S. middle market companies. We also make selective structured finance, bond, preferred and common equity investments. The Investment Adviser aims to maintain an appropriate allocation among the various types of senior secured term loans, as well as junior secured debt and unsecured subordinated debt, to allow us to achieve our returns while maintaining our desired credit risk profile. We typically target portfolio companies that exhibit some or all of the following characteristics at the time of investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA of $25 million or greater;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum of 35% original sponsor cash equity in each transaction (typically higher);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainable leading positions in their respective markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scalable revenues and operating cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced management teams with successful track records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stable, predictable cash flows with low technology and market risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversified product offering and customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Low capital expenditures requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A North American base of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Products, services or distribution channels having distinctive competitive advantages; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defensible niche strategy or other barriers to entry.

While we believe that the criteria listed above are important in identifying and investing in prospective portfolio companies, not all of these criteria will be necessarily met by each prospective portfolio company. In addition, we may change our investment objective, investment strategy and/or investment criteria over time without notice to or consent from our investors.

The Investment Adviser's investment team intends to use a disciplined, credit-driven investment strategy, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* pursuing investments in senior secured loans, and aiming to maintain the appropriate allocation among the various types of senior secured loans, as well as junior debt to allow us to achieve its return while maintaining its desired credit risk profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing in-depth due diligence on companies, management teams and sponsors and conducting fundamental credit and valuation analyses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seeking to structure investments to provide us with security, current cash pay interest and additional upside through original issuance discount or other fees; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• active management of portfolio investments through ongoing dialogue with equity owners and management, monitoring of operational results, financial reports and compliance with covenants, company visits and periodic evaluation of potential exit alternatives for part or all of each investment.

**Investment Criteria and Transactional Structures** 

We invest primarily in transactions supported by private equity sponsors. We seek to invest in the following types of assets, with an emphasis on senior debt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traditional cash flow senior secured debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unitranche senior secured debt financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "last out" unitranche debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• second lien senior debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traditional subordinated debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred and common equity co-investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secondary and other opportunistic asset purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• structured products.

As noted above, we may also from time to time participate in traditional subordinated debt financings and preferred and common equity co-investments. We may also make secondary purchases of all of the above types of investments and other securities on an opportunistic basis.

**Investment Process**

***Origination***

The Carlyle Direct Lending investment team's multi-channel origination model generates attractive investment opportunities through a variety of sources, including over 250 private equity firms, financial institutions, other middle market lenders, strategic relationships and arrangements, financial advisors, and experienced management teams. The origination team supplements these relationships through personal visits and marketing campaigns focused on maximizing investment deal flow. It is their responsibility to identify specific opportunities, refine opportunities through candid exploration of the underlying facts and circumstances and to apply creative and flexible solutions to solve a borrower or sponsor's financing needs. The team of origination professionals is located in New York and Los Angeles. Each originator maintains long-standing relationships with potential sources of deal flow and is responsible for covering a specified target list of accounts, organized by geography and secondarily by sector. Carlyle believes the originators' strengths and breadth of relationships across a wide range of markets generate numerous financing opportunities, which enable it to be highly selective through its diligence and investment process, with 5% of new investment opportunities screened over the past 12 months closing. The investment team of Carlyle Direct Lending has cultivated very strong relationships with private equity sponsors with whom it works closely in sourcing and executing transactions. Carlyle believes that borrowers benefit from full financing solutions, access to the vast Carlyle network, and reliable execution.

***Underwriting***

The underwriting process is led by an experienced team of senior underwriters that are organized by sector and benefit from a deep base of shared information enabled by platform integration, as well as Carlyle resources. The typical deal timeline is sixty to ninety days and follows a multi-faceted four-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.***Screening.*** The deal team reviews marketing materials and industry reports, compiles debt and equity comparables, reaches out to industry experts within the Carlyle network, identifies key credit strengths and risks and formulates a view on structure. The deal team then presents an initial analysis through a screening memo to the Screening Committee for high-level feedback and a decision to move forward with additional credit work. The Screening Committee is comprised of senior members of the direct lending leadership team. Based on feedback from the committee, the deal team will prepare and disseminate an outcomes email that documents the takeaways from the meeting, including preferred financing structure as well as terms, key diligence items and next steps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.***Formal Review.*** Following an indication from the Screening Committee to move forward in the diligence process, the deal team will compile a detailed diligence list and prepare for in-depth credit analysis. During this process, the deal team works closely with the private equity sponsor / borrower in all aspects of due diligence. Formal due

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diligence includes meeting with the management team, reviewing the data room and performing key financial analyses, creating a detailed financial model with sensitivities assuming various market environments, reviewing sell-side and third-party research, which includes industry reports and financial diligence, following up with industry experts within the Carlyle network for additional feedback, and drafting the commitment papers and term sheet.

As part of the extensive due diligence process, the deal team fully leverages all internal Carlyle resources to aid in investment decisions. In addition, the deal team may utilize third-party expert networks to supplement their work to gain further insight into company and industry factors from various thought leaders across the company's markets.

The Investment Adviser incorporates formal ESG reviews into its investment process. All deals are thoroughly vetted leveraging sector- and sub-sector-specific Sustainability Accounting Standards Board standards. ESG diligence incorporates country risk assessments for corruption and anti-money laundering concerns as well. The underwriters are responsible for assessing these ESG risks and including their assessment in the deal memo that the Screening and Investment Committees will review.

The formal review part of the process is iterative and involves re-screening with members of the Screening Committee, typically two to four times over the course of the deal, to produce a fulsome investment memo and provide a full term sheet and commitment papers, subject to outstanding diligence items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.***Final Investment Committee Approval.*** After the Screening Committee has signed off on the investment memo, the deal team prepares for the Investment Committee approval process. The deal team reviews and summarizes final third-party industry work, performs outstanding ESG and regulatory due diligence, and begins drafting the definitive legal documentation for the transaction. Once the credit work for the transaction has been finalized, the deal team will finalize the investment memo and present the investment to the Investment Committee, where approval by a majority of the committee is required to approve a transaction. The Investment Committee has delegated approval of certain amendments, follow-on investments with existing borrowers, investments below certain size thresholds (existing or new platforms), and other matters as determined by the Investment Committee to the Screening Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.***Closing.*** Once the investment has been approved and prior to funding, the deal team will prepare a closing memo documenting any updates since approval, changes to key legal terms, and the final financial covenant analysis. Once the sponsor / borrower legal diligence, and the know your customer, anti-money laundering and legal documentation have been finalized, the transaction will close and fund.

The deal team focuses on lending to companies that it believes are performing, high quality businesses with a focus on strong fundamentals, market leadership with unique competitive advantages and high barriers to entry, positive cash flow generation on a historical and pro-forma basis including downside scenarios, and modest loan-to-value across economic cycles. The deal team crafts a fulsome memo with pages including diligence completed on a variety of topics. This includes, but is not limited to, information on the industry, financial and legal topics and company-specific considerations.

**Portfolio and Risk Management**

The investment team views proactive portfolio monitoring as a vital part of its investment process, which includes the ongoing review of a borrower by portfolio management, underwriting and workout professionals, with multiple layers of risk review and oversight. The investment team follows a rigorous monitoring strategy that utilizes a proprietary dashboard template for each transaction, which tracks financial performance, covenant compliance, follow-on transactions and amendments, and real-time updates to internal risk ratings based on qualitative and quantitative factors. The portfolio management process involves a variety of ongoing and scheduled reviews that allow for early detection of issues and escalation to the Investment Committee and workout team to avoid credit losses. This process includes detailed portfolio dashboard updates, weekly credit events meetings, quarterly meetings to conduct formal portfolio reviews, focused on technical analysis of financial performance and portfolio diversification, and ongoing ad-hoc meetings to handle borrower-specific requests, including follow-on transactions and amendments.

In connection with the quarterly portfolio reviews, the investment team also compiles a quarterly risk report that examines, among other things, migration in the portfolio and loan level investment mix, industry diversification, internal risk ratings, revenue, EBITDA, and leverage.

Frequency of review of individual loans is determined on a case-by-case basis, based on internal risk ratings as laid out below, total exposure and other criteria set forth by the Investment Committee. The Carlyle Direct Lending team has developed

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an internal risk policy which regularly assesses the risk profile of each investment and rates them based on the following categories, which are referred to as internal risk ratings.

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|:---|:---|
| **<u>Rating</u>** | **<u>Definition</u>** |
| 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. |

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Beyond the policies detailed above, the Investment Adviser's investment team performs analyses and projections to assess potential exposure of the portfolio to variable macroeconomic factors and market conditions. Sample analyses include assessing (i) the impact of rising operating costs on our borrowers and end consumers due to inflationary pressures, particularly in food and energy, (ii) volatility in foreign exchange rates, (iii) impact of geopolitical tensions, (iv) interest rate sensitivity and (v) disruptions in our supply chain. These analyses can take the form of periodic (weekly/monthly/quarterly) reports as well as ad hoc analysis based on current market conditions.

**Portfolio Composition**

As of December 31, 2025, the fair value of our investments was approximately $2.7 billion in 196 portfolio companies, including 38 investments in structured credit investments across 35 different collateral managers. The type, geography and industry composition of our investments, each as a percentage of the fair value of our investments as of December 31, 2025, were as follows:

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| | |
|:---|:---|
|<br>**Type—% of Fair Value** | **As of**<br>**December 31, 2025** |
| First Lien Debt | 89.9% |
| Second Lien Debt | 2.1 |
| Equity Investments | 3.8 |
| Structured Credit Investments | 4.2 |
| **Total** | 100.0% |

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|:---|:---|
|<br>**Type—% of Fair Value of First and Second Lien Debt and Structured Credit Investments** | **As of**<br>**December 31, 2025** |
| Floating Rate | 99.8% |
| Fixed Rate | 0.2 |
| **Total** | 100.0% |

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|:---|:---|
|<br>**Geography—% of Fair Value** | **As of**<br>**December 31, 2025** |
| Australia | 0.1% |
| Bermuda | 0.1 |
| Canada | 4.7 |
| Cayman Islands | 3.4 |
| France | 1.0 |
| Ireland | 1.0 |
| Italy | 0.8 |
| Luxembourg | 2.3 |
| Netherlands | 0.3 |
| Spain | 0.3 |
| Sweden | 0.0 |
| United Kingdom | 3.3 |
| United States | 82.7 |
| **Total** | 100.0% |

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| | |
|:---|:---|
|<br>**Industry—% of Fair Value** | **As of**<br>**December 31, 2025** |
| Aerospace & Defense | 2.2% |
| Auto Aftermarket & Services | 3.5 |
| Beverage & Food | 0.5 |
| Business Services | 9.7 |
| Capital Equipment | 3.9 |
| Chemicals, Plastics & Rubber | 1.3 |
| Construction & Building | 4.5 |
| Consumer Goods: Durable | 0.0 |
| Consumer Goods: Non-Durable | 0.2 |
| Consumer Services | 7.8 |
| Containers, Packaging & Glass | 2.5 |
| Diversified Financial Services | 10.2 |
| Energy: Electricity | 1.0 |
| Energy: Oil & Gas | 1.3 |
| Environmental Industries | 3.6 |
| Healthcare & Pharmaceuticals | 14.7 |
| High Tech Industries | 4.3 |
| Leisure Products & Services | 6.3 |
| Media: Broadcasting & Subscription | 0.5 |
| Media: Diversified & Production | 0.5 |
| Retail | 0.7 |
| Software | 10.3 |
| Sovereign & Public Finance | 0.0 |
| Structured Credit | 4.2 |
| Telecommunications | 1.6 |
| Transportation: Cargo | 1.3 |
| Transportation: Consumer | 1.4 |
| Utilities: Oil & Gas | 1.3 |
| Utilities: Water | 0.3 |

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|:---|:---|
|<br>**Industry—% of Fair Value** | **As of**<br>**December 31, 2025** |
| Wholesale | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% |

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See the Consolidated Schedule of Investments as of December 31, 2025 in our consolidated financial statements included in Part II, Item 8 of this Form 10-K for more information on these investments, including a list of companies and type, cost and fair value of investments.

**Allocation of Investment Opportunities and Potential Conflicts of Interest**

The Investment Adviser, its investment professionals, our executive officers and directors, and other current and future principals of the Investment Adviser serve or may serve as investment advisers, officers, directors or principals of entities or investment funds that operate in the same line of business as we do or a related line of business and/or investment funds, accounts and other similar arrangements advised by Carlyle.

An affiliated investment fund, account or other similar arrangement currently formed or formed in the future and managed by the Investment Adviser or its affiliates may have overlapping investment objectives and strategies with our own and, accordingly, may invest in asset classes similar to those targeted by us. This creates potential conflicts in allocating investment opportunities among us and such other investment funds, accounts and similar arrangements, particularly in circumstances where the availability or liquidity of such investment opportunities is limited or where co-investments by us and other funds, accounts or similar arrangements are not permitted under applicable law, as discussed below.

For example, Carlyle sponsors several investment funds, accounts and other similar arrangements, including, without limitation, structured credit funds, closed-end registered investment companies, BDCs, carry funds, and managed accounts and it may sponsor others in the future. The SEC has granted us exemptive relief that permits us and certain of our affiliates to co-invest in suitable negotiated investments (the "Exemptive Relief"). If Carlyle is presented with investment opportunities that generally fall within our investment objective and other board-established criteria and those of other Carlyle funds, accounts or other similar arrangements (including other existing and future affiliated BDCs), whether focused on a debt strategy or otherwise, Carlyle allocates such opportunities among us and such other Carlyle funds, accounts or other similar arrangements in a manner consistent with the Exemptive Relief, the Investment Adviser's allocation policies and procedures and Carlyle's other allocation policies and procedures, where applicable, as discussed below. More specifically, investment opportunities in suitable negotiated investments for investment funds, accounts and other similar arrangements managed by the Investment Adviser, and other funds, accounts or similar arrangements managed by affiliated investment advisers that seek to co-invest with us or other Carlyle BDCs, are allocated in accordance with the Exemptive Relief. Investment opportunities for all other investment funds, accounts and other similar arrangements not managed by the Investment Adviser are allocated in accordance with their respective investment advisers' and Carlyle's other allocation policies and procedures. Such policies and procedures may result in certain investment opportunities that are attractive to us being allocated to other funds that are not managed by the Investment Adviser. Carlyle's, including the Investment Adviser's, allocation policies and procedures are designed to allocate investment opportunities fairly and equitably among its clients over time, taking into account a variety of factors which may include the sourcing of the transaction, the nature of the investment focus of each such other Carlyle fund, accounts or other similar arrangements, each fund's, account's or similar arrangement's desired level of investment, the relative amounts of capital available for investment, the nature and extent of involvement in the transaction on the part of the respective teams of investment professionals, any requirements contained in the limited partnership agreements and other governing agreements of the Carlyle funds, accounts or other similar arrangements and other considerations deemed relevant by Carlyle in good faith, including suitability considerations and reputational matters. The application of these considerations may cause differences in the performance of different Carlyle funds, accounts and similar arrangements that have similar strategies.

Because we are a BDC, we are not generally permitted to make loans to companies controlled by Carlyle or other funds managed by Carlyle. We are also not permitted to make any co-investments with clients of the Investment Adviser or its affiliates (including any fund managed by Carlyle) without complying with our Exemptive Relief, subject to certain exceptions, including with respect to our downstream affiliates. Co-investments made under the Exemptive Relief are subject to compliance with the conditions and other requirements contained in the Exemptive Relief, which could limit our ability to participate in a co-investment transaction. We may also co-invest with funds managed by Carlyle or any of its downstream affiliates, subject to compliance with applicable laws and regulations, existing regulatory guidance, and the Investment Adviser's and Carlyle's other allocation policies and procedures.

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While Carlyle and the Investment Adviser seek to implement their respective allocation processes in a fair and equitable manner under the particular circumstances, there can be no assurance that it will result in equivalent allocation of or participation in investment opportunities or equivalent performance of investments allocated to us as compared to the other entities. In some cases, due to information barriers that are in place, we and other Carlyle investment funds, accounts or other similar arrangements may compete with each other for specific investment opportunities without being aware that they are competing with each other. Carlyle has a conflict system in place above these information barriers to identify potential conflicts early in the process and determine if an allocation decision needs to be made or if an investment is precluded. If the conflict system detects a potential conflict, the legal and compliance departments of Carlyle assess investment opportunities to determine whether a particular investment opportunity is required to be allocated to a particular investment fund, account or other similar arrangement (including us) or is prohibited from being allocated to a particular investment fund, account or similar arrangement. Subject to a determination by the legal and compliance departments (if applicable), portfolio management teams and, as applicable, the Investment Adviser's allocation committees, are then charged with ensuring that investment opportunities are allocated to the appropriate investment fund, account or similar arrangement in accordance with the Investment Adviser's allocation policies and procedures. In addition, in some cases Carlyle and the Investment Adviser may make investment recommendations to investment funds, accounts and other similar arrangements where the investment funds, accounts and other similar arrangements make the investment independently of Carlyle and the Investment Adviser. As a result, there are circumstances where investments appropriate for us are instead allocated, in whole or in part, to such other investment funds, accounts or other similar arrangements irrespective of the Investment Adviser's and Carlyle's other policies and procedures regarding allocation of investments. Where Carlyle otherwise has discretion to allocate investment opportunities among various funds, accounts and other similar arrangements, it should be noted that Carlyle may determine to allocate such investment opportunities away from us.

During periods of unusual market conditions, the Investment Adviser may deviate from its normal trade allocation practices. For example, this may occur with respect to the management of unlevered and/or long-only investment funds, accounts or similar arrangements that are typically managed on a side-by-side basis with levered and/or long-short investment funds, accounts or similar arrangements.

For potential conflicts of interest in allocating investment opportunities among the Company and other investment funds, accounts or similar arrangements advised by Carlyle, see Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Related to Our Business and Structure—There are significant potential conflicts of interest, including the management of other investment funds and accounts by the Investment Adviser, which could impact our investment returns and the holders of our common stock.*"

**Regulation**

***General - Election to be Taxed as a RIC***

We have elected to be treated, and intend to continue to qualify annually, as a RIC for U.S. federal income tax purposes under Subchapter M of the Code. As a RIC, we generally will not pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that we timely distribute to our stockholders as dividends. Instead, dividends we distribute generally will be taxable to the holders of our common stock, and any net operating losses, foreign tax credits and other tax attributes may not pass through to the holders of our common stock. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, we must distribute to our stockholders on an annual basis at least 90% of our investment company taxable income (generally, our net ordinary income plus the excess of our realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction) for any taxable year (the "Annual Distribution Requirement"). The following discussion assumes that we qualify as a RIC and have satisfied the Annual Distribution Requirement. If we (1) qualify as a RIC, and (2) satisfy the Annual Distribution Requirement, then we are not subject to U.S. federal income tax on the portion of our net taxable income we distribute (or are deemed to distribute) to stockholders. We are subject to U.S. federal income tax at regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our stockholders.

In addition, if we fail to distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of our 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 (the "Excise Tax Distribution Requirements"), we are liable for a 4% excise tax on the portion of the undistributed amounts of such income that are less than the amounts required to be distributed based on the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year is considered to have been distributed by year end (or earlier if estimated taxes are paid).

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to qualify as a BDC under the Investment Company Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities or foreign currencies (the "90% Gross Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, or two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses, or of certain "qualified publicly traded partnerships" (the "Diversification Tests").

Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our qualification as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Distribution Requirements, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are prohibited from making distributions or are unable to raise additional debt or equity capital or sell assets to make distributions, we may not be able to make sufficient distributions to satisfy the Annual Distribution Requirement, and therefore would not be able to maintain our qualification as a RIC. Additionally, we may make investments that result in the recognition of ordinary income rather than capital gain, or that prevent us from accruing a long-term holding period. These investments may prevent us from making capital gain distributions as described below. We intend to monitor our transactions, make the appropriate tax elections and make the appropriate entries in our books and records when we make any such investments in order to mitigate the effect of these rules.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses). If our expenses in a given year exceed gross taxable income, we would have a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. Due to these limits on the deductibility of expenses, we may for U.S. federal income tax purposes have aggregate taxable income for several years that we distribute and that is taxable to our stockholders even if such income is greater than the aggregate net income we actually earned during those years. Such distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, a holder may receive a larger capital gain distribution than the holder would have received in the absence of such transactions.

***General—Regulation as a Business Development Company***

We have elected to be regulated as a BDC under the Investment Company Act. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and must offer, and must provide upon request, significant managerial assistance available to them. A BDC may use capital provided by public stockholders and from other sources to make long-term, private investments in businesses.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the Investment Company Act. A majority of the outstanding voting securities of a company is defined under the Investment Company Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

As with other companies regulated by the Investment Company Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our directors must be persons who are not "interested persons," as that term is defined in Section 2(a)(19) of the Investment Company Act (such directors are referred to as the "Independent Directors" and the directors who are not Independent Directors are referred to as the "Interested Directors"). We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

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The Investment Company Act contains prohibitions and restrictions relating to certain transactions between BDCs and certain affiliates (including any investment advisers or sub-advisers), principal underwriters and certain affiliates of those affiliates or underwriters. Because we are a BDC, we are not generally permitted to make loans to companies controlled by Carlyle or other funds managed by Carlyle. We are also not permitted to make any co-investments with the Investment Adviser or its affiliates (including any fund managed by Carlyle) without complying with our Exemptive Relief, subject to certain exceptions, including with respect to our downstream affiliates. Co-investments made under the Exemptive Relief are subject to compliance with the conditions and other requirements contained in the Exemptive Relief, which could limit our ability to participate in a co-investment transaction. We may also co-invest with funds managed by Carlyle or any of its downstream affiliates, subject to compliance with applicable law and regulations, existing regulatory guidance, and the Investment Adviser's allocation policies and procedures.

As a BDC, we are generally required to meet a minimum "asset coverage" ratio after each issuance of senior securities. "Asset coverage" generally refers to a company's total assets, less all liabilities and indebtedness not represented by "senior securities," as defined in the Investment Company Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. "Senior securities" for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the Securities Act of 1933, as amended (the "Securities Act"). Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies. We may enter into hedging transactions to manage the risks associated with interest rate and currency fluctuations. We may purchase or otherwise receive warrants or options to purchase the common stock of our portfolio companies in connection with acquisition financings or other investments. In connection with such an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the Investment Company Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any investment company (unless certain conditions are satisfied), invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject our stockholders to additional indirect expenses. Our investment portfolio is also subject to diversification requirements by virtue of our intended status to be a RIC for U.S. tax purposes. See Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Related to Our Business and Structure*" for more information.

On March 29, 2022, we changed our name to Carlyle Credit Solutions, Inc. In connection therewith, we have 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 stockholders. None of our investment policies are fundamental, and thus may be changed without stockholder approval.

In addition, investment companies registered under the Investment Company Act and private funds that are excluded from the definition of "investment company" pursuant to either Section 3(c)(1) or 3(c)(7) of the Investment Company Act may not acquire directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition), unless the funds comply with an exemption under the Investment Company Act. As a result, certain of our investors may hold a smaller position in our shares than if they were not subject to these restrictions.

We are generally not able to issue and sell our common stock at a price below NAV per Share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV of our common stock if our Independent Directors determine that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. In any such case, the price at which our common stock is to be issued and sold may not be less than a price that, in the determination of our Independent Directors, closely approximates the market value of such shares (less any distributing commission or discount). In addition, we may generally issue new shares of our common stock at a price below NAV in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. See Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Related to Our Business and Structure—Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.*"

We are subject to periodic examination by the SEC for compliance with the Investment Company Act.

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As a BDC, we are subject to certain risks and uncertainties. See Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Related to Our Business and Structure.*"

***Qualifying Assets***

As a BDC, we generally have to invest at least 70% of our total assets in "qualifying assets," including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered "eligible portfolio companies" (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

***Managerial Assistance to Portfolio Companies***

&nbsp;&nbsp;&nbsp;&nbsp;As a BDC, we must offer, and must provide, upon request from our portfolio companies, significant managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. The Investment Adviser may provide all or a portion of this assistance pursuant to the Investment Advisory Agreement, the costs of which will be reimbursed by us. We may receive fees for these services.

***Temporary Investments***

Pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as "temporary investments," so that 70% of our assets are qualifying assets. We may also invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our gross assets constitute repurchase agreements from a single counterparty, we would not meet the diversification tests in order to qualify as a RIC. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Investment Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

***Indebtedness and Senior Securities***

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the Investment Company Act, is at least equal to 200% immediately after each such issuance. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Relating to Our Business and Structure—Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage*" and "—*We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us*."

***Codes of Ethics***

We have adopted a code of ethics pursuant to Rule 17j-1 under the Investment Company Act and the Investment Adviser has adopted a code of ethics pursuant to Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act (collectively, the "Rule 17j-1 Codes of Ethics"), which establish procedures for personal investments and restricts certain transactions and apply to, among others, our Chief Executive Officer and Chief Financial Officer. The Rule 17j-1 Codes of Ethics generally do not permit investments by personnel subject to them in securities that may be purchased or sold by us. The Rule 17j-1 Codes of Ethics are filed with the SEC (www.sec.gov).

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We have also adopted a Code of Ethics for Principal Executive and Senior Financial Officers under the Sarbanes-Oxley Act of 2002 (the "SOX Code of Ethics"), which applies to, among others, our Chief Executive Officer and Chief Financial Officer.

We hereby undertake to provide a copy of these codes of ethics to any person, without charge, upon request. Requests for a copy of these codes of ethics may be made in writing addressed to the Secretary of the Company, Joshua Lefkowitz, Carlyle Credit Solutions, Inc., One Vanderbilt Avenue, Suite 3400, New York, NY 10017.

&nbsp;&nbsp;&nbsp;&nbsp;There have been no material changes to the Rule 17j-1 Codes of Ethics or the SOX Code of Ethics or material waivers of the codes that apply to our Chief Executive Officer or Chief Financial Officer.

***Compliance Policies and Procedures***

We and the Investment Adviser have each adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. Our Chief Compliance Officer is responsible for administering these policies and procedures.

***Sarbanes-Oxley Act of 2002***

The Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act") imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), our Chief Executive Officer and Chief Financial Officer must certify the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 of the Exchange Act, our management must prepare a report regarding its assessment of our internal control over financial reporting and, starting from the date on which we are both (i) not an emerging growth company under the Jumpstart Our Business Startups Act of 2012 as amended (the "JOBS Act") and (ii) are a reporting company that meets the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act, must obtain an audit of the effectiveness of internal control over financial reporting performed by our independent registered public accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

***Compliance with the JOBS Act***

We currently are, and expect to remain, an "emerging growth company," as defined in the JOBS Act until the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to five years measured from the date of the first sale of common equity securities pursuant to an effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the first fiscal year in which our annual gross revenues are $1.235 billion or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of the common stock that is held by non-affiliates exceeds $700 million as of any June 30.

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Under the JOBS Act, we are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act, which would require that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting. As long as we remain an emerging growth company or a reporting company that does not meet the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. This may increase the risk that material weaknesses or other deficiencies in our internal control over financial reporting go undetected. See Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Relating to Our Business and Structure—If we fail to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, we may not be able to timely or accurately report our financial results, which could have a material adverse effect on our business.*"

In addition, Section 7(a)(2)(B) of the Securities Act and Section 13(a) of the Exchange Act, as amended by Section 102(b) of the JOBS Act, provide that an emerging growth company can take advantage of the extended transition period for complying with new or revised accounting standards. However, pursuant to Section 107 of the JOBS Act, we are choosing to "opt out" of such extended transition period, and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

***Proxy Voting Policies and Procedures***

We have delegated our proxy voting responsibility to the Investment Adviser. The proxy voting policies and procedures of the Investment Adviser are set forth below. These guidelines are reviewed periodically by the Investment Adviser and our Independent Directors, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Investment Adviser recognizes that it must vote portfolio securities in a timely manner free of conflicts of interest and in the best interests of its clients.

These policies and procedures for voting proxies are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Investment Adviser will vote proxies relating to our portfolio securities in what it perceives to be the best interest of our stockholders. The Investment Adviser will review on a case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held by us. Although the Investment Adviser will generally vote against proposals that may have a negative impact on our portfolio securities, it may vote for such a proposal if there exist compelling long-term reasons to do so.

The Investment Adviser's proxy voting decisions will be made by its investment committee. To ensure that the vote is not the product of a conflict of interest, the Investment Adviser will require that: (1) anyone involved in the decision making process discloses to the Investment Committee, and Independent Directors, any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision making process or vote administration are prohibited from revealing how the Investment Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

Stockholders may obtain information regarding how we voted proxies by making a written request for proxy voting information to: Carlyle Credit Solutions, Inc., c/o Carlyle Global Credit Investment Management L.L.C., One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

***Privacy Principles***

We endeavor to maintain the privacy of our stockholders and to safeguard their non-public personal information. The following information is provided to help stockholders understand what non-public personal information we collect, how we protect that information and why, in certain cases, we may share that information with select other parties.

We may collect non-public personal information about stockholders from our subscription agreements or other forms, such as name, address, account number and the types and amounts of investments, and information about transactions with us or our affiliates, such as participation in other investment programs, ownership of certain types of accounts or other account data and activity. We may disclose the non-public personal information that we collect from our stockholders or former stockholders, as described above, to our affiliates and service providers and as allowed by applicable law or regulation. Any party that receives this information from us is permitted to use it only for the services required by us and as allowed by applicable law or regulation,

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and is not permitted to share or use this information for any other purpose. We permit access only by authorized personnel who need access to that non-public personal information to provide services to us and our stockholders. We also maintain physical, electronic and procedural safeguards for non-public personal information that are designed to comply with applicable law.

***Reporting Obligations and Available Information***

We furnish our stockholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Definitive Proxy Statement on Schedule 14A, as well as reports on Forms 3, 4 and 5 regarding directors, officers or 10% beneficial owners of us, filed or furnished pursuant to section 13(a), 15(d) or 16(a) of the Exchange Act, are available on the SEC website, which can be accessed at www.sec.gov.

***Distributions***

To the extent that we have taxable income available, we intend to distribute monthly dividends to our stockholders. The amount of our dividends, if any, will be determined by our Board of Directors. Any dividends to our stockholders will be declared out of assets legally available for distribution. We anticipate that our distributions will generally be paid from taxable earnings, including interest and capital gains generated by our investment portfolio, and any other income, including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees, that we receive from portfolio companies. However, if we do not generate sufficient taxable earnings during a year, all or part of a distribution may constitute a return of capital. The specific tax characteristics of our dividends and other distributions will be reported to stockholders after the end of each calendar year.

The per share amount of distributions on shares of Class S, Class D and Class I common stock will generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on shares of Class S common stock will be lower than shares of Class D common stock, and distributions on shares of Class D common stock will be lower than those on shares of Class I common stock because we are required to pay higher ongoing shareholder servicing and/ or distribution fees with respect to the shares of Class S common stock (compared to shares of Class D and Class I common stock) and we are required to pay higher ongoing shareholder servicing fees with respect to shares of Class D common stock (compared to shares of Class I common stock).

Dividends and distributions, if any, are paid in cash to our stockholders, and reinvested in additional Shares pursuant to our dividend reinvestment plan as described below under "—Dividend Reinvestment Plan" unless a stockholder has opted out of the plan or is otherwise not a participant in the plan. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the Investment Company Act or if distributions are limited by the terms of any of our borrowings.

***Distribution and Servicing Plan***

The Board of Directors approved a distribution and servicing plan (the "Distribution and Servicing Plan"). Subject to FINRA and other limitations on underwriting compensation, we pay TCG, the placement agent (the "Placement Agent"), a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV of Class S common stock and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV of Class D common stock, in each case, payable monthly in arrears. Shares of Class I common stock are not subject to a shareholder servicing and/or distribution fee.

The Placement Agent will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to shares of Class S and Class D common stock are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company's dividend reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the shares of Class S or Class D common stock: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their

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investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Placement Agent will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

***Dividend Reinvestment Plan***

We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board of Directors on behalf of our stockholders on Shares purchased in the New Continuous Offering who do not elect to receive their dividends on such Shares in cash. As a result, if our Board of Directors authorizes, and we declare, 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. We intend to use newly issued Shares to implement the plan. The plan may be terminated by the Company at any time upon notice in writing mailed to each stockholder of record.

**Competition**

Our primary competitors in providing financing to middle market companies include public and private funds, other BDCs, commercial and investment banks, CLOs, commercial finance companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our potential competitors are substantially larger and may have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that will not be available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we do, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act and the Code impose on us. We cannot assure you that the competitive pressures we will face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective.

We expect to use the expertise of the members of the Investment Committee and its investment team to assess investment risks and determine appropriate pricing for our investments. In addition, we expect that extensive direct origination resources, broad product capabilities, ability to commit capital in scale and the depth of expertise of the Investment Adviser's investment team will enable us to learn about and compete effectively for, financing opportunities with attractive middle market companies in the industries in which we seek to invest. For additional information concerning the competitive risks we face, see Part I, Item 1A of this Form 10-K *"Risk Factors—Risks Related to Our Investments—We operate in a highly competitive market for investment opportunities, and compete with investment vehicles sponsored or advised by our affiliates."*

**Staffing**

We do not currently have any employees. Our President and Chief Financial Officer, a Partner of Carlyle, our Principal Accounting Officer, a Principal of Carlyle, and our Chief Compliance Officer and Secretary, a Partner of Carlyle, are retained by our Administrator pursuant to the Carlyle Sub-Administration Agreements. Each of these professionals performs their respective functions for us under the terms of our Administration Agreement.

Our day-to-day investment operations are managed by the Investment Adviser. The Investment Adviser has entered into a personnel agreement with Carlyle Employee Co., pursuant to which the Investment Adviser has access to the members of its investment committee, and a team of additional experienced investment professionals who, collectively, comprise the Investment Adviser's investment team. The Investment Adviser may hire additional investment professionals to provide services to us.

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**Item 1A. Risk Factors**

**Summary of Risk Factors**

The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the complete discussion of risk factors we face, which are set forth below under "*—Risk Factors*".

**Risks Related to Our Business and Structure**

• We are currently operating in a period of capital markets disruption and economic uncertainty, and capital markets may experience periods of disruption and instability in the future. These market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which have had and may continue to have a negative impact on our business and operations.

***•*** Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.

***•*** Economic recessions or downturns could impair our portfolio companies and harm our operating results.

• We are dependent upon the Investment Adviser for our future success, and there are significant potential conflicts of interest that could impact our investment returns.

• Our financial condition, results of operations and ability to achieve our investment objective depend on our ability to source investments, access financing and manage future growth effectively.

***•*** We expect to raise additional capital in the near-term and may need to continue to raise additional capital to grow because we must distribute most of our income and intend to continue to conduct Quarterly Tender Offers.

***•*** We face risks associated with the deployment of our capital.

• Any failure on our part to maintain our status as a BDC or RIC would reduce our operating flexibility, may hinder our achievement of our investment objective, may limit our investment choices and may subject us to greater regulation.

***•*** Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.

***•*** We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

• Our indebtedness could adversely affect our business, financial conditions or results of operations.

• Changes in interest rates have increased, and may in the future increase, our cost of capital, reduce the ability of our portfolio companies to service their debt obligations and decrease our net investment income.

• We may experience fluctuations in our quarterly results.

• We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes under Subchapter M of the Code.

• If we are not treated as a "publicly offered regulated investment company," as defined in the Code, certain U.S. stockholders will be treated as having received a dividend from us.

• Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.

• Provisions of the Maryland General Corporation Law ("MGCL") and of our Charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

• Our Board of Directors may change our investment objective, operating policies and strategies without prior notice and without stockholder approval.

• We are highly dependent on information systems, and systems failures could significantly disrupt our business.

• Cybersecurity risks and cyber incidents may adversely affect our business, results of operations or those of our portfolio companies.

• Use of artificial intelligence technology by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.

• Changes in laws or regulations governing our business or the businesses of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, and any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business and the businesses of our portfolio companies.

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• We are subject to certain risks as a result of our direct interest in the 2024-1 Preferred Interests (as defined below).

**Risks Related to Our Investments**

***•*** Our investments are risky and speculative, generally illiquid and typically do not have a readily available market price.

***•*** We operate in a highly competitive market for investment opportunities, and compete with investment vehicles sponsored or advised by our affiliates.

• Our portfolio companies may be highly leveraged and may incur debt that ranks equally with, or senior to, some of our investments in such companies, and our investment portfolio may be concentrated in a limited number of portfolio companies and industries.

***•*** Declines in the prices of corporate debt securities and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.

***•*** To the extent we make investments in restructurings and reorganizations they may be subject to greater regulatory and legal risks than other traditional direct investments in portfolio companies.

• The financial projections of our portfolio companies could prove inaccurate, and the due diligence investigation that the Investment Adviser carries out with respect to an investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity.

***•*** Our portfolio companies prepay loans from time to time, which may have the effect of reducing our investment income if the returned capital cannot be invested in transactions with equal or greater yields.

***•*** Our ability to enter into transactions with Carlyle and our other affiliates is restricted.

• Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies.

***•*** There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

***•*** Tariffs may adversely affect us or our portfolio companies.

**Risks Related to an Investment in Our Common Stock**

***•*** Investing in our common stock involves a high degree of risk.

• Quarterly Tender Offers are not guaranteed and, if implemented for any given quarter, will be for a limited number of our Shares. Our stockholders may not be able to sell their Shares on timely basis.

***•*** Our common stock is subject to transfer restrictions.

***•*** If current economic and market conditions continue to contribute to capital market disruption and instability, there is a risk that our stockholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions to our stockholders may be a return of capital for U.S. federal income tax purposes.

***•*** Non-U.S. stockholders may be subject to withholding of U.S. federal income tax on dividends we pay.

***•*** We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.

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**Risk Factors**

*An investment in the Company involves a high degree of risk. You should carefully consider these risk factors, together with all of the other information included in this report, before you decide whether to make an investment in the Company. There can be no assurance that the Company's investment objective will be achieved or that an investor will receive a return of its capital. In addition, there will be occasions when the Investment Adviser and its affiliates may encounter potential conflicts of interest in connection with the Company. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. The following considerations, in addition to the considerations set forth elsewhere herein, should be carefully evaluated before making an investment in the Company. If any of the following events occur, our business, financial condition and operating results could be materially and adversely affected. In such case, our NAV and the price of any other security that we may issue could decline, and you may lose all or part of your investment.*

**Risks Related to Our Business and Structure**

***We are currently operating in a period of capital markets disruption and economic uncertainty, and capital markets may experience periods of disruption and instability in the future. These market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which have had and may continue to have a negative impact on our business and operations.***

U.S. capital markets continue to experience disruptions and volatility. Over the last several years, markets have been affected by an elevated interest rate environment as a result of inflation and continued geopolitical tensions (including the United States' military actions against Iran, the Israeli-Palestinian conflict and the ongoing military conflict between Russia and Ukraine). These events, as well as broader political uncertainty related to tariffs and global trade negotiations, geopolitical tensions, dissemination of misinformation and the use of new technologies, such as AI, and the risk of a global health pandemic, have contributed to unpredictable general economic conditions that are materially and adversely impacting the broader financial and credit markets. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows, as well as the businesses of our portfolio companies, and the broader financial and credit markets.

At various times, such disruptions have resulted in, and may in the future result in, a lack of liquidity in parts of the debt capital markets, significant write-offs in the financial services sector and the repricing of credit risk. Such conditions may occur for a prolonged period of time again, and may materially worsen in the future, including as a result of U.S. government shutdowns, or future downgrades to the U.S. government's sovereign credit rating, including as a result of a default or the threat of default on its debt, or the perceived credit worthiness of the U.S. or other large global economies. In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or in the ongoing conflict between Russia and Ukraine, could lead to disruption, instability and volatility in the global markets. While the current U.S. administration has signaled a reduced emphasis on regulation, past U.S. administrations supported an enhanced regulatory agenda. Changes in regulation can impose greater costs on certain sectors, including financial services, or otherwise impact the competitive environment for obligors, which could adversely impact us. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events have limited and could continue to limit our investment originations, and limit our ability to grow and could have a material negative impact on our operating results, financial condition, results of operations and cash flows and the fair values of our debt and equity investments. Geopolitical events can lead to military or other conflicts or sanctions that could adversely impact obligors who are sanctioned persons, are located in a sanctioned country or a country that is involved in a conflict, or who do business with a sanctioned person or country or with a country that is involved in a conflict. Conversely, changes in enforcement priorities could impact the ability or cost of doing business in particular jurisdictions.

In addition, the U.S. and global capital markets have in the past, and may in the future, experience periods of extreme volatility and disruption during economic downturns and recessions. The impact of downgrades by rating agencies to the U.S. government's sovereign credit rating or its perceived creditworthiness as well as actual or potential government shutdowns and uncertainty surrounding transfers of power could adversely affect the U.S. and global financial markets and economic conditions. In addition, the fiscal policy of large foreign nations may have a severe impact on the worldwide and U.S. financial markets. Trade wars, tariffs and volatility in the U.S. repo market, the U.S. high yield bond markets, the Chinese stock markets and global markets for commodities may affect other financial markets worldwide. Increases to budget deficits or direct and

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contingent sovereign debt may create concerns about the ability of certain nations to service their sovereign debt obligations and any risks resulting from any such debt crisis in Europe, the U.S. or elsewhere could have a detrimental impact on the global economy, sovereign and non-sovereign debt in certain countries and the financial condition of financial institutions generally. Austerity measures that certain countries may agree to as part of any debt crisis or disruptions to major financial trading markets may adversely affect world economic conditions, our business and the businesses of our portfolio companies. We cannot predict the effects of these or similar events in the future on the U.S. and global economies and securities markets or on our investments. We monitor developments in economic, political and market conditions and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

The Federal Reserve raised the Federal Funds Rate throughout 2022 and 2023 before it cut the Federal Funds Rate multiple times in 2024 and 2025. The Federal Reserve could again raise the Federal Funds Rate if inflation exceeds certain levels in the United States. These developments, along with the United States government's credit and deficit concerns, global economic uncertainties and market volatility, have caused and could continue to cause interest rates to be volatile, which may negatively impact our ability to access the capital markets on favorable terms.

***Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.***

Certain of our portfolio companies are in industries that have been impacted by inflation. Recent inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and out portfolio companies' operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates were to continue to rise in response to inflation. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. Additionally, the Federal Reserve has raised, and could raise again, certain benchmark interest rates in an effort to combat inflation. See "—*Changes in interest rates have increased and may in the future increase our cost of capital, reduce the ability of our portfolio companies to service their debt obligations and decrease our net investment income*."

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.***

Many of the portfolio companies in which we make investments may be susceptible to economic slowdowns or recessions and may be unable to repay the loans we made to them during these periods or pay interest payments. Rising interest rates, inflation and supply chain disruptions heighten these risks. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record our investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our and our portfolio companies' funding costs, limit our and our portfolio companies' access to the capital markets or result in a decision by lenders not to extend credit to us or our portfolio companies. These events could prevent us from increasing investments and harm our operating results.

Any deterioration of general economic conditions may lead to significant declines in corporate earnings or loan performance, and the ability of corporate borrowers to service their debt, any of which could trigger a period of global economic slowdown, and have an adverse impact on our performance and financial results, and the value and the liquidity of our investments. In an economic downturn, we could have non-performing assets or an increase in non-performing assets, and we would anticipate that the value of our portfolio would decrease during these periods.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company's ability to meet its obligations under the debt that we hold. We may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

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***We are dependent upon the Investment Adviser for our future success.***

We do not have any employees. We depend on the diligence, skill, judgment and network of business contacts of the Investment Adviser's investment professionals and the Carlyle Direct Lending platform to source appropriate investments for us. We depend on members of the Investment Adviser's investment team to appropriately analyze our investments and the Investment Committee to approve and monitor our middle market portfolio investments. The Investment Committee, together with the other members of its investment team, evaluate, negotiate, structure, close and monitor our investments. Our future success will depend on the continued availability of the members of the Investment Committee and the other investment professionals available to the Investment Adviser. Neither we nor the Investment Adviser has employment agreements with these individuals or other key personnel, and we cannot provide any assurance that unforeseen business, medical, personal or other circumstances would not lead any such individual to terminate his or her relationship with us. The loss of any senior investment professionals to which the Investment Adviser has access, including members of the Investment Committee, or a significant number of the investment professionals of the Investment Adviser, could have a material adverse effect on our ability to achieve our investment objective as well as on our financial condition and results of operations. The market for qualified professionals is extremely competitive across levels and areas of expertise, and the Investment Adviser may not be successful in its efforts to recruit, retain and motivate these professionals. In addition, the Investment Adviser has seen increased focus by prospective candidates on hybrid work arrangements and arrangements providing more flexibility, including around location. If the Investment Adviser's approach to in-office and remote-work arrangements is not perceived as favorable as compared to the arrangements offered by competitors, it may experience an even further increase in competition for talent and it may be difficult to recruit and retain investment professionals. The Investment Adviser has experienced upward pressure on compensation packages given the increased competition to hire and retain talented personnel. Even when the Investment Adviser offers top-of-market compensation packages, it may not be able to attract and retain all of their desired personnel due to shifting workforce priorities.

In addition, we cannot assure you that the Investment Adviser will remain the investment adviser or that we will continue to have access to Carlyle's investment professionals or its information and deal flow. If, due to extraordinary market conditions or other reasons, we and other funds managed by the Investment Adviser or its affiliates were to incur substantial losses, the revenues of the Investment Adviser and its affiliates may decline substantially. Such losses may hamper the Investment Adviser's and its affiliates' ability to provide the same level of service to us as it would have. Further, there can be no assurance that the Investment Adviser will replicate Carlyle's historical success, and we caution you that our investment returns could be substantially lower than the returns achieved by other Carlyle-managed funds.

***There are significant potential conflicts of interest, including the management of other investment funds and accounts by the Investment Adviser, which could impact our investment returns and the holders of our common stock.***

Our executive officers and directors, other current and future principals of the Investment Adviser and certain members of the Investment Committee currently serve, and may continue to serve, as officers, directors or principals of other entities and affiliates of the Investment Adviser and funds managed by our affiliates that operate in the same or a related line of business as we do. Currently, our executive officers, as well as the other principals of the Investment Adviser manage other funds affiliated with Carlyle, including other existing and future affiliated BDCs. In addition, the Investment Adviser's investment team has responsibilities for sourcing and managing investments for certain other investment funds and accounts. Accordingly, they have obligations to investors in those entities, the fulfillment of which may not be in the best interests of, or may be adverse to the interests of, us or our stockholders. Although the professional staff of the Investment Adviser will devote as much time to our management as appropriate to enable the Investment Adviser to perform its duties in accordance with the Investment Advisory Agreement, the investment professionals of the Investment Adviser may have conflicts in allocating their time and services among us, on the one hand, and investment vehicles managed by Carlyle or one or more of its affiliates on the other hand.

The Investment Adviser and its affiliated investment managers may face conflicts in allocating investment opportunities between us and affiliated investment vehicles that have overlapping objectives with ours. For example, certain affiliated investment vehicles may have arrangements that provide for higher management or incentive fees, greater expense reimbursements or overhead allocations, or permit the Investment Adviser and its affiliates to receive transaction fees not permitted under the Investment Company Act, all of which may contribute to this conflict of interest and create an incentive for the Investment Adviser or its affiliated investment managers to favor such other accounts. Furthermore, the Investment Adviser and its affiliated investment managers may form vehicles for the benefit of third-party investors that will be entitled to a portion of the allocation with respect to an investment. Such co-investment rights could result in us being allocated a smaller share of an investment than would otherwise be the case in the absence of such co-investment rights. Although the Investment Adviser will endeavor to allocate investment opportunities in a fair and equitable manner in accordance with its allocation policies and procedures, it is possible that, in the future, we may not be given the opportunity to participate in investments made by

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investment funds managed by the Investment Adviser or an investment manager affiliated with the Investment Adviser, including Carlyle.

We and our affiliates own, and may continue to own, investments at different levels of a portfolio company's capital structure or otherwise own different classes of a portfolio company's securities, which may give rise to conflicts of interest or perceived conflicts of interest. Conflicts may also arise because portfolio decisions regarding our portfolio may benefit our affiliates. Our affiliates may pursue or enforce rights with respect to one of our portfolio companies, and those activities may have an adverse effect on us.

It is possible that Carlyle or an affiliated investment vehicle will invest in a company that is or becomes a competitor of a portfolio company of ours. Such investment could create a conflict between us, on the one hand, and Carlyle or the affiliated investment vehicle, on the other hand. In such a situation, Carlyle or the Investment Adviser may also have a conflict in the allocation of its own resources to our portfolio company. In addition, certain affiliated investment vehicles will be focused primarily on investing in other funds that may have strategies that overlap and/or directly conflict and compete with us.

As a result of the expansion of Carlyle's platform into various lines of business in the alternative asset management industry, Carlyle is subject to a number of actual and potential conflicts of interest and subject to greater regulatory oversight than that to which it would otherwise be subject if it had just one line of business. In addition, as Carlyle expands its platform, the allocation of investment opportunities among its investment funds, including us, is expected to become more complex. In addressing these conflicts and regulatory requirements across Carlyle's various businesses, Carlyle has implemented, and may continue to implement, certain policies and procedures. For example, Carlyle has established an information barrier between Carlyle Global Credit, on the one hand, and the rest of Carlyle, on the other, which generally restricts the communications of Carlyle Global Credit with other Carlyle investment professionals pursuant to the information barrier policy. In addition, we may come into possession of material non-public information with respect to issuers in which we may be considering making an investment. As a consequence, we may be precluded from providing such information or other ideas to other funds affiliated with Carlyle that may benefit from such information or we may be precluded from otherwise consummating a contemplated investment. To the extent we or any other funds affiliated with Carlyle fail to appropriately deal with any such conflicts, it could negatively impact our reputation or Carlyle's reputation and our ability to raise additional funds and the willingness of counterparties to do business with us or result in potential litigation against us.

In the ordinary course of business, we enter, and may continue to enter, into transactions with affiliates and portfolio companies that may be considered related party transactions. We have implemented certain policies and procedures whereby certain of our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, us and other affiliated persons, including the Investment Adviser, stockholders that own more than 5% of us, employees, officers and directors of us and the Investment Adviser and certain persons directly or indirectly controlling, controlled by or under common control with the foregoing persons. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the Investment Company Act or, if such concerns exist, we have taken appropriate actions to seek Board of Directors review and approval or SEC exemptive relief for such transactions.

In the course of our investing activities, we pay management and incentive fees to the Investment Adviser and reimburse the Investment Adviser for certain expenses it incurs in accordance with our Investment Advisory Agreement.

In addition, we pay our Administrator, an affiliate of the Investment Adviser, its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including, compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer, Chief Financial Officer and Principal Accounting Officer) and their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff in their role of performing our Sarbanes-Oxley Act internal control assessment. These arrangements create conflicts of interest that our Board of Directors monitors. Despite Carlyle's good faith judgment to arrive at a fair and reasonable expense allocation methodology, the use of any particular methodology may lead us to bear relatively more expense in certain instances and relatively less in other instances compared to what we would have borne if a different methodology had been used. However, Carlyle seeks to make allocations that are equitable on an overall basis in its good faith judgment.

***Our financial condition, results of operations and ability to achieve our investment objective depend on our ability to source investments, access financing and manage future growth effectively.***

Our ability to achieve our investment objective and to grow depends on our ability to acquire suitable investments and monitor and administer those investments, which depends, in turn, on the Investment Adviser's ability to identify, invest in and monitor companies that meet our investment criteria.

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Accomplishing this result on a cost-effective basis is largely a function of the Investment Adviser's structuring of the investment process, its ability to provide competent, attentive and efficient services to us and its ability to access financing for us on acceptable terms. The Investment Adviser's investment team has substantial responsibilities under the Investment Advisory Agreement and in connection with managing us and certain other investment funds and accounts advised by the Investment Adviser or its affiliates, and may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order for us to grow, Carlyle will need to hire, train, supervise, manage and retain new employees. However, we can offer no assurance that any such investment professionals will contribute effectively to the work of the Investment Adviser. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

***We expect to raise additional capital in the near-term and may need to continue to raise additional capital to grow because we must distribute most of our income and intend to continue to conduct Quarterly Tender Offers.***

We expect to continue to issue equity securities in connection with subscriptions from our investors in the New Continuous Offering and expect to continue to borrow from financial institutions in the future. We may need to continue to raise additional capital to fund growth in our investments and conduct Quarterly Tender Offers. If we fail to obtain funds from such sources or from other sources to fund our investments, it could limit our ability to grow, which may have an adverse effect on the value of our securities. We have elected to be treated, and intend to qualify annually, as a RIC for U.S. federal income tax purposes under Subchapter M of the Code. To maintain our status as a RIC, among other requirements, we must distribute on a timely basis at least 90% of our investment company taxable income to our stockholders. As a result, any such cash earnings may not be available to fund investment originations or repay maturing debt.

We may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies and risks. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable.

We have borrowed under the credit facilities and in the future may borrow under additional debt facilities from financial institutions. As of December 31, 2025, we had outstanding $1,007.8 million aggregate principal amount of indebtedness.

In addition, as a BDC, our ability to borrow or issue preferred stock may be restricted if our total assets are less than 200% of our total borrowings and preferred stock. Furthermore, equity capital may be difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional Shares at a price per Share less than NAV without first obtaining approval for such issuance from our stockholders and our Independent Directors.

***We face risks associated with the deployment of our capital***

We face risks associated with the deployment of our capital. In light of the nature of our New Continuous Offering in relation to our investment strategy and the need to be able to deploy potentially large amounts of capital quickly to capitalize on potential investment opportunities, if we have difficulty identifying suitable investments on attractive terms, there could be a delay between the time we receive net proceeds from the sale of our shares in the New Continuous Offering and the time we invest the net proceeds. Our proportion of privately-negotiated investments may be lower than expected. We may also from time to time hold cash pending deployment into investments or have less than our targeted leverage, which cash or shortfall in target leverage may at times be significant, particularly at times when we are receiving high amounts of offering proceeds and/or times when there are few attractive investment opportunities. Such cash may be held in an account for the benefit of our stockholders that may be invested in money market accounts or other similar temporary investments, each of which is subject to management fees. In the event we are unable to find suitable investments such cash may be maintained for longer periods which would be dilutive to overall investment returns. This could cause a substantial delay in the time it takes for the investment to realize its full potential return and could adversely affect our ability to pay regular distributions of cash flow from operations to our stockholders. It is not anticipated that the temporary investment of such cash into money market accounts or other similar temporary investments pending deployment into investments will generate significant interest, and investors should understand that such low interest payments on the temporarily invested cash may adversely affect overall returns. In the event we fail to timely invest the net proceeds of sales of our shares or do not deploy sufficient capital to meet our targeted leverage, our results of operations and financial condition may be adversely affected.

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***Any failure on our part to maintain our status as a BDC or RIC would reduce our operating flexibility, may hinder our achievement of our investment objective, may limit our investment choices and may subject us to greater regulation.***

The Investment Company Act and the Code impose numerous constraints on the operations of BDCs and RICs, respectively, that do not apply to other types of investment vehicles. For example, under the Investment Company Act, we are required as a BDC to invest at least 70% of our total assets in specified types of "qualifying assets," primarily in private U.S. companies or thinly-traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. In addition, in order to continue to qualify as a RIC for U.S. federal income tax purposes, we are required to satisfy certain source-of-income, diversification and distribution requirements. These constraints, among others, may hinder our ability to take advantage of attractive investment opportunities and to achieve our investment objective. See Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC"* for additional information*.*

Furthermore, any failure to comply with the requirements imposed on us as a BDC by the Investment Company Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, upon approval of a majority of our outstanding voting securities as required by the Investment Company Act, we may elect to withdraw our status as a BDC. If we decide to withdraw our election, or if we otherwise fail to qualify, or maintain our qualification, as a BDC, we might be regulated as a closed-end investment company that is required to register under the Investment Company Act, which would subject us to additional regulatory restrictions, significantly decrease our operating flexibility and could significantly increase our cost of doing business. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.

***Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.***

We may issue additional debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as "senior securities," up to the maximum amount permitted by the Investment Company Act. In addition, we may continue to securitize certain of our loans. Under the provisions of the Investment Company Act, we are permitted, as a BDC, to issue senior securities only in amounts such that our asset coverage ratio, as defined in the Investment Company Act, equals at least 200% of total assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test, which may prohibit us from paying dividends and could prevent us from maintaining our status as a RIC or may prohibit us from repurchasing Shares. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Accordingly, any failure to satisfy this test could have a material adverse effect on our business, financial condition or results of operations. As of December 31, 2025, our asset coverage calculated in accordance with the Investment Company Act was 275.2%. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. Furthermore, as a result of issuing senior securities, our common stockholders would also be exposed to typical risks associated with increased leverage, including an increased risk of loss resulting from increased indebtedness.

Any preferred stock that we issue would rank senior to our common stock in our capital structure. Holders of preferred stock may have separate voting rights on certain matters and other rights, preferences, or privileges that are more favorable than those of our common stockholders. The issuance of preferred stock could delay, defer, or prevent a transaction or change of control that might otherwise be in the best interests of our common stockholders or involve a premium price for common stock.

We are not generally able to issue and sell our common stock at a price below the NAV per Share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per Share of our common stock if our Independent Directors determine that such sale is in the best interests of us and our stockholders and our stockholders approve such sale. In any such case, the price at which our common stock is to be issued and sold may not be less than a price that, in the determination of our Independent Directors, closely approximates the market value of such Shares (less any distributing commission or discount).

If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our stockholders at that time will decrease, and holders of our common stock might experience dilution.

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***We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.***

As part of our business strategy, we, including through our wholly owned subsidiaries, borrow from and issue senior debt securities to banks, insurance companies and other lenders. Holders of these loans or senior securities would have fixed-dollar claims on our assets that are superior to the claims of our stockholders. If the value of our assets decreases, leverage will cause our NAV to decline more sharply than it otherwise would have without leverage. Similarly, any decrease in our income would cause our net income to decline more sharply than it would have if we had not borrowed. This decline could negatively affect our ability to make dividend payments on our common stock.

Our ability to service our borrowings depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ will depend on the Investment Adviser's and our Board of Directors' assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to continue to obtain credit at all or on terms acceptable to us.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our common stockholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash. In the case of a liquidation event, those lenders would receive proceeds to the extent of their security interest before any distributions are made to our stockholders under certain circumstances. In addition, as the holder of the preferred interests issued by the 2024-1 Issuer (the "2024-1 Issuer Preferred Interests") on the closing date of the 2024-1 Debt Securitization (as defined in Part II, Item 7 of this Form 10-K "Portfolio and Investment Activity - Securitizations") in exchange for our contribution to the 2024-1 Issuer of the initial closing date loan portfolio (i.e., the subordinated class of the 2024-1 Debt Securitization), we may be required to absorb losses with respect to the 2024-1 Debt Securitization.

Our Credit Facilities and 2024-1 Debt (each as defined in Note 1, Organization, or Note 7, Borrowings, as applicable, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K) impose financial and operating covenants that restrict our business activities, remedies on default and similar matters. As of December 31, 2025, we were in material compliance with the operating and financial covenants of our Credit Facilities and 2024-1 Debt. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, although we believe we will continue to be in compliance, we cannot assure you that we will continue to comply with the covenants in our Credit Facilities and 2024-1 Debt. Failure to comply with these covenants could result in a default. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness, which may result in cross-acceleration of other indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations. Lastly, we may be unable to obtain additional leverage, which would, in turn, affect our return on capital. The number of leverage providers and the total amount of financing available could decrease or remain static. We could, directly or through subsidiaries, have concentrated exposure to a small number of commercial lenders or other financing providers, which could result in us being dependent on the continued availability of capital from such financing providers. Consequently, available financing could be more expensive or on terms that are less desirable than in an environment with a larger number of leverage providers. As a business development company, we generally are required to meet the asset coverage ratio of total assets to total borrowings and other senior securities, which include our borrowings and any preferred stock that we could issue in the future, that is applicable to us under the 1940 Act.

As of December 31, 2025, we had $1,007.8 million of outstanding consolidated indebtedness under our Credit Facilities, and 2024-1 Debt. As of December 31, 2025, our weighted average effective annualized interest rate was 5.85% excluding fees (such as fees on unused amounts and amortization of upfront fees). Since we generally pay interest at a floating rate on our Credit Facilities and 2024-1 Debt, an increase in interest rates will generally increase our borrowing costs.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** |
| Assumed annual returns on the Company's portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% |
| Corresponding return to common stockholder <sup>(1)</sup> | (19.27)% | (11.31)% | (3.34)% | 4.63% | 12.59% |

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(1)Assumes, as of December 31, 2025, (i) $2,813.1 million in total assets, (ii) $1,007.8 million in outstanding indebtedness, (iii) $1,765.6 million in net assets and (iv) weighted average effective annual interest rate, excluding fees (such as fees on unused amounts and amortization of financing costs), of 5.85%.

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Based on an outstanding indebtedness of $1,007.8 million as of December 31, 2025 and the weighted average effective annual interest rate, excluding fees (such as fees on unused amounts and amortization of financing costs), of 5.85% as of that date, our investment portfolio at fair value would have had to produce an annual return of approximately 2.10% to cover annual interest payments on the outstanding debt. For more information on our indebtedness, see Part II, Item 7 of this Form 10-K "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources.*"

***Our indebtedness could adversely affect our business, financial conditions or results of operations.***

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to repay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our stockholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

***Changes in interest rates have affected, and may in the future affect, our cost of capital, reduce the ability of our portfolio companies to service their debt obligations and decrease our net investment income.***

General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income and our NAV. Substantially all of our debt investments have variable interest rates that reset periodically based on benchmarks such as the Secured Overnight Financing Rate ("SOFR") and the U.S. Prime Rate ("Prime Rate" or "P"), so an increase in interest rates may make it more difficult for our portfolio companies to service their obligations under the debt investments that we hold. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. To address concerns about inflation, the Federal Reserve increased interest rates throughout 2022 and 2023 before it cut interest rates multiple times in 2024 and 2025. It is a possibility that the Federal Reserve could increase rates in 2026 if inflation levels exceed certain levels in the United States.

Furthermore, because we typically borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income to the extent we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income.

In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive impact on price. Adjustable rate instruments also react to interest rate changes in a similar manner, although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules.

In addition, a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, the increases in interest rates during 2022 and 2023 made it easier for us to meet or exceed the incentive fee hurdle rate in our Investment Advisory Agreement and resulted in increases in the amount of incentive fees payable to the Investment Adviser with respect to our pre-incentive fee net investment income. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our common stock.

Conversely, in a period of declining interest rates, which has happened more recently, the probability that loans will be prepaid increases as borrowers tend to refinance their debt to reduce their borrowing costs. In such periods, there is a risk that we might not be able to invest in new loans on the same terms, or at all. If we cannot invest in new loans on terms that are the same or better than the investments that are repaid, our operations and financial conditions could be adversely affected. In addition, falling interest rates could lead to loans generating lower returns for the same level of risk. We could therefore need to invest in riskier loans to achieve the same level of returns.

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***We may experience fluctuations in our quarterly results.***

We could experience fluctuations in our quarterly operating results due to a number of factors, including, the pace at which investments are made, the interest rate payable on the debt securities we acquire, the default rate on such securities, rates of repayment, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses and changes in unrealized appreciation or depreciation, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***We may be obligated to pay the Investment Adviser incentive compensation even if we incur a loss.***

The Investment Adviser is entitled to incentive compensation for each calendar quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter (before deducting incentive compensation) above a performance threshold for that quarter. In calculating our performance threshold, we use net assets which results in a lower hurdle rate than if we used gross assets like we do for determining our base management fee. Our pre-incentive fee net investment income for incentive compensation purposes excludes realized and unrealized capital losses and depreciation that we may incur in the calendar quarter, even if such capital losses or depreciation result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay the Investment Adviser incentive compensation for a calendar quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter.

***Our fee structure may induce the Investment Adviser to pursue speculative investments and incur leverage, and investors may bear the cost of multiple levels of fees and expenses.***

The incentive fees payable by us to the Investment Adviser may create an incentive for the Investment Adviser to pursue investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The incentive fees payable to the Investment Adviser are calculated based on a percentage of our return on invested capital. This may encourage the Investment Adviser to use leverage to increase the return on our investments. In particular, a portion of the incentive fees payable to the Investment Adviser is calculated based on the Company's pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a "hurdle rate" of 1.25% per quarter (5.00% annualized) and a "catch-up" feature. See Note 4, Related Party Transactions, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K. Accordingly, an increase in leverage may make it easier for the Company to meet or exceed the hurdle rate applicable to the income-based incentive fee and may result in an increase in the amount of income-based incentive fee payable to the Investment Adviser.

Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of our securities. In addition, the Investment Adviser receives the incentive fees based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fees based on income, there is no hurdle rate applicable to the portion of the incentive fees based on net capital gains. As a result, the Investment Adviser may have incentive to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

The "catch-up" portion of the incentive fees may encourage the Investment Adviser to accelerate or defer interest payable by portfolio companies from one calendar quarter to another, potentially resulting in fluctuations in timing and dividend amounts.

Additionally, the incentive fees payable by us to the Investment Adviser may create an incentive for the Investment Adviser to cause us to realize capital gains or losses that may not be in the best interests of us or our stockholders. Under the incentive fee structure, the Investment Adviser benefits when we recognize capital gains and, because the Investment Adviser determines when an investment is sold, the Investment Adviser controls the timing of the recognition of such capital gains. Our Board of Directors is charged with protecting our stockholders' interests by monitoring how the Investment Adviser addresses these and other conflicts of interest associated with its management services and compensation.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, bear our ratable share of any such investment company's expenses, including management and performance fees. We also remain obligated to pay management and incentive fees to the Investment Adviser with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our stockholders bears his or her share of the management and incentive fees of the

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Investment Adviser as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.

***We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes under Subchapter M of the Code.***

Although we have elected to be treated, and intend to qualify annually, as a RIC for U.S. federal income tax purposes under Subchapter M of the Code, we cannot assure you that we will be able to maintain RIC status. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to our stockholders, we must, among other things, have in effect an election to be treated, and continue to qualify, as a BDC under the Investment Company Act at all times during each taxable year and meet the Annual Distribution Requirement, the 90% Gross Income Test and the Diversification Tests (each as defined and explained more fully in Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC.*").

If we fail to maintain our RIC status for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes) regardless of whether we make any distributions to our stockholders. In this event, the resulting taxes and any resulting penalties could substantially reduce our net assets, the amount of our income available for distribution and the amount of our distributions to our stockholders, which would have a material adverse effect on our financial performance. For additional discussion regarding the tax implications of a RIC, see Part I, Item 1 of this Form 10-K "*Business—General—Regulation—Election to be Taxed as a RIC*" for additional information.

***A portion of our income and fees may not be qualifying income for purposes of the income source requirement.***

Some of the income and fees that we may recognize will not satisfy the income source requirement applicable to RICs. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy such requirement, we may be required to recognize such income and fees indirectly through one or more entities treated as corporations for U.S. federal income tax purposes. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce the amount of income available for distribution.

***If we are not treated as a "publicly offered regulated investment company," as defined in the Code, certain U.S. stockholders will be treated as having received a dividend from us in the amount of such U.S. stockholders' allocable share of the management and incentive fees paid to the Investment Adviser and certain of our other expenses.***

We expect to be treated as a "publicly offered regulated investment company" as a result of Shares being held by at least 500 persons at all times during the taxable year. However, we cannot assure you that we will be treated as a publicly offered regulated investment company for all years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. stockholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. stockholder's allocable share of the management and incentive fees paid to the Investment Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. stockholder. Miscellaneous itemized deductions generally are deductible by a U.S. stockholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. stockholder's miscellaneous itemized deductions exceeds 2% of such U.S. stockholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under the Code. See Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC*" for additional information.

***If we fail to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, we may not be able to timely or accurately report our financial results, which could have a material adverse effect on our business.***

We are obligated to maintain proper and effective internal control over financial reporting, including the internal control evaluation and certification requirements of Section 404 of the Sarbanes-Oxley Act. We will not be required to comply with all of the requirements under Section 404 of the Sarbanes-Oxley Act until the date (i) we are no longer an emerging growth company under the JOBS Act and (ii) we are a reporting company that meets the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act that we may eventually be required to meet. Specifically, we are required to conduct annual management assessments of the effectiveness of our internal controls over financial reporting. However, our independent registered public accounting firm will not be required to formally

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attest to the effectiveness of our internal control over financial reporting until the date (i) we are no longer an emerging growth company under the JOBS Act and (ii) we are a reporting company that does not meet the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act. If we are not able to implement the applicable requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Additionally, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective. If we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports. This could materially adversely affect us.

Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our operations, financial reporting or financial results could be harmed and we could fail to meet our financial reporting obligations.

***Certain investors are limited in their ability to make significant investments in us.***

Private funds that are excluded from the definition of "investment company" either pursuant to Section 3(c)(1) or 3(c)(7) of the Investment Company Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition), unless certain conditions are satisfied. Investment companies registered under the Investment Company Act and BDCs are also subject to this restriction as well as other limitations under the Investment Company Act that would restrict the amount that they are able to invest in our securities. As a result, certain investors will be limited in their ability to make significant investments in us at a time that they might desire to do so.

***Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.***

Under the MGCL and our Charter, our Board of Directors is authorized to classify and reclassify any authorized but unissued shares of stock into one or more classes of stock, including preferred stock. Prior to the issuance of shares of each class or series, the Board of Directors is required by Maryland law and our Charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board of Directors could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. The cost of any such reclassification would be borne by our existing common stockholders. Certain matters under the Investment Company Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would vote separately from the holders of common stock on a proposal to cease operations as a BDC. In addition, the Investment Company Act provides that holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred stock directors. We currently have no plans to issue preferred stock, but may determine to issue preferred stock in the future. The issuance of preferred stock convertible into shares of common stock might also reduce the net income per Share and NAV per Share of our common stock upon conversion, provided, that we will only be permitted to issue such convertible preferred stock to the extent we comply with the requirements of Section 61 of the Investment Company Act. In addition, under the Investment Company Act, participating preferred stock and preferred stock constitutes a "senior security" for purposes of the 200% asset coverage test. These effects, among others, could have an adverse effect on an investment in our common stock.

***Provisions of the MGCL and of our Charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.***

The MGCL and our Charter and bylaws contain provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. We are subject to the Maryland Business Combination Act ("MBCA"), subject to any applicable requirements of the Investment Company Act. Our Board of Directors has adopted a resolution exempting from the MBCA any business combination between us and any other person, subject to prior approval of such business

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combination by our Board of Directors, including approval by a majority of our Independent Directors. If the resolution exempting business combinations is repealed or our Board of Directors does not approve a business combination, the MBCA may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act ("Control Share Act") acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Act, the Control Share Act also may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction. However, we will amend our bylaws to be subject to the Control Share Act only if our Board of Directors determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the Control Share Act does not conflict with the Investment Company Act.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our Charter classifying our Board of Directors in three classes serving staggered three-year terms, and authorizing our Board of Directors to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, to amend our Charter without stockholder approval and to increase or decrease the number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. These provisions, as well as other provisions of our Charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.

***Our Board of Directors may change our investment objective, operating policies and strategies without prior notice and without stockholder approval.***

Our Board of Directors has the authority to modify or, if applicable, waive our investment objectives, operating policies and strategies without prior notice (except as required by the Investment Company Act) and without stockholder approval. In addition, none of our investment policies is fundamental and any of them may be changed without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current investment objectives, operating policies or strategies would have on our business, operating results and value of our stock. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions.

***We are highly dependent on information systems, and systems failures could significantly disrupt our business.***

Our business is highly dependent on the communications and information systems of the Investment Adviser, its affiliates and third parties. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events arising from local or larger scale political or social matters, including terrorist acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect our business and our ability to pay dividends to our stockholders.

***Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition.***

Cyber incidents and cyber-attacks have been occurring globally at a more frequent and severe level and are expected to continue to increase in frequency and severity in the future. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to, use, alteration or destruction of our information systems for purposes of misappropriating assets, obtaining ransom payments, stealing confidential information, corrupting data

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or causing operational disruption, or may involve phishing. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory investigation, intervention, fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We may face difficulty obtaining or maintaining sufficient insurance coverage, including cyber insurance, against potential liabilities. Insurance and other safeguards may only partially reimburse us for our losses, if at all, and if a claim is successful and exceeds or is not covered by our insurance policies, we would be responsible for any shortfall, which could be substantial. As our and our portfolio companies' reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by the Investment Adviser and third-party service providers, and the information systems of our portfolio companies. We, the Investment Adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we do business (including, but not limited to, service providers, such as accountants, custodians, transfer agents and administrators, and the issuers of securities in which we invest) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, we cannot control the cybersecurity plans and systems put in place by these third parties and ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.

***Use of artificial intelligence technology by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.***

The use of artificial intelligence and machine learning technologies (collectively, "AI Technologies"), and the overall adoption of AI Technologies throughout society, create opportunities for us and our portfolio companies, as well as new and unpredictable competitive, operational, legal, and regulatory risks. We use and plan to expand our use of AI Technologies in connection with our business and investment activities, and our portfolio companies and investments also use such technologies, including but not limited to automation of operational tasks, identification of investment opportunities, investment due diligence, and investment decision-making. We and our portfolio companies continue to evaluate the rapidly evolving landscape of AI Technologies. Actual use of AI Technologies varies across our business, funds and portfolio companies, and investments. While we expect, from time to time, to adopt and adjust usage policies and procedures governing the use of AI Technologies by our personnel, there is a risk of misuse of such AI Technologies, failure of such AI Technologies to be available or to perform, and data leakage on account of use of such AI Technologies, any of which could cause a material harm to us or our portfolio companies. In addition, some of our competitors may be more successful than we are in the development and implementation of new technologies, including services and platforms based on artificial intelligence to address investor demands or improve operations. If we are unable to adequately advance our capabilities in these areas, or do so at a slower pace than others in our industry, we may be at a competitive disadvantage. Similarly, if our portfolio companies are unable to effectively adopt or implement AI Technologies, or lag behind their competitors in doing so, their competitive positions and business prospects may be negatively affected, which could adversely impact the value of our investments.

In addition, AI Technologies are reliant on the collection and analysis of large amounts of data and complex algorithms. In this respect, it is not possible or practicable to incorporate all relevant data into models that AI Technologies utilize to operate. Therefore, it is expected that the data in such models will contain a degree of inaccuracy and error, potentially to a material degree, and that such data and algorithms could otherwise be inadequate or flawed, which would likely degrade the effectiveness of AI Technologies and could adversely impact us and our portfolio companies and investments to the extent we or they rely on AI Technologies. Our portfolio companies may face heightened exposure to these risks to the extent they do not have sufficient expertise or infrastructure to adequately validate AI-generated outputs or identify inaccuracies in the models they deploy. We expect to be involved in the collection of such data only in the context of limited custom development of tools supporting bespoke AI product developments, but these tools are likely to contain and produce inaccurate information from time to time that will be difficult to identify and mitigate. In this respect, reliance on AI-generated data or analysis that contains "hallucinations" or errors could lead to flawed investment decisions, valuation errors, or regulatory reporting inaccuracies.

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The volume and reliance on data and algorithms also make AI Technologies, and in turn us and our portfolio companies and investments, more susceptible to cybersecurity threats, including data poisoning and the compromise of underlying models, training data, or other intellectual property. We and our portfolio companies could be exposed to risks to the extent third-party service providers, or any counterparties use AI Technologies in their business activities. In this respect, we are not able to control the way third-party products are developed or maintained or the way third-party services utilizing AI Technologies are provided to us. In addition, AI Technologies may be competitive with the business of our portfolio companies or increase the potential for obsolescence of a portfolio company's products or services (particularly as the capabilities of AI Technologies improve) and, accordingly, the increased adoption and use of AI Technologies may have an adverse effect on our portfolio companies or their respective businesses. Portfolio companies that fail to adapt to AI-driven changes in their industries may experience declining revenues, loss of market share, or business model disruption, which would negatively impact the value of our investments in such companies. See Part I, Item 1A of this Form 10-K "*Risk Factors—Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition."*

Moreover, use of AI Technologies may include the input of sensitive personal information, trade secrets, and other protected data by both us and third parties and could result in the exposure of such information, for example, by becoming part of a dataset that is generally accessible by AI Technologies applications and users. Data sources such as those we license and those we obtain via our business operations may become unavailable, limiting our ability to establish or maintain AI Technologies. Alternatively, data sources may seek to enjoin our use of data or receive a portion of related revenue, which would result in losses and limit our growth. Our portfolio companies face similar risks with respect to data exposure and availability and may have fewer resources or less sophisticated data protection measures than we do, potentially increasing their vulnerability to such issues. We may use and market our use of AI Technologies in a manner that changes over time due to model error rates, staffing issues, compute limitations, or other developments that make prior marketing of our use of AI Technologies inaccurate, and given the speed of these changes, not inform investors of these changes before they go into effect.

AI Technologies and their current and potential future applications, including in the private investment and financial sectors, continue to rapidly evolve, and our use of AI Technologies may require compliance with legal or regulatory frameworks that are not fully developed or tested and which may subject us to litigation and regulatory actions. For example, the EU enacted the Artificial Intelligence Act, and various other jurisdictions have proposed or finalized laws that create regulatory risk around the use of AI Technologies or threaten to limit or eliminate our ability to use AI Technologies. Compliance costs and operational restrictions imposed by such regulations could be particularly burdensome for our smaller or less-established portfolio companies, potentially limiting their ability to compete effectively or requiring significant capital investments that could affect their financial performance and, consequently, our investment returns. It is impossible to predict the full extent of current or future risks related thereto.

***Changes in laws or regulations governing our business or the businesses of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, and any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business and the businesses of our portfolio companies.***

We and our portfolio companies are subject to laws and regulations at the U.S. federal, state and local levels and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, may change from time to time, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business or the business of our portfolio companies. Changes in regulation or regulatory interpretations could increase the costs and risks to which we are subject. The legal, tax and regulatory environment for BDCs, investment advisers and the instruments that they utilize (including derivative instruments) is continuously evolving. The Investment Adviser is a registered investment adviser and, as such, is subject to the provision of the Advisers Act, the rules adopted thereunder and the SEC or SEC staff interpretations thereof, all of which are subject to change. Unpublished or changing SEC staff interpretations could contradict the advice of our outside counsel, which could expose us and the Investment Adviser to regulatory scrutiny. There can be no assurance that we and our affiliates will avoid regulatory investigations or enforcement actions. In addition, there is significant uncertainty regarding recently enacted legislation and the regulations that have recently been adopted and future regulations that may or may not be adopted pursuant to such legislation and, consequently, the full impact that such legislation will ultimately have on us and the markets in which we trade and invest is not fully known. Such uncertainty and any resulting confusion may itself be detrimental to the efficient functioning of the markets and the success of certain investment strategies.

In addition, as private equity firms become more influential participants in the U.S. and global financial markets and economy generally, there recently has been pressure for greater governmental scrutiny and/or regulation of the private equity industry. It is uncertain as to what form and in what jurisdictions such enhanced scrutiny and/or regulation, if any, on the private equity industry may ultimately take. Therefore, there can be no assurance as to whether any such scrutiny or initiatives

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will have an adverse impact on the private equity industry, including our ability to effect operating improvements or restructurings of our portfolio companies or otherwise achieve our objectives.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact our operating results or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

***Our ability to continue to operate depends on the services provided by the Investment Adviser, Administrator and sub-administrators. Each is able to resign upon 60 days' notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

Our ability to continue to operate depends on the services provided by the Investment Adviser, Administrator and sub-administrators. The Investment Adviser, our Administrator, and our sub-administrators each have the right to resign under the Investment Advisory Agreement, the Administration Agreement and the Sub-Administration Agreements, respectively, upon 60 days' written notice, whether a replacement has been found or not. If any of them resigns, it may be difficult to find a replacement with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If a replacement is not found quickly, our business, results of operations and financial condition as well as our ability to pay distributions are likely to be adversely affected and the value of our shares may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Investment Adviser, our Administrator and their affiliates, including certain of our sub-administrators. Even if a comparable service provider or individuals performing such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition. Moreover, it will be an event of default under the Credit Facilities if the Investment Adviser or an affiliate of the Investment Adviser ceases to manage us, which could result in the immediate acceleration of the amounts due under the Credit Facilities.

***The Investment Adviser's liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

The Investment Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board of Directors in declining to follow the Investment Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, the Investment Adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entities affiliated with it will not be liable to us for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect the Investment Adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entities affiliated with it with respect to all damages, liabilities, costs and expenses arising out of or otherwise based upon the performance of any of the Investment Adviser's duties or obligations under the Investment Advisory Agreement or otherwise as an Investment Adviser for us, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Advisory Agreement. These protections may lead the Investment Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See *—* "*Our fee structure may induce the Investment Adviser to pursue speculative investments and incur leverage, and investors may bear the cost of multiple levels of fees and expenses.*" for additional information.

***We are subject to certain risks as a result of our direct interest in the 2024-1 Issuer Preferred Interests.***

Because the 2024-1 Issuer is disregarded as an entity separate from its owner for U.S. federal income tax purposes, the sale or contribution by us to the 2024-1 Issuer, as part of the 2024-1 Debt Securitization (as defined in Note 1, Organization, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K), did not constitute a taxable event for U.S. federal income tax purposes. If the U.S. Internal Revenue Service were to take a contrary position, there could be a material adverse effect on our business, financial condition, results of operations or cash flows.

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***The 2024-1 Issuer Preferred Interests are subordinated obligations and therefore we may not receive cash from the 2024-1 Issuer.***

The 2024-1 Issuer is the residual claimant on funds, if any, remaining after holders of all classes of the 2024-1 Debt have been paid in full on each payment date or upon maturity of the 2024-1 Debt under the 2024-1 Indenture, as defined below. The 2024-1 Issuer Preferred Interests represent all of the equity interest in the 2024-1 Issuer and, as the holder of the 2024-1 Issuer Preferred Interests, we may receive distributions, if any, only to the extent that the 2024-1 Issuer makes distributions out of funds remaining after holders of all classes of the 2024-1 Debt have been paid in full on each payment date any amounts due and owing on such payment date or upon maturity of the 2024-1 Debt. There is no guarantee that we will receive any distributions as the holders of the 2024-1 Issuer Preferred Interests.

In addition, if the 2024-1 Issuer does not meet the asset coverage tests or the interest coverage test set forth in the documents governing the 2024-1 Debt, cash would be diverted to first pay the 2024-1 Debt in amounts sufficient to cause such tests to be satisfied.

***The interests of holders of the 2024-1 Debt issued by the 2024-1 Issuer may not be aligned with our interests.***

The 2024-1 Debt ranks senior in right of payment to our interests. As such, there are circumstances in which the interests of holders of the 2024-1 Debt may not be aligned with our interests. For example, under the terms of the 2024-1 Issuer, holders of the 2024-1 Debt have the right to receive payments of principal and interest prior to distribution to our interests.

For as long as the 2024-1 Debt remains outstanding, holders of the 2024-1 Debt have the right to act, in certain circumstances, with respect to the portfolio loans in ways that may benefit their interests but not the interests of holders of the 2024-1 Issuer Preferred Interests, including by exercising remedies under the indenture governing the 2024-1 Debt (the "2024-1 Indenture").

If an event of default has occurred and acceleration occurs in accordance with the terms of the 2024-1 Indenture, the 2024-1 Debt then outstanding will be paid in full before any further payment or distribution to the 2024-1 Issuer Preferred Interests. In addition, if an event of default occurs, holders of a majority of the 2024-1 Debt then outstanding will be entitled to determine the remedies to be exercised under the 2024-1 Indenture, subject to the terms of the 2024-1 Indenture. For example, upon the occurrence of an event of default with respect to the notes issued by the 2024-1 Issuer, the trustee or holders of a majority of the 2024-1 Debt then outstanding may declare the principal, together with any accrued interest, of all the 2024-1 Debt to be immediately due and payable. This would have the effect of accelerating the principal on such notes, triggering a repayment obligation on the part of the 2024-1 Issuer. If at such time the portfolio loans of the 2024-1 Issuer were not performing well, the 2024-1 Issuer may not have sufficient proceeds available to enable the trustee under the 2024-1 Indenture to pay a distribution to holders of the 2024-1 Issuer Preferred Interests.

Remedies pursued by the holders of the 2024-1 Debt could be adverse to the interests of the holders of the 2024-1 Issuer Preferred Interests, and the holders of the 2024-1 Debt have no obligation to consider any possible adverse effect on such other interests. Thus, any remedies pursued by the holders of the 2024-1 Debt may not be in our best interests and we may not receive payments or distributions upon an acceleration of the 2024-1 Debt. Any failure of the 2024-1 Issuer to make distributions on the 2024-1 Issuer Preferred Interests we hold, directly or indirectly, whether as a result of an event of default or otherwise, could have a material adverse effect on our business, financial condition, results of operations and cash flows and may result in an inability of us to make distributions sufficient to allow for us to qualify as a RIC for U.S. federal income tax purposes.

***The 2024-1 Issuer may fail to meet certain asset coverage tests.***

Under the documents governing the 2024-1 Debt Securitization, there are two coverage tests applicable to the 2024-1 Debt.

The first such test compares the amount of interest received on the portfolio loans held by the 2024-1 Issuer to the amount of interest payable in respect of the 2024-1 Debt. To meet this first test, interest received on the portfolio loans must equal certain thresholds for each class of the 2024-1 Debt (namely, the "Class A-1 Notes," the "Class A-L1 Notes," the "Class A-L Loans," the "Class A-2 Notes," the "Class B Notes," the "Class C Notes," and the "Class D Notes") based on the interest payable in respect of the 2024-1 Debt.

The second such test compares the adjusted collateral principal amount of the portfolio loans of the 2024-1 Debt Securitization to the aggregate outstanding principal amount of the 2024-1 Debt. To meet this second test at any time, the

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adjusted collateral principal amount of the portfolio loans must equal at least 137.06% for the Class A-1 Notes, the Class A-L1 Notes, the Class A-L Loans, the Class A-2 Notes and the Class B Notes, 123.58% for the Class C Notes, and 115.95% for the Class D Notes of the outstanding principal amount of the 2024-1 Debt.

If any coverage test with respect to the 2024-1 Debt is not met, proceeds from the portfolio of loans that otherwise would have been distributed to the holders of the 2024-1 Issuer Preferred Interests will instead be used to redeem first the 2024-1 Debt, to the extent necessary to satisfy the applicable asset coverage tests on a pro forma basis after giving effect to all payments made in respect of the 2024-1 Debt, which we refer to as a mandatory redemption, or to obtain the necessary ratings confirmation. There is no guarantee that the 2024-1 Debt will meet either of these coverage tests, and thus, we may not receive distributions as the holders of the 2024-1 Issuer Preferred Interests. Even if we do not receive cash directly from the 2024-1 Issuer, such amount will still be treated as income subject to our requirement to distribute 90% of our net investment income to our stockholders. Therefore, in the event that we fail to receive cash directly from the 2024-1 Issuer, we could be unable to make such distributions in amounts sufficient to maintain our status as a RIC for U.S. federal income tax purposes, or at all.

***We may be required to assume liabilities of the 2024-1 Issuer and are indirectly liable for certain representations and warranties in connection with the 2024-1 Debt Securitization.***

Pursuant to the contribution agreement we entered into with the 2024-1 Issuer, we are required to repurchase any loan (or participation interest therein) which was sold to the 2024-1 Issuer in breach of any representation or warranty made by us with respect to such loan on the date such loan was sold. To the extent we fail to satisfy any such repurchase obligation, the trustee of the 2024-1 Debt Securitization may, on behalf of the 2024-1 Issuer, bring an action against us to enforce these repurchase obligations.

The structure of the 2024-1 Debt Securitization is intended to prevent, in the event of our bankruptcy, the consolidation of the 2024-1 Issuer with our operations. If the true sale of the assets in the 2024-1 Debt Securitization were not respected in the event of our insolvency, a trustee or debtor-in-possession might reclaim the assets of the 2024-1 Issuer for our estate. However, in doing so, we would become directly liable for all of the indebtedness then outstanding under the 2024-1 Debt Securitization, which would equal the full amount of debt of the 2024-1 Issuer reflected on our consolidated balance sheet.

In addition, in connection with 2024-1 Debt Securitization, the Company has made customary representations, warranties and covenants to the 2024-1 Issuer. We remain liable for any breach of such representations for the life of the 2024-1 Debt Securitization.

**Risks Related to Our Investments**

***Our investments are risky and speculative.***

We invest primarily in loans to middle market companies whose debt, if rated, is rated below investment grade and, if not rated, would likely be rated below investment grade if it were rated. Investments rated below investment grade are generally considered higher risk than investment grade instruments. Bonds that are rated below investment grade are sometimes referred to as "high yield bonds" or "junk bonds." Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower's capacity to pay interest and repay principal. In our first lien loans, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the loan should we be forced to enforce our remedies. To the extent we hold second lien senior secured loans and junior debt investments, holders of first lien loans may be repaid before us in the event of a bankruptcy or other insolvency proceeding. This may result in an above average amount of risk and loss of principal. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. When we invest in loans, we have acquired and may in the future acquire equity securities as well. However, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Some of the loans in which we may invest may be "covenant-lite" loans, which means the loans contain fewer covenants than other loans (in some cases, none) and may not include terms that could be considered protective to the lender, such as maintenance or financial covenants and terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by us in a covenant-lite loan may potentially expose us to greater liquidity risks compared to loans that contain financial maintenance requirements and other covenants, hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential

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loss. We may also experience delays in enforcing our rights under covenant-lite loans. In the event of default, covenant-lite loans could result in diminished recovery values where the lender did not have the opportunity to negotiate with the borrower or restructure the loan prior to default. As a result of these risks, our exposure to losses may be increased, which could result in an adverse impact on our net income and net asset value.

In addition, investing in middle market companies involves a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing on any guarantees or security we may have obtained in connection with our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a portfolio company and, in turn, on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is generally little public information about these companies. These companies and their financial information are usually not subject to the Exchange Act and other regulations that govern public companies, and we may be unable to uncover all material information about these companies, which may prevent us from making a fully informed investment decision and cause us to lose money on our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, directors and the Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations, as well as their interpretations, may adversely affect their business, financial structure or prospects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

***Our portfolio securities are generally illiquid and typically do not have a readily available market price and, in such a case, we will value these securities at fair value as determined in good faith under procedures adopted by our Board of Directors or its designee, which valuation is inherently subjective and may not reflect what we may actually realize from the sale of the investment.***

Substantially all of our portfolio investments are in the form of debt investments that are not publicly traded and are illiquid compared to publicly traded securities, and there can be no assurance that we will be able to realize returns on such investments in a timely manner. The fair value of these illiquid portfolio securities is not readily determinable, and the due diligence process that the Investment Adviser undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with such investment. 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 our investment portfolio for which market quotations are not readily available. The Investment Adviser values these investments on at least a quarterly basis in accordance with our valuation policy, which is at all times consistent with accounting principles generally accepted in the United States ("U.S. GAAP"). The Investment Adviser utilizes the services of a third-party valuation firm to aid it in reviewing the determinations of the Investment Adviser's investment professionals, which are based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of the Investment Adviser in our valuation process, and the indirect pecuniary interest in the Investment Adviser by the Interested Directors on our Board of Directors, could result in a conflict of interest, because the management fee is based on our gross assets and also because the Investment Adviser is receiving performance-based incentive fees.

The factors that are considered in the fair value pricing of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparisons to publicly traded companies, discounted cash flow, relevant credit market indices, and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate our valuation. Because such valuations, and particularly

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valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Investment Adviser's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Also, since these valuations are, to a large extent, based on estimates, comparisons and qualitative evaluations of private information, it could make it more difficult for investors to value accurately our investments and could lead to undervaluation or overvaluation of our securities. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility. If the Investment Adviser is unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors.

Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. The effect of all of these factors on our portfolio can reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer unrealized losses, which could have a material adverse impact on our business, financial condition and results of operations.

Our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in our NAV.

***We operate in a highly competitive market for investment opportunities, and compete with investment vehicles sponsored or advised by our affiliates.***

The activity of identifying, completing and realizing attractive investments is highly competitive and involves a high degree of uncertainty. The availability of investment opportunities generally will be subject to market conditions. In particular, in light of changes in such conditions, including changes in long-term interest rates, certain types of investments may not be available to us on terms that are as attractive as the terms on which opportunities were available to previous investment programs sponsored by Carlyle. A number of entities, including BDCs managed by the Investment Adviser or an affiliate, compete with us to make the types of investments that we target in middle market companies. We compete with other BDCs, public and private funds, commercial and investment banks, commercial finance companies, and, to the extent they provide an alternative form of financing, private equity funds, some of which are affiliates of us. Furthermore, over the past several years, an ever-increasing number of debt and credit opportunities funds have been formed and many such existing funds have grown substantially in size. Additional funds with similar objectives may be formed in the future by Carlyle or by other unrelated parties. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. Consequently, it is possible that competition for appropriate investment opportunities may increase, thus reducing the number of investment opportunities available to us and adversely affecting the terms upon which investments can be made. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act and the Code impose on us. The competitive pressures we face may have a material adverse effect on our business, financial condition and results of operations. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and, accordingly, we may incur legal, due diligence and other costs on investments which may not be successful and we may not recover all of our costs, which would adversely affect returns. We can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective.

We do not seek to compete primarily based on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that are comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. However, if we match our competitors' pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss.

***Our portfolio companies may be highly leveraged.***

Some of our portfolio companies are highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. Moreover, rising interest rates may significantly increase a company's or project's interest expense, or a significant industry downturn may affect a company's ability to generate positive cash flow, in either case causing an inability of a

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leveraged company to service outstanding debt. In the event such leveraged company cannot generate adequate cash flow to meet debt obligations, the company may default on its loan agreements or be forced into bankruptcy resulting in a restructuring or liquidation of the company. Leveraged companies may enter into bankruptcy proceedings at higher rates than companies that are not leveraged.

Depending on the facts and circumstances of our investments and the extent of our involvement in the management of a portfolio company, upon the bankruptcy of a portfolio company, a bankruptcy court may recharacterize our debt investments as equity interests and subordinate all or a portion of our claim to that of other creditors. This could occur even though we may have structured our investment as senior debt.

***Our portfolio companies may incur debt that ranks equally with, or senior to, some of our investments in such companies and if there is a default, we may experience a loss on our investment.***

To the extent we invest in second lien, mezzanine or other instruments, our portfolio companies typically may be permitted to incur other debt that ranks equally with, or senior to, such debt instruments. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we will be entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. In such cases, after repaying such senior creditors, such portfolio company may not have sufficient remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

We may also make unsecured loans to portfolio companies. Liens on such portfolio companies' collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

***Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.***

We are classified as a non-diversified investment company within the meaning of the Investment Company Act, which means that we are not limited by the Investment Company Act with respect to the proportion of our assets that we may invest in securities of a single issuer, excluding limitations on investments in other investment companies. Although we do not intend to focus our investments in any specific industries, our portfolio may be concentrated in a limited number of portfolio companies and industries. Beyond the asset diversification requirements associated with our qualification as a RIC under Subchapter M of the Code and under the Credit Facilities, and 2024-1 Debt, we do not have fixed guidelines for diversification, and while we do not target any specific industries, our investments may be concentrated in relatively few industries. As a result, the aggregate returns we will realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of one or more investments. Additionally, a downturn in any particular industry in which we are invested could also significantly impact our aggregate returns.

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***Declines in the prices of corporate debt securities and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.***

As a BDC, we are required to account for our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by or under the direction of our Board of Directors, which has appointed the Investment Adviser as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Depending on market conditions, we could incur substantial realized losses and suffer additional unrealized losses, which would reduce our NAV and have a material adverse impact on our business, financial condition and results of operations.

***To the extent we make investments in restructurings and reorganizations they may be subject to greater regulatory and legal risks than other traditional direct investments in portfolio companies.***

We have in the past and may in the future make investments in restructurings that involve, or otherwise invest in the debt securities of, companies that are experiencing or are expected to experience severe financial difficulties. These severe financial difficulties may never be overcome and may cause such companies to become subject to bankruptcy proceedings. As such, these investments could subject us to certain additional potential liabilities that may exceed the value of our original investment therein. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high.

***The financial projections of our portfolio companies could prove inaccurate.***

We generally evaluate the capital structure of portfolio companies on the basis of financial projections prepared by the management of such portfolio companies. These projected operating results are normally based primarily on judgments of the management of the portfolio companies. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. General economic conditions, which are not predictable with accuracy, along with other factors may cause actual performance to fall short of the financial projections that were used to establish a given portfolio company's capital structure. Because of the leverage that is typically employed by our portfolio companies, this could cause a substantial decrease in the value of our investment in the portfolio company. The inaccuracy of financial projections could thus cause our performance to fall short of our expectations.

In addition, when sourcing debt investments, we expect to rely significantly upon representations made to us by the borrower. There can be no assurance that such representations are accurate or complete, or that any due diligence undertaken would identify any misrepresentation or omission. Such inaccuracy or incompleteness could adversely affect, among other things, the valuation of collateral underlying loans or other debt obligations, our ability to perfect or effectuate a lien on the collateral securing a loan or other debt obligation, the financial condition of the issuer or the business prospects of the issuer. We will rely upon the accuracy and completeness of representations made by the underlying obligors or issuers to the extent reasonable.

***The due diligence investigation that the Investment Adviser carries out with respect to an investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity.***

Before we make investments, the Investment Adviser will typically conduct due diligence that it deems reasonable and appropriate based on the facts and circumstances applicable to each investment. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, accountants, credit rating agencies, investment banks and other third parties may be involved in the due diligence process to varying degrees depending on the type of investment. When conducting due diligence and making an assessment regarding an investment, the Investment Adviser will rely on the resources available to it, including information provided by the portfolio companies and, in some circumstances, third-party investigations. In addition, investment analyses and decisions by the Investment Adviser may be required to be undertaken on an expedited basis to take advantage of certain investment opportunities. In such cases, the information available to the Investment Adviser at the time of making an investment decision may be limited. The due diligence investigation that the Investment Adviser carries out with respect to an investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. Moreover, the due diligence investigation does not ensure that such investment will be successful. In addition, Carlyle's Environmental, Social and Governance program may cause us not to make an investment we otherwise would have made or impact other action taken or refrained from.

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***Our portfolio companies prepay loans from time to time, which may have the effect of reducing our investment income if the returned capital cannot be invested in transactions with equal or greater yields.***

Loans are generally prepayable at any time, most of them at no premium to par. We are generally unable to predict the rate and frequency of such repayments. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such portfolio company the ability to replace existing financing with less expensive capital. In periods of falling interest rates, the risk of prepayment of floating rate loans may increase if other financing sources are available. As market conditions change frequently, we will often be unable to predict when, and if, this may be possible for each of our portfolio companies. In the case of some of these loans, having the loan called early may have the effect of reducing our actual investment income below our expected investment income if the capital returned cannot be invested in transactions with equal or greater yields.

***We invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.***

We make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles ("Investment Vehicles") including Structured Credit Partners. In general, the risks associated with indirect investments in portfolio companies through an Investment Vehicle are similar to those associated with a direct investment in a portfolio company. While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment through an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company would typically be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle would be structurally subordinated to the obligations of the portfolio company). In addition, if we are to invest in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding such Investment Vehicle's investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle.

***Our ability to enter into transactions with Carlyle and our other affiliates is restricted.***

As a BDC, we are required to comply with certain regulatory requirements. We and any company controlled by us, on the one hand, and our upstream affiliates, or the Investment Adviser and its affiliates, on the other hand, are prohibited under the Investment Company Act from knowingly participating in certain transactions without the prior approval of our Independent Directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our upstream affiliate for purposes of the Investment Company Act, and we or a company controlled by us are generally prohibited from buying or selling any security (other than our securities) from or to such affiliate, absent the prior approval of our Independent Directors and so long as such person does not own more than 25% of our outstanding voting securities or otherwise control us. We or a company controlled by us are prohibited from buying or selling any security from or to the Investment Adviser or its affiliates, or any person who owns more than 25% of our voting securities or is otherwise deemed to control, be controlled by, or be under common control with, us, with such persons, absent the prior approval of the SEC.

The Investment Company Act also prohibits certain "joint" transactions with our upstream affiliates, or the Investment Adviser or its affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our Independent Directors and, in some cases, the SEC (other than in certain limited situations pursuant to current regulatory guidance as described below). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing. The SEC has granted us Exemptive Relief that permits us and certain present and future funds advised by the Investment Adviser and certain other present and future investment advisers controlling, controlled by or under common control with the Investment Adviser to co-invest in suitable negotiated investments. Co-investments made under the Exemptive Relief are subject to compliance with the conditions and other requirements contained in the Exemptive Relief, which could limit our ability to participate in a co-investment transaction. In addition to co-investing pursuant to our Exemptive Relief, we may also co-invest with funds managed by Carlyle or any of its downstream affiliates, subject to compliance with applicable law and regulations, existing regulatory guidance, the Investment Adviser's allocation procedures and Carlyle's other allocation policies and procedures, where applicable. For example, we may invest alongside such investors consistent with guidance promulgated by the SEC staff permitting us and an affiliated person to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that we negotiate no term other than price. We may, in certain cases, also make investments in securities owned by affiliates that we acquire from non-affiliates. In such circumstances, our ability to participate in any restructuring of such investment or other transaction involving the issuer of such investment may be limited, and as a result, we may realize a loss on

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such investments that might have been prevented or reduced had we not been restricted in participating in such restructuring or other transaction.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.***

Following an initial investment in a portfolio company, we have made, and may continue to make, additional investments in that portfolio company as "follow-on" investments to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or maintain in whole or in part our equity ownership percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempt to preserve or enhance the value of our investment.

We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. However, doing so could be placing even more capital at risk in existing portfolio companies.

The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful investment. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements or the desire to maintain our tax status.

***The disposition of our investments may result in contingent liabilities.***

A significant portion of our investments involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.

***Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.***

Although we may do so in the future, currently we do not intend to hold controlling equity positions in our portfolio companies. Accordingly, we may not be able to control decisions relating to a minority equity investment, including decisions relating to the management and operation of the portfolio company and the timing and nature of any exit. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments. If any of the foregoing were to occur, our financial condition, results of operations and cash flow could suffer as a result.

***Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.***

Our investment strategy contemplates that a portion of our investments may be in securities of foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks are likely to be more pronounced for investments in companies located in emerging markets and particularly for middle-market companies in these economies.

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Although most of our investments are denominated in U.S. dollars, our investments that are denominated in a foreign currency are subject to the risk that the value of a particular currency may change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We have and may in the future employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk or that, if we do, such strategies will be effective.

***We may expose ourselves to risks if we engage in hedging transactions.***

We have and may in the future enter into hedging transactions, which may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, credit default swaps, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates, credit risk premiums, and market interest rates.

Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the effect of the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions is generally not eligible to be distributed to non-U.S. stockholders free from U.S. withholding tax. We may be unable or determine not to hedge against particular risks, including if we determine that available hedging transactions are not available at an appropriate price.

In August 2022, Rule 18f-4 under the Investment Company Act, regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions), became effective. Under the rule, BDCs that make significant use of derivatives are required to operate subject to a value-at-risk leverage limit, adopt a derivatives risk management program and appoint a derivatives risk manager, and comply with various testing and board reporting requirements. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined in the rule. Under an exemption in the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. We currently operate as a "limited derivatives user" which may limit our ability to use derivatives and/or enter into certain other financial contracts.

***There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.***

Original issue discount ("OID") may arise if we hold securities issued at a discount or in certain other circumstances. OID and payment-in-kind ("PIK") interest create the risk that incentive fees will be paid to the Investment Adviser based on non-cash accruals that ultimately may not be realized, while the Investment Adviser will be under no obligation to reimburse us for these fees. We hold investments that result in OID interest and PIK interest.

The higher interest rates of OID instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID instruments generally represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

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OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID income may also create uncertainty about the source of our cash dividends.

For accounting purposes, any cash dividends to stockholders representing OID income are not treated as coming from paid-in capital, even if the cash to pay them comes from the proceeds of issuances of our common stock. As a result, despite the fact that a dividend representing OID income could be paid out of amounts invested by our stockholders, the Investment Company Act does not require that stockholders be given notice of this fact by reporting it as a return of capital.

PIK interest has the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Investment Adviser. Similarly, all things being equal, the deferral associated with PIK interest also increases the loan-to-value ratio at a compounding rate.

***Our investments may be affected by force majeure events.***

Our investments may be affected by force majeure events (e.g. events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of infectious disease, pandemic or any other serious public health concern, war, trade war, cyber security breaches, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company or a counterparty to us or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company or us of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which we may invest specifically.

***Tariffs may adversely affect us or our portfolio companies.***

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions. There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from outside of the United States. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

**Risks Related to an Investment in Our Common Stock**

***Investing in our common stock involves a high degree of risk.***

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive, and therefore an investment in our securities may not be suitable for someone with lower risk tolerance.

***Quarterly Tender Offers are not guaranteed and, if implemented for any given quarter, will be for a limited number of our Shares. Our stockholders may not be able to sell their Shares on timely basis.***

The Company has conducted, and intends to continue to conduct, the Quarterly Tender Offers, but is not obligated to do so. In any given quarter, the Investment Adviser may or may not recommend to the Board of Directors that the Company conduct a Quarterly Tender Offer. For example, if adverse market conditions occur, the Company does not have available cash on hand or other available capital resources necessary to conduct a Quarterly Tender Offer, or the Board of Directors otherwise

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believes that conducting a Quarterly Tender Offer would impose an undue burden on the Company and its stockholders then the Board of Directors, in its discretion, may determine to not conduct a Quarterly Tender Offer or otherwise alter or suspend the Company's liquidity program. Accordingly, there may be periods during which no Quarterly Tender Offer is made. If during any 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 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.

If a Quarterly Tender Offer is not made, stockholders may not be able to sell their shares in the relevant quarter or, if they are able to sell their shares, may be able to sell such shares only at substantial discounts from net asset value. In addition, any Quarterly Tender Offers will be for a limited number of our Shares.

If the Company does conduct Quarterly Tender Offers, it may be required to sell portfolio securities it would otherwise hold to purchase shares that are tendered, which may result in losses and may increase Company expenses as a percentage of net assets.

Although the Company is permitted to borrow money to finance the repurchase of shares pursuant to the Quarterly Tender Offers, there can be no assurance that the Company will be able to obtain such financing at the time of any particular tender offer or that capacity will be available under any financing the Company has arranged to fund such tender offer.

Because stockholders will be able to participate in one or more Quarterly Tender Offers only up to their pro rata share of the number of Shares tendered if the applicable tender offer is oversubscribed, stockholders may not be able to exit the Company or sell their desired amount of Shares through one or more Quarterly Tender Offers.

***Our common stock is subject to transfer restrictions.***

Our investors may not sell, assign, transfer or otherwise dispose of (in each case, a "Transfer") any common stock unless (i) we give consent and (ii) the Transfer is made in accordance with applicable securities laws. No Transfer will be effectuated except by registration of the Transfer on our books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in us.

***If current economic and market conditions continue to contribute to capital market disruption and instability, there is a risk that our stockholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions to our stockholders may be a return of capital for U.S. federal income tax purposes.***

We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. It is not assured that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Form 10-K. If we declare a dividend and if enough stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments. In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. The Credit Facilities may also limit our ability to declare dividends if we default under certain provisions or fail to satisfy with certain conditions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution. See Part II, Item 5 of this Form 10-K "*Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Distributions.*" Investing a greater amount of assets in equity securities that do not pay current dividends may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of our debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of our debt agreements.

The distributions we pay to our stockholders in a year may exceed our taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes that would reduce a stockholder's adjusted tax basis in its Shares and correspondingly increase such stockholder's gain, or reduce such stockholder's loss, on disposition of such Shares. Distributions in excess of a stockholder's adjusted tax basis in its Shares will constitute capital gains to such stockholder.

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***Non-U.S. stockholders may be subject to withholding of U.S. federal income tax on dividends we pay.***

Distributions of our "investment company taxable income" to a non-U.S. stockholder that are not effectively connected with the non-U.S. stockholder's conduct of a trade or business within the United States may be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of our current or accumulated earnings and profits. Certain properly designated dividends are generally exempt from withholding of U.S. federal income tax, including certain dividends that are paid in respect of our (i) "qualified net interest income" (generally, our U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we or the non-U.S. stockholder are at least a 10% stockholder, reduced by expenses that are allocable to such income) or (ii) "qualified short-term capital gains" (generally, the excess of our net short-term capital gain over our long-term capital loss for such taxable year), and certain other requirements were satisfied. No assurance can be given as to whether any of our distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be designated as such by us. See Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC*." for additional information.

***We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.***

For U.S. federal income tax purposes, we will include in our taxable income certain amounts that we have not yet received in cash, such as OID or accruals on a contingent payment debt instrument, which may occur if we receive warrants in connection with the origination of a loan or possibly in other circumstances or contracted PIK interest, which generally represents contractual interest added to the loan balance and due at the end of the loan term. Any such income would be treated as income earned by us and therefore would be subject to the Annual Distribution Requirement (as defined and explained more fully in Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC*"). We also may be required to include in our taxable income certain other amounts that we will not receive in cash. The credit risk associated with the collectability of deferred payments may be increased as and when a portfolio company increases the amount of interest on which it is deferring cash payment through deferred interest features. Our investments with a deferred interest feature may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is scheduled to occur upon maturity of the obligation.

Because in certain cases we may recognize taxable income before or without receiving cash representing such income, we may have difficulty making distributions to our stockholders that will be sufficient to enable us to meet the Annual Distribution Requirement necessary for us to maintain our status as a RIC. Accordingly, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous, we may need to raise additional equity or debt capital, or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business) to enable us to make distributions to our stockholders that will be sufficient to enable us to meet the Annual Distribution Requirement. However, under the Investment Company Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless an "asset coverage" test is met. See Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Indebtedness and Senior Securities*" for additional information.

If we are unable to obtain cash from other sources to meet the Annual Distribution Requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes). Additionally, we may make investments that result in the recognition of ordinary income rather than capital gain, or that prevent us from accruing a long-term holding period. These investments may prevent us from making capital gain distributions. See Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC*" for additional information.

Alternatively, we may, with the consent of all our stockholders, designate an amount as a consent dividend (*i.e.*, a deemed dividend). In that case, although we would not distribute any actual cash to our stockholders, the consent dividend would be treated like an actual dividend under the Code for all U.S. federal income tax purposes. This would allow us to deduct the amount of the consent dividend and our stockholders would be required to include that amount in income as if it were actually distributed. For additional discussion regarding the tax implications of a RIC, see Part I, Item 1 of this Form 10-K "*Business—Regulation—General—Election to be Taxed as a RIC*."

**Item 1B. Unresolved Staff Comments**

None.

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**Item 1C. Cybersecurity**

**Risk Management and Strategy**

We, the Investment Adviser and its affiliates regularly assess risks from cybersecurity threats, monitor our information systems for potential vulnerabilities, and test those systems pursuant to our cybersecurity policies, standards, processes, and practices, which are integrated into our overall risk management system. To protect our information systems from cybersecurity threats, we use various security tools that help us identify, protect against, detect, respond to, and recover from security incidents. These efforts are implemented by Carlyle's Global Technology & Solutions ("GTS") team in partnership with other stakeholders and are essential for Carlyle's operations. Our systems, data, network, and infrastructure are monitored and administered by formal controls and risk management processes that log events and help protect our data. In addition, our business continuity plans are designed to allow critical business functions to continue in an orderly manner in the event of an emergency. The GTS team works closely with Carlyle's business segment teams, including the Investment Adviser, to maintain operational resilience through business continuity planning and annual information technology disaster recovery and incident response plan testing. These efforts are underpinned by the implementation of security best practices, where possible, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-factor authentication for remote access, privileged access management for system administrators, application whitelisting, laptop encryption, mobile device management software, and advanced malware defenses on endpoints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incident preparedness and response planning and risk mitigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent and continuous security testing, assessment and third-party risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regular security awareness training, including phishing simulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restrictions on access to personal email accounts, cloud storage, social media, risk-based categories of websites, and USB storage devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Device and system access management policies and procedures that restrict access upon employee or contractor separation from the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attestations by Carlyle personnel to abide by firm policies, such as Carlyle's acceptable use policy, upon hire and annually.

In addition, Carlyle partners with third parties to assess the effectiveness of its cybersecurity program, including audits and assessments performed under the direction of Carlyle's Internal Audit team, which co-sources with third-party cybersecurity experts in conducting its reviews. GTS also administers Carlyle's cyber third-party risk management program, which assesses external service providers before onboarding and provides ongoing monitoring in accordance with certain risk-based cybersecurity criteria.

To our knowledge cybersecurity threats, including as a result of any previous detected or undetected cybersecurity incidents, have not materially affected us, including our business strategy, results of operations, or financial condition, however, we may learn new facts about these detected or undetected incidents and these facts may lead us to change this materiality assessment. The sophistication of cyber threats continues to increase and there can be no assurance that the various procedures and controls we utilize to mitigate these threats will be sufficient to prevent disruptions to our systems. Consequently, given that the magnitude of cybersecurity incidents or threats are difficult to predict, we are unable to determine at this time whether risks from cybersecurity threats are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For an additional description of cybersecurity risk and potential related impacts on us, see Part I, Item 1A of this Form 10-K "*Risk Factors—Risks Related to Our Business and Structure—Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition.*"

**Governance**

Our Board of Directors oversees our enterprise risk management strategy, including our strategy on cybersecurity risks, directly and through its committees. In this respect, the Audit Committee of the Board of Directors (the "Audit Committee") oversees our risk management program, which focuses on the most significant risks we face in the short-, intermediate-, and long-term timeframe. Audit Committee meetings include discussions of specific risk areas throughout the year, including, among others, those relating to cybersecurity, and reports from Carlyle on our enterprise risk profile on an annual basis. In addition, Carlyle's Chief Information Security Officer ("CISO") leads our cybersecurity program, chairs

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Carlyle's Information Security Committee ("ISC"), and provides cybersecurity status reporting to our Audit Committee at least annually. The ISC meets quarterly and ensures that cybersecurity initiatives are in alignment with Carlyle's strategic priorities.

We take a risk-based approach to cybersecurity and have implemented cybersecurity policies, standards, processes, and practices throughout our operations that are designed to address cybersecurity threats, events, and incidents. In particular, our cybersecurity program supports security governance, security awareness and training, security engineering and architecture, security risk management, vulnerability management, security monitoring, and incident response capabilities. In addition, our incident response plan contains escalation and reporting protocols, including reporting to our disclosure committee to consider materiality of cybersecurity incidents. Policies and procedures are in place to assist the disclosure committee with these materiality assessments and any resulting reporting requirements.

Carlyle's CISO, in coordination with our Chief Financial Officer, Chief Compliance Officer, and Carlyle's Chief Information Officer, among certain other senior executives of the Investment Adviser, is responsible for leading the assessment and management of cybersecurity risks. The current Carlyle CISO has over 20 years of experience in information security and that includes key roles managing cybersecurity risk in both government and the private sector. As described above, Carlyle's CISO leads our cybersecurity program, chairs Carlyle's ISC that is comprised of senior management and other sector representatives, and provides cybersecurity status reporting to our Audit Committee as necessary and at least annually.

**Item 2. Properties**

We maintain our principal executive office at One Vanderbilt Avenue, Suite 3400, New York, NY 10017. We do not own any real estate.

**Item 3. Legal Proceedings**

The Company may become party to certain lawsuits in the ordinary course of business. 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 12, Litigation, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities (dollar amounts in thousands, except share and per share data)**

**Market Information**

Our outstanding common stock will be offered and sold in transactions exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D, as well as under Regulation S under the Securities Act. There is no established public trading market for our common stock currently, nor can we give any assurance that one will develop.

**Holders**

As of March 17, 2026, there were approximately 2,095 holders of record of our common stock.

**Distributions**

To the extent that we have taxable income available, we intend to distribute monthly dividends to our stockholders. The amount of our dividends, if any, will be determined by our Board of Directors. Any dividends to our stockholders will be declared out of assets legally available for distribution. We anticipate that our distributions will generally be paid from taxable earnings, including interest and capital gains generated by our investment portfolio, and any other income, including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees, that we receive from portfolio companies. However, if we do not generate sufficient taxable earnings during a year, all or part of a distribution may constitute a return of capital. The specific tax characteristics of our dividends and other distributions will be reported to stockholders after the end of each calendar year.

The per share amount of distributions on shares of Class S, Class D and Class I common stock will generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on shares of Class S common stock will be lower than shares of Class D common stock, and distributions on shares of Class D common stock will be lower than those on shares of Class I common stock because we are required to pay higher ongoing shareholder servicing and/ or distribution fees with respect to the shares of Class S common stock (compared to shares of Class D and Class I common stock) and we are required to pay higher ongoing shareholder servicing fees with respect to shares of Class D common stock (compared to shares of Class I common stock).

We have elected to be treated, and intend to continue to qualify annually, as a RIC. To maintain our qualification as a RIC, we must, among other things, distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to our stockholders on an annual basis. In order to avoid certain excise taxes imposed on RICs and when reasonable, we intend to distribute during each calendar year an amount at least equal to the sum of: (1) 98% of our ordinary income for the calendar year; (2) 98.2% of our capital gain net income (both long-term and short-term) for the one-year period ending on October 31 of the calendar year; and, (3) any undistributed ordinary income and capital gain net income for preceding years that were not distributed during such years and on which we paid no U.S. federal income tax less certain over-distributions in prior years. In addition, although we currently intend to distribute realized net capital gains (i.e., net long term capital gains in excess of short-term capital losses), if any, at least annually, we may in the future decide to retain such capital gains for investment, pay U.S. federal income tax on such amounts at regular corporate tax rates, and elect to treat such gains as deemed distributions to stockholders. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, to the extent that we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the Investment Company Act or if distributions are limited by the terms of any of our borrowings.

Dividends and distributions, if any, are paid in cash to our stockholders, and reinvested in additional Shares pursuant to our dividend reinvestment plan as described below under "—Dividend Reinvestment Plan" unless a stockholder has opted out of the plan or is otherwise not a participant in the plan. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the Investment Company Act or if distributions are limited by the terms of any of our borrowings.

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**Distribution and Servicing Plan**

The Board of Directors approved a distribution and servicing plan (the "Distribution and Servicing Plan"). Subject to FINRA and other limitations on underwriting compensation, we pay the Placement Agent a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV of Class S common stock and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV of Class D common stock, in each case, payable monthly in arrears. Shares of Class I common stock are not subject to a shareholder servicing and/or distribution fee.

The Placement Agent will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to shares of Class S and Class D common stock are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company's dividend reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the shares of Class S or Class D common stock: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Placement Agent will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

**Dividend Reinvestment Plan**

We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board of Directors on behalf of our stockholders on Shares purchased in the New Continuous Offering who do not elect to receive their dividends on such Shares in cash. As a result, if our Board of Directors authorizes, and we declare, 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.

We intend to use newly issued Shares to implement the plan. The plan may be terminated by the Company at any time upon notice in writing mailed to each stockholder of record.

**Recent Sales of Unregistered Securities and Use of Proceeds**

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any securities within the past three years that were not registered under the Securities Act.

**Share Repurchases**

In the second quarter of 2022, we commenced a quarterly liquidity program pursuant to which we conducted Quarterly Tender Offers to repurchase up to 3.5% of the number of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer was conducted, at a per Share price based on the NAV per Share as of the last day of the quarter in which the Quarterly Tender Offer was conducted. On February 18, 2026, the Board of Directors approved an increase in the maximum number of Shares that may be repurchased through the Quarterly Tender Offers from 3.5% to 5.0% of the number of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer is conducted. Accordingly, we now expect to offer to repurchase up to 5.0% of such number of Shares in each 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 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, as described in Part I, Item 1 of this Form 10-K "*Business — Corporate Structure.*"

During the three months ended December 31, 2025, upon completion of our tender offer that commenced September 22, 2025, we repurchased 1,210,378 Shares for a purchase price $19.03 of per Share, or approximately $23.0 million in aggregate.

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On December 22, 2025, the Company commenced a Quarterly Tender Offer pursuant to which the Company offered to repurchase up to 2,709,108 Shares, representing 3.5% of the number of Shares outstanding as of September 30, 2025. On January 21, 2026, the Quarterly Tender Offer expired and the Company accepted 4,180,330 Shares for purchase, which Share amount includes an additional 1,471,222 Shares accepted. The 4,180,330 Shares represent approximately 4.5% of the total number of Shares outstanding as of December 31, 2025. The 1,471,222 of additional Shares included in the Quarterly Tender Offer represents approximately 1.9% of the number of Shares outstanding as of September 30, 2025. The purchase price of the Shares tendered is the Company's NAV per Share as of December 31, 2025, or $18.82 per Share. In accordance with the terms of the Quarterly Tender Offer, a non-interest bearing, non-transferable and non-negotiable promissory note has been issued to the Company's stockholders that participated in the tender offer, entitling the tendering stockholders to receive payment in an aggregate amount equal to the NAV of the tendered Shares as of December 31, 2025 less the 2% early repurchase fee applicable to Shares that have not been outstanding for at least one year.

**Item 6. [Reserved]**

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**Item 7. 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)**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part II, Item 8 of this Form 10-K "Financial Statements and Supplementary Data." This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in "Risk Factors" in Part I, Item 1A of this 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-K.*

**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 or greater 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 the 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 Advisers Act") and a subsidiary of Carlyle. We benefit from the Investment Adviser's investment team of over 205 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 the Investment Adviser and its affiliates.

 **2025 Highlights**

***2025 Annual Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income was $146.3 million or $1.79 per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends declared on Class I Shares were $159.4 million or $1.96 per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income for the year ended December 31, 2025 increased compared to the prior year primarily driven by a higher average outstanding investment balance due to net origination activity during 2025, partially offset by lower yields on investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NAV per Share decreased to $18.82 as of December 31, 2025 from $19.43 as of December 31, 2024.

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***Portfolio and Investment Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** As of December 31, 2025, we held 257 investments across 196 portfolio companies (including 38 investments in structured credit investments across 35 different collateral managers) and 30 industries for a total fair value of $2.7 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** During the year ended December 31, 2025, our investment balance increased from $2.0 billion to $2.7 billion driven by net origination activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** As of December 31, 2025, non-accrual investments represented 1.6% and 1.0% of our portfolio based on cost and fair value, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 23, 2025, we, together with Carlyle Secured Lending, Inc. ("CGBD"), an affiliated BDC, and certain affiliates of Sixth Street Partners, LLC, Sixth Street Lending Partners and Sixth Street Specialty Lending, Inc. (together, "Sixth Street") (collectively with us and CGBD, the "SCP Members"), agreed to co-invest through Structured Credit Partners JV, LLC ("Structured Credit Partners"), a joint venture that will primarily invest in broadly syndicated loans and will be co-managed by Carlyle and Sixth Street. The broadly syndicated loans will be financed by financing subsidiaries that include warehouses and collateralized loan obligations. We and CGBD each own 25% of the voting interest in Structured Credit Partners, with the remaining 50% ownership held by Sixth Street. As of December 31, 2025, Structured Credit Partners had not commenced operations, and no capital had been contributed to the joint venture. Each Carlyle SCP Member's initial capital commitment to Structured Credit Partners is up to $150.0 million, if and when requested, and the total initial capital commitments of all SCP Members to Structured Credit Partners are up to $600.0 million, if and when requested. Each SCP Member has equal representation on the board of managers of Structured Credit Partners.

***Liquidity and Capital Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** During the year ended December 31, 2025, we received $392.4 million in total subscriptions and issued 20,590,691 Class I Shares in connection with these subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** During the year ended December 31, 2025, through our Quarterly Tender Offers, we repurchased and extinguished 4,478,525 Shares for a cost of $85.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity as of December 31, 2025 was $353.6 million in cash and unused debt capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 26, 2025, we closed an amendment to the SPV Credit Facility, which decreased the interest rate from SOFR + 2.35% to SOFR + 2.06% and extended the maturity date and the revolving period to April 3, 2030 and October 15, 2028, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Effective December 12, 2025, the SPV Credit Facility commitment increased from $300 million to $400 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 23, 2025, we amended our charter to rename existing common stock as Class I Common Stock and reclassify and designate authorized but unissued shares as Class I, Class D, and Class S. The different classes of common stock have been granted in accordance with an exemptive order from the SEC that permits us to issue multiple classes of shares of our common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees.

***Recent Developments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 1, 2026, we accepted subscriptions in the amount of $122.5 million for 6,511,297 Class I Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 21, 2026, through a Quarterly Tender Offer, we repurchased and extinguished 4,180,330 Class I Shares for a cost of $78.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 28, 2026, we declared a dividend of $0.16 per Class I Share payable on February 26, 2026 to common stockholders of record as of January 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2026, we accepted subscriptions in the amount of $15.1 million for 801,534 Class I Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 18, 2026, our Board of Directors appointed Alex Chi as Director and Chief Executive Officer and Thomas Hennigan as President, effective February 18, 2026, following the resignation of Justin Plouffe as Director and President and Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 18, 2026, we increased our maximum number of shares that may be purchased through our Quarterly Tender Offer from 3.5% to 5.0%. This increase was made as part of a routine assessment to align us with market standards and enhance competitiveness of the vehicle.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 25, 2026, we declared a dividend of $0.16 per Class I Share payable on or about March 27, 2026 to common stockholders of record as of February 27, 2026.

**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 December 31, 2025, we recorded basic and diluted earnings per Class I Share of $0.28, declared dividends per Class I Share of $0.49 and earned $0.43 of net investment income per Class I Share. For the year ended December 31, 2025 we recorded basic and diluted earnings per Class I Share of $1.34, declared dividends per Class I Share of $1.96 and earned $1.79 of net investment income per Class I Share.

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

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Net increase (decrease) in net assets resulting from operations | $108968 | $103676 |
| Weighted-average shares outstanding | 81573132 | 59200911 |
| Earnings per share - Basic and Diluted | $1.34 | $1.75 |

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For the years ended December 31, 2025 and 2024, we declared dividends per Class I Share of $1.96 and $2.02, respectively. As of December 31, 2025 and 2024, our NAV per Share was $18.82 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 the Investment Adviser pursuant to the 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:

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our fidelity bond;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indemnification payments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Total investment income | $242681 | $225140 |
| Total expenses (including excise tax expense) | 96415 | 93507 |
| Net investment income | $146266 | $131633 |
| Weighted-average shares outstanding | 81573132 | 59200911 |
| Net investment income per share | $1.79 | $2.22 |

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**Portfolio and Investment Activity**

***Portfolio Overview***

The following tables summarize certain characteristics of our investment portfolio as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **First Lien Debt** | **Second Lien Debt** | **Equity Investments** | **Structured Credit Investments** | **Total Investments** |
| Count of investments | 180 | 7 | 32 | 38 | 257 |
| Investments, at amortized cost | $2415655 | $58354 | $90979 | $111121 | $2676109 |
| Investments, at fair value | $2383274 | $55729 | $100355 | $111928 | $2651286 |
| Percentage of total investments at fair value | 89.9% | 2.1% | 3.8% | 4.2% | 100.0% |

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| | | |
|:---|:---|:---|
| | **Weighted Average Yields at** | **Weighted Average Yields at** |
| | **Amortized Cost** | **Fair Value** |
| First Lien Debt<sup>(1)</sup> | 9.5% | 9.5% |
| Second Lien Debt<sup>(1)</sup> | 12.2% | 12.8% |
| Total Debt and Income Producing Investments<sup>(1)(2)</sup> | 9.6% | 9.6% |

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(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 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 9.4% as of December 31, 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 December 31, 2025 were as follows:

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| | |
|:---|:---|
| **Geography—% of Fair Value** | **As of**<br>**December 31, 2025** |
| Australia | 0.1% |
| Bermuda | 0.1 |
| Canada | 4.7 |
| Cayman Islands | 3.4 |
| France | 1.0 |
| Ireland | 1.0 |
| Italy | 0.8 |
| Luxembourg | 2.3 |
| Netherlands | 0.3 |
| Spain | 0.3 |
| Sweden | 0.0 |
| United Kingdom | 3.3 |
| United States | 82.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;

The industry composition of investments at fair value as of December 31, 2025 were as follows:

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| | |
|:---|:---|
| **Industry—% of Fair Value** | **As of**<br>**December 31, 2025** |
| Aerospace & Defense | 2.2% |
| Auto Aftermarket & Services | 3.5 |
| Beverage & Food | 0.5 |
| Business Services | 9.7 |
| Capital Equipment | 3.9 |
| Chemicals, Plastics & Rubber | 1.3 |
| Construction & Building | 4.5 |
| Consumer Goods: Durable | 0.0 |
| Consumer Goods: Non-Durable | 0.2 |
| Consumer Services | 7.8 |
| Containers, Packaging & Glass | 2.5 |
| Diversified Financial Services | 10.2 |
| Energy: Electricity | 1.0 |
| Energy: Oil & Gas | 1.3 |
| Environmental Industries | 3.6 |
| Healthcare & Pharmaceuticals | 14.7 |

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| | |
|:---|:---|
| **Industry—% of Fair Value** | **As of**<br>**December 31, 2025** |
| High Tech Industries | 4.3% |
| Leisure Products & Services | 6.3 |
| Media: Broadcasting & Subscription | 0.5 |
| Media: Diversified & Production | 0.5 |
| Retail | 0.7 |
| Software | 10.3 |
| Sovereign & Public Finance | 0.0 |
| Structured Credit | 4.2 |
| Telecommunications | 1.6 |
| Transportation: Cargo | 1.3 |
| Transportation: Consumer | 1.4 |
| Utilities: Oil & Gas | 1.3 |
| Utilities: Water | 0.3 |
| Wholesale | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

Our investment activity for the years ended December 31, 2025 and 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| **Investments:** |  |  |
| **Total investments, beginning of year** | $2008800 | $1897279 |
| New investments purchased | 1354253 | 604655 |
| Net accretion of discount on investments | 10462 | 9497 |
| Net realized gain (loss) on investments | (55489) | (52258) |
| Investments sold or repaid | (641917) | (450373) |
| **Total Investments, end of year** | $2676109 | $2008800 |
| **Principal amount of investments funded:** |  |  |
| First Lien Debt | $1263206 | $515057 |
| Second Lien Debt | 3233 | 13907 |
| Equity Investments<sup>(1)</sup> | 33403 | 19008 |
| Structured Credit Investments | 48584 | 62534 |
| **Total** | $1348426 | $610506 |
| **Principal amount of investments sold or repaid:** |  |  |
| First Lien Debt | $(614750) | $(401070) |
| Second Lien Debt | (59227) | (86975) |
| Equity Investments<sup>(1)</sup> | (13740) | (6073) |
| Structured Credit Investments |  |  |
| **Total** | $(687717) | $(494118) |
| Number of new investment commitments<sup>(2)(3)</sup> | 118 | 95 |
| Average new investment commitment amount | $12536 | $6482 |

---

(1)Based on cost paid/proceeds received from equity activity.

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

(3)For the years ended December 31, 2025 and 2024, 100.0% and 99.6% of new funded debt investments and structured credit investments were at floating interest rates.

See the Consolidated Schedules of Investments as of December 31, 2025 and 2024 to the consolidated financial statements as of December 31, 2025 and 2024, included in Part II, Item 8 of this Form 10-K for more information on these

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investments, including a list of companies and type and amount of investments.

***Portfolio Credit***

As part of the monitoring process, the 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.

---

| | |
|:---|:---|
| **<u>Rating</u>** | **<u>Definition</u>** |
| 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. |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **% of Fair Value** | **Fair Value** | **% of Fair Value** |
| Internal Risk Rating 1 | $— | —% | $11725 | 0.7% |
| Internal Risk Rating 2 | 2274037 | 93.3 | 1521490 | 83.9 |
| Internal Risk Rating 3 | 137626 | 5.6 | 271001 | 14.9 |
| Internal Risk Rating 4 | 16779 | 0.7 | 6727 | 0.4 |
| Internal Risk Rating 5 | 10561 | 0.4 | 2542 | 0.1 |
| **Total** | $2439003 | 100.0% | $1813485 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Number of Investments** | **Fair Value** | **% of Fair Value** | **Number of Investments** | **Fair Value** | **% of Fair Value** |
| Performing | 250 | $2623946 | 99.0% | 195 | $1940782 | 99.5% |
| Non-accrual<sup>(1)</sup> | 7 | 27340 | 1.0 | 4 | 10487 | 0.5 |
| Total | 257 | $2651286 | 100.0% | 199 | $1951269 | 100.0% |

---

(1)For information regarding our non-accrual policy, see Note 2, Significant Accounting Policies, to the consolidated financial statements as of December 31, 2025 and 2024, included in Part II, Item 8 of this Form 10-K.

***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 7, Borrowings, to the consolidated financial statements as of December 31, 2025 and 2024, included in Part II, Item 8 of this Form 10-K for additional information regarding our financing. The following table details those sources of financing:

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| | | |
|:---|:---|:---|
| | **Outstanding Principal Balance as of** | **Outstanding Principal Balance as of** |
| | **December 31, 2025** | **December 31, 2024** |
| SPV Credit Facility | $388750 | $164732 |
| SPV2 Credit Facility | 330000 | 55000 |
| 2024-1 Debt | 289000 | 289000 |
| **Total** | $1007750 | $508732 |
| Weighted average interest rate | 5.85% | 6.56% |

---

*SPV Credit Facility*

On April 1, 2019, SPV entered into a senior secured revolving credit facility (as amended, the "SPV Credit Facility") with a lender, which was most recently amended and restated on August 26, 2025, and may be further amended from time to time. The SPV Credit Facility provides for secured borrowings of $400,000 as of December 31, 2025, subject to availability under the SPV Credit Facility and restrictions imposed on borrowings under the Investment Company Act. Effective December 12, 2025, the total commitments increased from $300,000 to $400,000. The SPV Credit Facility will be subject to an additional increase of $100,000 on June 12, 2026, provided satisfaction of commitment increase conditions on such dates. The SPV Credit Facility has a maturity date of April 3, 2030, 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, 2028. 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 2.06% per year. The SPV also pays a fee of 0.75% per year on unused 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. Effective on August 26, 2025, CARS Lux Finance, a wholly owned subsidiary of the SPV, became party to the SPV Credit Facility.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Facility** | **Borrowings<br>Outstanding** | **Unused** <br>**Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> | **Weighted Average**<br>**Interest Rate** |
| December 31, 2025 | $400000 | $388750 | $11250 | $11250 | 5.50% |
| December 31, 2024 | $300000 | $164732 | $135268 | $135268 | 6.72% |

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(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.

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*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 unused 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 December 31, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Facility** | **Borrowings<br>Outstanding** | **Unused** <br>**Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> | **Weighted Average<br>Interest Rate** |
| December 31, 2025 | $550000 | $330000 | $220000 | $220000 | 6.49% |
| December 31, 2024 | $550000 | $55000 | $495000 | $226179 | 7.14% |

---

(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.

*Securitizations*

On October 29, 2024, we 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 December 31, 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 senior 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 as of December 31, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **As of** | **As of** |
|<br>**2024-1 Debt Tranche** <sup>(1)</sup> |<br>**Credit Rating** |<br>**Reference Rate** |<br>**Spread** | **December 31, 2025** | **December 31, 2024** |
| Class A-1 Notes | AAA | SOFR | 1.68% | $92500 | $92500 |
| Class A-L1 Loans | AAA | SOFR | 1.68% | 104000 | 104000 |
| Class A-L2 Loans | AAA | SOFR | 1.68% | 50000 | 50000 |
| Class A-2 Notes | AAA | SOFR | 2.00% | 17000 | 17000 |
| Class B Notes | AA | SOFR | 2.13% | 25500 | 25500 |
| **Total Principal Amount Outstanding** |  |  |  | $289000 | $289000 |
| Less: unamortized debt issuance costs |  |  |  | (1916) | (2077) |
| **Total Carrying Value** |  |  |  | $287084 | $286923 |
| Weighted average interest rate |  |  |  | 5.60% | 6.35% |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;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.

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*Forward Currency Contracts*

In order to better define our contractual rights and to secure rights that will help us mitigate our counterparty risk, we have 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 us 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 December 31, 2025 and 2024, the total unrealized appreciation (depreciation) related to forward currency contracts governed by these agreements was $344 and $3,772, respectively.

***Structured Credit Partners JV, LLC ("Structured Credit Partners")***

On December 23, 2025, we, together with CGBD, an affiliated BDC, and Sixth Street (collectively, the "SCP Members"), entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Structured Credit Partners, a Delaware limited liability company that is not consolidated in our consolidated financial statements. Structured Credit Partners is managed by a board consisting of eight members, on which each Member has equal representation. The SCP Members each hold 25% voting interests through non-economic Class A membership interests. Economic interests are based on funded capital contributions and capital commitments through Class B and Class C membership as follows:

---

| | | |
|:---|:---|:---|
| | **Class B Capital Commitment** | **Class C Capital Commitment** |
| Carlyle Secured Lending, Inc. | $135000 | $15000 |
| Carlyle Credit Solutions, Inc. | $15000 | $135000 |
| Sixth Street Lending Partners | $50000 | $50000 |
| Sixth Street Specialty Lending, Inc. | $100000 | $100000 |

---

Funding of capital commitments generally requires board approval. In accordance with their respective economic interests, the SCP Members indirectly bear an allocable share of all expenses and other obligations of Structured Credit Partners.

Structured Credit Partners will invest in the equity and debt of financing subsidiaries that will act as warehouses for the acquisition of broadly syndicated loans and issue debt securities collateralized by such loans, with investment opportunities expected to be sourced primarily by affiliates of the SCP Members. Portfolio and investment decisions with respect to Structured Credit Partners must be unanimously approved by a quorum of Structured Credit Partners' investment committee consisting of an equal number of representatives appointed by the Carlyle-affiliated SCP Members and the Sixth Street-affiliated SCP Members. Therefore, because we do not own more than 25% of the voting interests of Structured Credit Partners, we do not believe that we have control over Structured Credit Partners for accounting purposes or for purposes of the Investment Company Act.

As of December 31, 2025, Structured Credit Partners had not commenced operations, and no capital had been contributed to the joint venture.

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**Consolidated Results of Operations**

***For the years ended December 31, 2025 and 2024***

The following table sets forth information regarding our consolidated results of operations for the years ended December 31, 2025 and 2024. For information regarding results of operations for the year ended December 31, 2023, see the Company's Form 10-K for the fiscal year ended December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **2025 vs 2024** |
| | **2025** | **2024** | **$** |
| **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $217107 | $201377 | $15730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 21334 | 18884 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 4240 | 4879 | (639) |
| Total investment income | 242681 | 225140 | 17541 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees | 15255 | 11520 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 20889 | 18801 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2228 | 1613 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 1680 | 1791 | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 51477 | 54924 | (3447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 416 | 332 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 2973 | 2825 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 1497 | 1701 | (204) |
| **Total expenses** | 96415 | 93507 | 2908 |
| **Net investment income (loss)** | 146266 | 131633 | 14633 |
| **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |  |
| Net realized gain (loss) on investments | (55489) | (52258) | (3231) |
| Net realized currency gain (loss) on non-investment assets and liabilities | 205 | 6062 | (5857) |
| Net realized gain (loss) on forward currency contracts | (3222) |  | (3222) |
| Net change in unrealized appreciation (depreciation) on investments | 32708 | 19430 | 13278 |
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | (8072) | (4963) | (3109) |
| Net change in unrealized gain (loss) on forward currency contracts | (3428) | 3772 | (7200) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | (37298) | (27957) | (9341) |
| **Net increase (decrease) in net assets resulting from operations** | $108968 | $103676 | $5292 |

---

***Investment Income***

The increase in investment income for the year ended December 31, 2025 from the comparable period in 2024 was primarily driven by a higher average outstanding investment balance due to net investment activity during 2025, partially offset by a lower weighted average yield on the portfolio. The size of the portfolio at amortized cost was $2,676,109, $2,008,800, and $1,897,279 as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively. The increase in the size of our portfolio was driven by net origination activity during the year ended December 31, 2025. As of December 31, 2025, the weighted average yield of our total debt and income producing assets decreased to 9.6% from 11.1% as of December 31, 2024, 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 December 31, 2025 and December 31, 2024, seven and four of our debt and preferred equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $27,340 and $10,487, which represented approximately 1.0% and 0.5% of total investments at fair value as of December 31, 2025 and 2024,

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respectively. The remaining income producing investments were performing and current on their interest payments as of December 31, 2025 and 2024.

The decrease in other income for the year ended December 31, 2025 from the comparable period in 2024 was primarily driven by lower amendment fees partially offset by an increase in unused fees.

***Expenses***

The decrease in interest expense and credit facility fees for the year ended December 31, 2025 from the comparable period in 2024 was driven by a lower weighted average cost of debt due to lower base rates.

The increase in base management fees for the year ended December 31, 2025 from the comparable period in 2024 was driven higher net assets as adjusted for capital activity that occurred during the respective period.

The increase in incentive fees for the year ended December 31, 2025 from the comparable period in 2024 was driven by higher pre-incentive fee net investment income.

For the years ended December 31, 2025 and 2024, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of December 31, 2025 and 2024. 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 consolidated financial statements included in Part II, Item 8 of this Form 10-K for more information on our 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 appreciation (depreciation) for the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Realized gains on investments | $105 | $5517 |
| Number of investments with realized gains | 8 | 10 |
| Realized losses on investments | $(55594) | $(57775) |
| Number of investments with realized losses | 8 | 10 |
| Change in unrealized appreciation on investments | $77992 | $70193 |
| Number of investments with unrealized appreciation | 127 | 106 |
| Change in unrealized depreciation on investments | $(45284) | $(50763) |
| Number of investments with unrealized depreciation | 148 | 108 |

---

Net realized gain (loss) on investments during the year ended December 31, 2025 was primary driven by a net realized loss related to the restructuring of our investments in Aimbridge Acquisition Co., Inc. and Align Precision Group, LLC (formerly known as Maverick Acquisition, Inc.), the sale of Comar Holding Company, LLC, and the sale of our investment in iRobot Corporation.

The 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.

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**Consolidated Results of Operations**

***For the three months ended December 31, 2025 and September 30, 2025***

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Change** |
| | **December 31, 2025** | **September 30, 2025** | **$** |
| **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $58543 | $56108 | $2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 5430 | 5737 | (307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 1044 | 909 | 135 |
| Total investment income | 65017 | 62754 | 2263 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees | 4359 | 3641 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 5653 | 5118 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 612 | 741 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 494 | 593 | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 13467 | 15648 | (2181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 117 | 109 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 763 | 559 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 5 | 483 | (478) |
| Total expenses | 25470 | 26892 | (1422) |
| **Net investment income (loss)** | 39547 | 35862 | 3685 |
| **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |  |
| Net realized gain (loss) on investments | (18680) | (18889) | 209 |
| Net realized currency gain (loss) on non-investment assets and liabilities | (200) | (1076) | 876 |
| Net realized gain (loss) on forward currency contracts | 558 | (2885) | 3443 |
| Net change in unrealized appreciation (depreciation) on investments | 5255 | 13257 | (8002) |
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | (166) | 1093 | (1259) |
| Net change in unrealized gain (loss) on forward currency contracts | (133) | 4879 | (5012) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | (13366) | (3621) | (9745) |
| **Net increase (decrease) in net assets resulting from operations** | $26181 | $32241 | $(6060) |

---

***Investment Income***

The increase in investment income for the three months ended December 31, 2025, as compared to the three months ended September 30, 2025, was primarily driven by a higher average outstanding investment balance due to net investment activity in the fourth quarter of 2025, partially offset by a lower weighted average yield on the portfolio. As of December 31, 2025, the size of our portfolio increased to $2,676,109 from $2,470,518 as of September 30, 2025, at amortized cost. As of December 31, 2025 and September 30, 2025, the weighted average yield of our total debt and income producing investments was 9.6% and 10.1%, 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 December 31, 2025 and September 30, 2025, seven and six of our debt and preferred equity investments were on non-accrual status. Non-accrual investments had a fair value of $27,340 and $20,071, which represented approximately 1.0% and 0.8% of total investments at fair value as of December 31, 2025 and September 30, 2025, respectively. The remaining income producing investments were performing and current on their interest payments as of December 31, 2025 and September 30, 2025.

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The increase in other income for the three months ended December 31, 2025, compared to the three months ended September 30, 2025, was primarily driven by an increase in unused fees and amendment fees, offset by a decrease in prepayment fees.

***Expenses***

The decrease in interest expense and credit facility fees was primarily driven by a decrease in the average outstanding debt balance during three months ended December 31, 2025.

The increase in base management fees was driven by higher net assets as adjusted for capital activity for the three months ended December 31, 2025 compared to the three months ended September 30, 2025.

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

For the three months ended December 31, 2025, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of December 31, 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 consolidated financial statements as of December 31, 2025 and 2024, included in Part II, Item 8 of this Form 10-K 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 December 31, 2025 and September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **December 31, 2025** | **September 30, 2025** |
| Realized gains on investments | $9 | $2 |
| Number of investments with realized gains | 2 | 2 |
| Realized losses on investments | $(18689) | $(18891) |
| Number of investments with realized losses | 3 | 3 |
| Change in unrealized appreciation on investments | $25571 | $32087 |
| Number of investments with unrealized appreciation | 87 | 130 |
| Change in unrealized depreciation on investments | $(20316) | $(18830) |
| Number of investments with unrealized depreciation | 158 | 97 |

---

During the three months ended December 31, 2025, we recognized a realized net loss related to the sale of Comar Holding Company, LLC and the sale of our investment in iRobot Corporation. During the three months ended September 30, 2025, we recognized a realized net loss related to the restructuring of Align Precision Group, LLC (formerly known as Maverick Acquisition, Inc.).

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.

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**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. As of December 31, 2025, we had $1,007,750 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 December 31, 2025, we had $353,602 of liquidity that can be used to satisfy our short-term cash requirements and working capital for our business. As of December 31, 2025 and December 31, 2024, the statutory debt to equity ratio was 0.57x and 0.34x, respectively. Refer to Note 7, Borrowings, to the consolidated financial statements as of December 31, 2025 and 2024, included in Part II, Item 8 of this Form 10-K for additional information regarding our financing.

***Sources of Liquidity***

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| Cash, cash equivalents and restricted cash | $122352 | $108453 |
| Available borrowings under Credit Facilities | 231250 | 361447 |
| **Total Liquidity** | $353602 | $469900 |

---

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 for any such exposure in the consolidated financial statements as of December 31, 2025 and December 31, 2024, included in Part II, Item 8 of this Form 10-K.

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 December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Par / Principal Amount as of** | **Par / Principal Amount as of** |
| | **December 31, 2025** | **December 31, 2024** |
| Unfunded delayed draw commitments | $250388 | $102427 |
| Unfunded revolving commitments | 158139 | 74513 |
| Total unfunded commitments | $408527 | $176940 |

---

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

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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 December 31, 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:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Cash flows provided by (used in) operating activities | $(626364) | $16251 |
| Cash flows provided by (used in) financing activities | 640263 | 26447 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $13899 | $42698 |

---

During the year ended December 31, 2025, we paid $1,326,777 related to cost of investments purchased and received $594,182 in proceeds from sales and repayments on our investments. During the year ended December 31, 2025, we had net proceeds from borrowings of $490,523 on our Credit Facilities. During the year ended December 31, 2025, we issued 20,590,691 shares for an aggregate offering price of approximately $392,438, and repurchased and extinguished 4,478,525 shares for an aggregate purchase price of $85,806.

**Critical Accounting Policies and Estimates**

The preparation of our 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. We believe the critical accounting policies discussed below affect our more significant judgments and estimates used in the preparation of our consolidated financial statements and should be read in conjunction with our consolidated financial statements and related notes in Part II, Item 8, as well as with our "Risk Factors" included in Part I, Item 1A of this Form 10-K.

***Fair Value Measurements***

The Company applies fair value accounting in accordance with the terms of Financial Accounting Standards Board 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 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; and

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(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 other than Credit Fund 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and realizable value of any collateral;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's leverage and ability to make payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's public or private credit rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's actual and expected earnings and discounted cash flow;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 consolidated financial statements as of December 31, 2025 and 2024 included in Part II, Item 8 of this Form 10-K.

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.

For further information on the fair value measurements, including the fair value hierarchies, our framework for determining fair value, and the composition of our portfolio, see Note 3, Fair Value Measurements, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.

***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 written off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the Consolidated Statements of Operations included in Part II, Item 8 of this Form 10-K 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.

***Revenue Recognition - 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

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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 on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

***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.

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

The Subsidiaries are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

**Item 7A. 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. The 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 December 31, 2025, on a fair value basis, approximately 99.8% of our debt investments bear interest at floating rates, 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

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of the settled debt investments in our portfolio held as of December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>**Basis Point Change** | **Interest Income** | **Interest Expense** | **Net Investment Income** | **Interest Income** | **Interest Expense** | **Net Investment Income** |
| Up 300 basis points | $76863 | $(30232) | $46631 | $57766 | $(15262) | $42504 |
| Up 200 basis points | $51242 | $(20155) | $31087 | $38511 | $(10175) | $28336 |
| Up 100 basis points | $25621 | $(10077) | $15544 | $19255 | $(5087) | $14168 |
| Down 100 basis points | $(25621) | $10077 | $(15544) | $(19255) | $5087 | $(14168) |
| Down 200 basis points | $(51107) | $20155 | $(30952) | $(38494) | $10175 | $(28319) |
| Down 300 basis points | $(72737) | $29529 | $(43208) | $(57413) | $15260 | $(42153) |

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**Item 8. Financial Statements and Supplementary Data**

**CARLYLE CREDIT SOLUTIONS, INC.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#i0f84e4a09596417e8207e48196844f46_19)</u> (PCAOB ID: 42) | <u>[79](#i0f84e4a09596417e8207e48196844f46_19)</u> |
| <u>[Consolidated Statements of Assets and Liabilities as of December 31, 202](#i0f84e4a09596417e8207e48196844f46_22)[5](#i0f84e4a09596417e8207e48196844f46_22)[and 202](#i0f84e4a09596417e8207e48196844f46_22)[4](#i0f84e4a09596417e8207e48196844f46_22)</u> | <u>[80](#i0f84e4a09596417e8207e48196844f46_22)</u> |
| <u>[Consolidated Statements of Operations for the years ended December 31, 202](#i0f84e4a09596417e8207e48196844f46_25)[5](#i0f84e4a09596417e8207e48196844f46_25)[, 202](#i0f84e4a09596417e8207e48196844f46_25)[4](#i0f84e4a09596417e8207e48196844f46_25)[and 20](#i0f84e4a09596417e8207e48196844f46_25)[23](#i0f84e4a09596417e8207e48196844f46_25)</u> | <u>[81](#i0f84e4a09596417e8207e48196844f46_25)</u> |
| <u>[Consolidated Statements of Changes in Net Assets for the years ended December 31, 202](#i0f84e4a09596417e8207e48196844f46_28)[5](#i0f84e4a09596417e8207e48196844f46_28)[, 202](#i0f84e4a09596417e8207e48196844f46_28)[4](#i0f84e4a09596417e8207e48196844f46_28)[and 20](#i0f84e4a09596417e8207e48196844f46_28)[23](#i0f84e4a09596417e8207e48196844f46_28)</u> | <u>[82](#i0f84e4a09596417e8207e48196844f46_28)</u> |
| <u>[Consolidated Statements of Cash Flows for the years ended December 31, 202](#i0f84e4a09596417e8207e48196844f46_31)[5](#i0f84e4a09596417e8207e48196844f46_31)[, 202](#i0f84e4a09596417e8207e48196844f46_31)[4](#i0f84e4a09596417e8207e48196844f46_31)[and 20](#i0f84e4a09596417e8207e48196844f46_31)[23](#i0f84e4a09596417e8207e48196844f46_31)</u> | <u>[83](#i0f84e4a09596417e8207e48196844f46_31)</u> |
| <u>[Consolidated Schedules of Investments as of December 31, 202](#i0f84e4a09596417e8207e48196844f46_34)[5](#i0f84e4a09596417e8207e48196844f46_34)[and 20](#i0f84e4a09596417e8207e48196844f46_34)[24](#i0f84e4a09596417e8207e48196844f46_34)</u> | <u>[84](#i0f84e4a09596417e8207e48196844f46_34)</u> |
| <u>[Notes to Consolidated Financial Statements](#i0f84e4a09596417e8207e48196844f46_40)</u> | <u>[120](#i0f84e4a09596417e8207e48196844f46_40)</u> |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Stockholders of Carlyle Credit Solutions, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of Carlyle Credit Solutions, Inc. (the "Company"), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the custodian, debt agents, and the underlying investees; when replies were not received from the debt agents and the underlying investees, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2017.

New York, New York

March 17, 2026

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**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

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

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,647,127 and $2,008,800, respectively) | $2622656 | $1951269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments—non-controlled/affiliated, at fair value (amortized cost of $28,982 and $0, respectively) | 28630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (amortized cost of $2,676,109 and $2,008,800, respectively) | 2651286 | 1951269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | 122352 | 108453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 24834 | 18885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for issuance of common stock | 18 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets, at fair value (Note 6) | 344 | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 14258 | 10619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $2813092 | $2095160 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt and secured borrowings (Note 7) | $1005834 | $506655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 4957 | 50974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility fees payable (Note 7) | 6164 | 6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payable (Note 9)  | 15982 | 13091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fees payable (Note 4) | 10013 | 8738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees payable (Note 4) | 1339 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock proceeds received in advance |  | 12454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 3179 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1047468 | 602698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Notes 8 and 12) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 200,000,000 shares authorized; 93,812,679 and 76,812,863 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 938 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par value | 1871027 | 1549238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (106341) | (57544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $1765624 | $1492462 |
| **NET ASSETS PER SHARE** |  |  |
| **Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1871027 | $1549238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding ($0.01 par value, 200,000,000 shares authorized) | 93812679 | 76812863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $18.82 | $19.43 |
| **Class S Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding ($0.01 par value, 50,000,000 shares authorized) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $— | $— |
| **Class D Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding ($0.01 par value, 50,000,000 shares authorized) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $— | $— |

---

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

------

<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Investment income:** |  |  |  |
| From non-controlled/non-affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $217080 | $201377 | $227448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 20114 | 18884 | 12596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 4240 | 4879 | 6503 |
| Total investment income from non-controlled/non-affiliated investments | 241434 | 225140 | 246547 |
| From non-controlled/affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 1220 |  |  |
| Total investment income from non-controlled/affiliated investments | 1247 |  |  |
| **Total investment income** | 242681 | 225140 | 246547 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees (Note 4) | 15255 | 11520 | 10864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income incentive fees (Note 4) | 20889 | 18801 | 19941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2228 | 1613 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees (Note 4) | 1680 | 1791 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees (Note 7) | 51477 | 54924 | 69852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 416 | 332 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 2973 | 2825 | 2313 |
| **Total expenses** | 94918 | 91806 | 106418 |
| **Net investment income (loss) before taxes** | 147763 | 133334 | 140129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 1497 | 1701 | 731 |
| **Net investment income (loss)** | 146266 | 131633 | 139398 |
| **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |  |
| Net realized gain (loss) on investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (55489) | (52258) | 27 |
| Net realized currency gain (loss) on non-investment assets and liabilities | 205 | 6062 | (120) |
| Net realized gain (loss) on forward currency contracts | (3222) |  |  |
| Net change in unrealized appreciation (depreciation) on investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 33060 | 19430 | (28048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (352) |  |  |
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | (8072) | (4963) | (3122) |
| Net change in unrealized gain (loss) on forward currency contracts | (3428) | 3772 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | (37298) | (27957) | (31263) |
| **Net increase (decrease) in net assets resulting from operations** | $108968 | $103676 | $108135 |
| Basic and diluted earnings per share (Note 9) | $1.34 | $1.75 | $1.91 |
| Weighted-average shares of common stock outstanding—basic and diluted (Note 9) | 81573132 | 59200911 | 56551480 |

---

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

------

<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(amounts in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $146266 | $131633 | $139398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, non-investment assets and liabilities, and forward currency contracts | (58506) | (46196) | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts | 21208 | 18239 | (31170) |
| Net increase (decrease) in net assets resulting from operations | $108968 | $103676 | $108135 |
| **Distributions to stockholders (Note 9):** |  |  |  |
| Class I | $(159420) | $(119271) | $(114554) |
| Net decrease in net assets resulting from distributions to stockholders | $(159420) | $(119271) | $(114554) |
| **Share transactions:** |  |  |  |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued | $392438 | $538050 | $82980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend reinvestment | 16982 | 6834 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (85806) | (140039) | (126948) |
| Net increase (decrease) in net assets resulting from share transactions | $323614 | $404845 | $(41870) |
| Total net increase (decrease) in net assets | 273162 | 389250 | (48289) |
| Net assets at beginning of year | 1492462 | 1103212 | 1151501 |
| **Net assets at end of year** | $1765624 | $1492462 | $1103212 |

---

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

------

<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_13)</u>

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(amounts in thousands)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $108968 | $103676 | $108135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2021 | 1818 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (10462) | (9497) | (10762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | (22991) | (20291) | (12770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 55489 | 52258 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized currency (gain) loss on non-investment assets and liabilities | (205) | (6062) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (32708) | (19430) | 28048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized currency (gain) loss on non-investment assets and liabilities | 8072 | 4963 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on forward currency contracts | 3428 | (3772) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments purchased and change in payable for investments purchased | (1326777) | (525887) | (165741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments and change in receivable for investments sold | 594182 | 441717 | 433609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Changes in operating assets:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (5949) | 4851 | (2088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (603) | (4036) | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Changes in operating liabilities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility fees payable | 60 | (5878) | (1577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fees payable | 1275 | 891 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees payable | (165) | (359) | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 1 | 1289 | (929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (626364) | 16251 | 381469 |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, inclusive of common stock proceeds received in advance | 379988 | 542385 | 82566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (85806) | (140039) | (126948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on Credit Facilities | 1270167 | 569676 | 247000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of Credit Facilities | (779644) | (1104449) | (477823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of 2024-1 Debt |  | 289000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid in cash | (139547) | (128049) | (114119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (4895) | (2077) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 640263 | 26447 | (389474) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 13899 | 42698 | (8005) |
| Cash, cash equivalents and restricted cash, beginning of year | 108453 | 65755 | 73760 |
| Cash, cash equivalents and restricted cash, end of year | $122352 | $108453 | $65755 |
| **Supplemental disclosures:** |  |  |  |
| Interest and credit facility fees paid during the year | $49031 | $60126 | $69812 |
| Taxes, including excise tax, paid during the year | $1621 | $841 | $69 |
| Dividends declared during the year | $159420 | $119271 | $114554 |
| Dividends reinvested during the year | $16982 | $6834 | $2098 |

---

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

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** | **First Lien Debt (89.0% of fair value)** |
| 1251 Insurance Distribution Platform Payco, LP | (b)(c)(f) | (2)(3)(15) | Diversified Financial Services | SOFR | 4.50% | 8.18% | 3/31/2025 | 3/31/2031 | $20145 | $19938 | $19912 | 1.13% |
| AAH Topco., LLC | (a) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.72% | 3/31/2025 | 12/31/2027 | 2242 | 2173 | 2200 | 0.12 |
| AArete Investment, LLC | (a)(c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.25% | 7.92% | 6/5/2025 | 6/5/2031 | 6609 | 6476 | 6548 | 0.37 |
| Accelya Lux FinCo S.Á.R.L. (Luxembourg) | (c) | (2)(7) | Transportation: Consumer | SOFR | 5.25% | 8.92% | 10/3/2025 | 10/3/2032 | 15000 | 14706 | 14869 | 0.84 |
| Addev Group (France) | (d) | (2)(7)(15) | Chemicals, Plastics & Rubber | EURIBOR | 5.75% | 7.77% | 10/28/2025 | 10/28/2032 | 259 | 293 | 295 | 0.02 |
| ADPD Holdings, LLC | (a)(b)(c) | (2)(3)(11) | Consumer Services | SOFR | 6.00% | 9.80% | 8/16/2022 | 8/16/2028 | 24642 | 24262 | 22114 | 1.25 |
| Advanced Web Technologies Holding Company | (a)(b)(f) | (2)(3)(15) | Containers, Packaging & Glass | SOFR | 4.25%, 2.25% PIK | 10.33% | 12/17/2020 | 12/17/2027 | 18794 | 18676 | 18569 | 1.05 |
| AGS Health BCP LLC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.32% | 7/31/2025 | 7/31/2032 | 6864 | 6840 | 6900 | 0.39 |
| AI Grace AUS Bidco Pty LTD (Australia) | (f) | (2)(3)(7) | Consumer Goods: Non-Durable | SOFR | 5.25% | 9.01% | 12/5/2023 | 12/5/2029 | 2286 | 2236 | 2269 | 0.13 |
| Allied Benefit Systems Intermediate LLC | (b)(c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.73% | 10/31/2023 | 10/31/2030 | 19462 | 19336 | 19334 | 1.10 |
| Alpine Acquisition Corp II | (a)(b) | (2)(3)(8)(15) | Transportation: Cargo | SOFR | 6.00% | 9.65% | 4/19/2022 | 11/30/2029 | 23824 | 23167 | 10561 | 0.60 |
| AmpersCap LLC | (a) | (2)(3)(7)(15) | Diversified Financial Services | SOFR | 5.25% | 8.92% | 12/17/2024 | 12/17/2032 | 4426 | 4253 | 4245 | 0.24 |
| AP Plastics Acquisition Holdings, LLC | (a)(b) | (2)(3)(15) | Chemicals, Plastics & Rubber | SOFR | 4.75% | 8.58% | 3/28/2025 | 8/10/2030 | 23817 | 23786 | 23790 | 1.35 |
| Apex Companies Holdings, LLC | (a)(c) | (2)(3)(15) | Environmental Industries | SOFR | 5.00% | 8.82% | 1/31/2023 | 1/31/2028 | 14841 | 14463 | 14599 | 0.83 |
| Applied Technical Services, LLC | (a)(b)(c)(f) | (2)(3)(15) | Business Services | SOFR | 5.25% | 8.92% | 4/8/2025 | 4/8/2031 | 33609 | 33261 | 33294 | 1.89 |
| Artifact Bidco, Inc. | (b) | (2)(3)(15) | Software | SOFR | 4.15% | 7.82% | 7/26/2024 | 7/26/2031 | 704 | 696 | 704 | 0.04 |
| Ascend Buyer, LLC | (b)(c)(f) | (2)(3)(15) | Containers, Packaging & Glass | SOFR | 5.25% | 8.92% | 9/30/2021 | 9/30/2028 | 13734 | 13591 | 13694 | 0.78 |
| Associations, Inc. | (a)(f) | (2)(3)(11)(15) | Construction & Building | SOFR | 6.50% | 10.40% | 5/3/2024 | 7/2/2028 | 6687 | 6682 | 6724 | 0.38 |
| Athlete Buyer, LLC | (a)(f) | (2)(3)(11)(15) | Construction & Building | SOFR | 6.00% | 9.67% | 3/29/2024 | 4/26/2029 | 4658 | 4585 | 4098 | 0.23 |
| Atlas US Finco, Inc. | (a)(c) | (2)(3)(7)(15) | High Tech Industries | SOFR | 4.75% | 8.61% | 12/15/2022 | 12/12/2029 | 11675 | 11588 | 11684 | 0.66 |
| Auditboard, Inc. | (a)(b) | (2)(3)(15) | Software | SOFR | 4.50% | 8.19% | 7/12/2024 | 7/12/2031 | 8857 | 8775 | 8848 | 0.50 |
| Auditboard, Inc. | (b) | (2)(3) | Software | SOFR | 4.50% | 8.24% | 12/10/2025 | 7/12/2031 | 2571 | 2552 | 2570 | 0.15 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Azurite Intermediate Holdings, Inc. | (b)(f) | (2)(3)(15) | Software | SOFR | 6.00% | 9.72% | 3/19/2024 | 3/19/2031 | $3577 | $3531 | $3597 | 0.20% |
| Bamboo Health Holdings, LLC | (a)(b)(c)(f) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.47% | 5/6/2021 | 5/6/2028 | 28361 | 28178 | 28526 | 1.62 |
| Barnes & Noble, Inc. | (b)(c)(f) | (2)(3)(10)(11) | Retail | SOFR | 7.16% | 10.88% | 5/7/2025 | 5/7/2030 | 16216 | 15884 | 16011 | 0.91 |
| Bianalisi S.p.A. (Italy) | (d)(e) | (2)(7)(15) | Healthcare & Pharmaceuticals | EURIBOR | 6.00% | 8.02% | 2/26/2025 | 2/26/2032 | 15524 | 16260 | 17864 | 1.01 |
| Big Bus Tours Group Limited (United Kingdom) | (d) | (2)(7) | Leisure Products & Services | EURIBOR | 8.10%, 0.50% PIK | 10.67% | 6/4/2024 | 6/4/2031 | 3389 | 3602 | 3873 | 0.22 |
| Big Bus Tours Group Limited (United Kingdom) | (e) | (2)(7) | Leisure Products & Services | EURIBOR | 8.10%, 0.50% PIK | 10.67% | 7/17/2025 | 6/4/2031 | 229 | 266 | 262 | 0.01 |
| Big Bus Tours Group Limited (United Kingdom) | (e) | (2)(7)(15) | Leisure Products & Services | SOFR | 8.10%, 0.50% PIK | 12.44% | 6/4/2024 | 6/4/2031 | 303 | 289 | 285 | 0.02 |
| Big Bus Tours Group Limited (United Kingdom) | (d) | (2)(7) | Leisure Products & Services | SOFR | 8.10%, 0.50% PIK | 12.44% | 6/4/2024 | 6/4/2031 | 5480 | 5347 | 5329 | 0.30 |
| Bingo Group Buyer, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Environmental Industries | SOFR | 4.75% | 8.48% | 7/10/2024 | 7/10/2031 | 5860 | 5766 | 5779 | 0.33 |
| Birsa S.p.A. (Italy) | (a) | (2)(7)(15) | Healthcare & Pharmaceuticals | EURIBOR | 5.25% | 7.27% | 7/2/2024 | 6/30/2031 | 3553 | 3995 | 4103 | 0.23 |
| BlueCat Networks, Inc. (Canada) | (a)(b)(f) | (2)(3)(7) | High Tech Industries | SOFR | 5.75% | 9.48% | 8/8/2022 | 8/8/2028 | 26412 | 26147 | 25825 | 1.46 |
| BMS Holdings III Corp. | (b)(c) | (2)(3)(11) | Construction & Building | SOFR | 5.50% | 9.17% | 9/30/2019 | 9/30/2026 | 28156 | 28061 | 26318 | 1.49 |
| Businessolver.com, Inc. | (b)(c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.17% | 12/3/2025 | 12/3/2032 | 18867 | 18754 | 18752 | 1.06 |
| Calabrio, Inc. | (c) | (2) | Telecommunications | SOFR | 4.00% | 7.82% | 11/26/2025 | 11/26/2032 | 10000 | 9505 | 9500 | 0.54 |
| Celerion Buyer, Inc. | (c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.89% | 11/3/2022 | 11/3/2029 | 7358 | 7300 | 7320 | 0.41 |
| CircusTrix Holdings, LLC | (a)(f) | (2)(3)(15) | Leisure Products & Services | SOFR | 6.75% | 10.47% | 7/18/2023 | 7/14/2028 | 9474 | 9335 | 9419 | 0.53 |
| Cliffwater LLC | (b)(c) | (2)(3)(7)(15) | Diversified Financial Services | SOFR | 4.75% | 8.72% | 4/22/2025 | 4/22/2032 | 36261 | 35895 | 36232 | 2.05 |
| CoreWeave Compute Acquisition Co. II, LLC | (a) | (2)(3) | High Tech Industries | SOFR | 9.62% | 13.41% | 7/30/2023 | 7/30/2028 | 1368 | 1354 | 1382 | 0.08 |
| CoreWeave Compute Acquisition Co. IV, LLC | (a) | (2) | High Tech Industries | SOFR | 6.00% | 9.83% | 5/22/2024 | 5/22/2029 | 19885 | 19662 | 19636 | 1.11 |
| Cority Software Inc. (Canada) | (b)(f) | (2)(3)(7)(15) | Software | SOFR | 4.50% | 8.34% | 10/31/2025 | 10/31/2032 | 44792 | 44547 | 44542 | 2.52 |
| Cornerstone Building Brands, Inc. | (b) | (2)(3) | Construction & Building | SOFR | 5.63% | 9.38% | 1/29/2025 | 8/1/2028 | 7529 | 7428 | 5910 | 0.33 |
| Cornerstone Building Brands, Inc. | (b) | (2)(3) | Construction & Building | SOFR | 4.50% | 8.25% | 2/18/2025 | 5/15/2031 | 2363 | 2294 | 1662 | 0.09 |
| Coupa Holdings, LLC | (c)(f) | (2)(3)(15) | Software | SOFR | 5.25% | 9.34% | 2/27/2023 | 2/28/2030 | 2127 | 2085 | 2139 | 0.12 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| CST Holding Company | (c)(f) | (2)(3)(11)(15) | Consumer Goods: Non-Durable | SOFR | 5.00% | 8.72% | 11/1/2022 | 11/1/2028 | $2417 | $2375 | $2431 | 0.14% |
| Dance Midco S.a.r.l. (United Kingdom) | (c) | (2)(7)(15) | Media: Diversified & Production | EURIBOR | 5.00% | 7.06% | 10/25/2024 | 10/25/2031 | 11625 | 12237 | 13501 | 0.76 |
| DCA Investment Holding LLC | (a)(b) | (2)(3)(8) | Healthcare & Pharmaceuticals | SOFR | 6.41% | 10.06% | 3/11/2021 | 4/3/2028 | 11816 | 11745 | 10348 | 0.59 |
| Deerfield Dakota Holding, LLC | (c) | (2)(3)(15) | Diversified Financial Services | SOFR | 3.00%, 2.75% PIK | 9.42% | 9/12/2025 | 9/12/2032 | 45963 | 45482 | 45456 | 2.58 |
| Denali Intermediate Holdings, Inc. | (c) | (2)(3)(15) | Media: Broadcasting & Subscription | SOFR | 5.50% | 9.23% | 8/26/2025 | 8/26/2032 | 14372 | 14220 | 14217 | 0.81 |
| Denali Midco 2, LLC | (c)(f) | (2)(3) | Consumer Services | SOFR | 5.25% | 8.97% | 9/15/2022 | 12/22/2028 | 8423 | 8299 | 8374 | 0.47 |
| Diligent Corporation | (a) | (2)(3) | Telecommunications | SOFR | 5.00% | 8.82% | 8/4/2020 | 8/4/2030 | 636 | 628 | 627 | 0.04 |
| Divisions Holding Corporation | (b)(c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.17% | 4/17/2025 | 4/17/2032 | 18354 | 18161 | 18488 | 1.05 |
| Dwyer Instruments, Inc. | (c)(f) | (2)(3)(15) | Capital Equipment | SOFR | 4.75% | 8.43% | 7/21/2021 | 7/21/2029 | 27096 | 26870 | 27096 | 1.53 |
| Einstein Parent, Inc. | (b)(c) | (2)(3)(15) | Software | SOFR | 6.50% | 10.36% | 1/22/2025 | 1/22/2031 | 30371 | 29783 | 30019 | 1.70 |
| Eliassen Group, LLC | (b)(f) | (2)(3) | Business Services | SOFR | 5.75% | 9.42% | 4/14/2022 | 4/14/2028 | 20953 | 20814 | 20418 | 1.16 |
| Ellkay, LLC | (b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 3.25%, 3.50% PIK | 10.60% | 5/14/2025 | 9/14/2030 | 34932 | 34601 | 34678 | 1.96 |
| Embark Intermediate Holdings, LLC | (c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.22% | 9/2/2025 | 9/2/2032 | 5986 | 5871 | 5868 | 0.33 |
| Enkindle Limited (United Kingdom) | (d)(e) | (2)(3)(7)(15) | Diversified Financial Services | SONIA | 3.75%, 3.50% PIK | 11.22% | 4/16/2025 | 4/16/2031 | £1556 | 1865 | 2022 | 0.11 |
| Enkindle Limited (United Kingdom) | (d) | (2)(3)(7)(10) | Diversified Financial Services | SONIA | 3.88%, 4.43% PIK | 12.28% | 4/16/2025 | 4/16/2031 | £4128 | 5312 | 5453 | 0.31 |
| Enverus, Inc. | (a)(b) | (2)(3)(15) | Energy: Oil & Gas | SOFR | 4.50% | 8.19% | 12/18/2025 | 12/18/2032 | 11115 | 11053 | 11052 | 0.63 |
| Espresso Bidco Inc. | (a)(b) | (2)(3)(15) | Software | SOFR | 2.63%, 3.13% PIK | 9.42% | 3/25/2025 | 3/25/2032 | 15840 | 15545 | 15811 | 0.90 |
| Essential Services Holding Corporation | (c) | (2)(3)(15) | Consumer Services | SOFR | 5.00% | 8.88% | 6/17/2024 | 6/17/2031 | 795 | 787 | 793 | 0.04 |
| Excel Fitness Holdings, Inc. | (a) | (2)(3)(15) | Leisure Products & Services | SOFR | 4.75% | 8.48% | 4/29/2022 | 4/29/2030 | 490 | 483 | 486 | 0.03 |
| Excel Fitness Holdings, Inc. | (f) | (2)(3) | Leisure Products & Services | SOFR | 4.75% | 8.42% | 8/11/2022 | 4/29/2030 | 8882 | 8818 | 8845 | 0.50 |
| Excelitas Technologies Corp. | (b) | (2)(3) | Capital Equipment | EURIBOR | 5.25% | 7.15% | 8/12/2022 | 8/12/2029 | 3180 | 3300 | 3737 | 0.21 |
| Excelitas Technologies Corp. | (a)(b)(c)(f) | (2)(3)(15) | Capital Equipment | SOFR | 5.25% | 8.97% | 8/12/2022 | 8/12/2029 | 6096 | 6035 | 6097 | 0.35 |
| Flexera Software LLC | (a) | (2)(3) | Software | EURIBOR | 4.50% | 6.68% | 8/15/2025 | 8/15/2032 | 5247 | 6127 | 6151 | 0.35 |
| Flexera Software LLC | (a) | (2)(3)(15) | Software | SOFR | 4.50% | 8.60% | 8/15/2025 | 8/15/2032 | 22421 | 22363 | 22361 | 1.27 |
| FPG Intermediate Holdco, LLC | (a) | (2)(3)(15) | Consumer Services | SOFR | 5.00% | 8.75% | 7/25/2025 | 6/30/2029 | 79 | 77 | 78 | 0.00 |
| FPG Intermediate Holdco, LLC | (a) | (2)(3) | Consumer Services | SOFR | 5.00% | 8.70% | 7/25/2025 | 6/30/2029 | 164 | 164 | 164 | 0.01 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Fullsteam Operations LLC | (c) | (2)(3)(15) | High Tech Industries | SOFR | 5.25% | 9.11% | 8/8/2025 | 8/8/2031 | $6531 | $6442 | $6437 | 0.36% |
| Galileo Parent, Inc. | (b)(c)(f) | (2)(3)(15) | Telecommunications | SOFR | 5.75% | 9.42% | 11/26/2024 | 5/3/2030 | 33397 | 33403 | 33572 | 1.90 |
| Generator US Buyer, Inc. | (b) | (2)(3)(7) | Energy: Electricity | SOFR | 4.50% | 8.17% | 10/1/2024 | 7/22/2030 | 1514 | 1492 | 1503 | 0.09 |
| Greenhouse Software, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Software | SOFR | 5.75% | 9.42% | 3/1/2021 | 9/1/2028 | 32796 | 32401 | 32796 | 1.86 |
| GS AcquisitionCo, Inc. | (a)(f) | (2)(3)(15) | Software | SOFR | 5.25% | 8.92% | 3/26/2024 | 5/25/2028 | 1109 | 1105 | 1109 | 0.06 |
| Guidehouse LLP | (a) | (2)(3) | Sovereign & Public Finance | SOFR | 4.75% | 8.47% | 9/30/2022 | 12/16/2030 | 81 | 80 | 81 | 0.00 |
| Gymspa (France) | (d)(e) | (2)(7)(15) | Leisure Products & Services | EURIBOR | 6.00%, 2.00% PIK | 10.05% | 5/14/2025 | 5/14/2031 | 9781 | 10606 | 11343 | 0.64 |
| Hadrian Acquisition Limited (United Kingdom) | (d)(e) | (2)(3)(7)(15) | Diversified Financial Services | SONIA | 5.15%, 3.15% PIK | 12.19% | 2/28/2022 | 2/28/2029 | £18413 | 23915 | 24888 | 1.41 |
| Heartland Home Services, Inc. | (c) | (2)(3)(11) | Consumer Services | SOFR | 5.75% | 9.42% | 2/10/2022 | 12/15/2026 | 3922 | 3914 | 3826 | 0.22 |
| Heartland Home Services, Inc. | (b)(c)(f) | (2)(3)(11)(15) | Consumer Services | SOFR | 6.00% | 9.67% | 12/15/2020 | 12/15/2026 | 31887 | 31762 | 31126 | 1.76 |
| Hercules Borrower LLC | (a)(b)(f) | (2)(3)(11)(15) | Environmental Industries | SOFR | 4.75% | 8.42% | 12/14/2020 | 12/14/2028 | 17757 | 17626 | 17768 | 1.01 |
| Higginbotham Insurance Agency, Inc. | (c) | (2)(3)(15) | Diversified Financial Services | SOFR | 4.50% | 8.22% | 12/11/2025 | 6/11/2031 | 7078 | 6995 | 6958 | 0.39 |
| Holding Argon (France) | (d)(e) | (2)(7)(15) | Business Services | EURIBOR | 5.75% | 7.75% | 4/16/2025 | 4/16/2032 | 14102 | 15597 | 16145 | 0.91 |
| Hoosier Intermediate, LLC | (a)(c)(f) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.85% | 11/15/2021 | 11/15/2028 | 15861 | 15691 | 15861 | 0.90 |
| Horizon Avionics Buyer, LLC | (c) | (2)(3)(15) | Aerospace & Defense | SOFR | 4.75% | 8.42% | 10/25/2025 | 3/28/2032 | 3056 | 3033 | 3032 | 0.17 |
| HS Spa Holdings Inc. | (a)(f) | (2)(3)(15) | Consumer Services | SOFR | 5.25% | 9.07% | 6/2/2022 | 6/2/2029 | 8618 | 8510 | 8511 | 0.48 |
| HS Spa Holdings Inc. | (a) | (2)(3) | Consumer Services | SOFR | 5.25% | 9.09% | 3/12/2024 | 6/2/2029 | 635 | 630 | 628 | 0.04 |
| Hyphen Solutions, LLC | (c) | (2)(3)(15) | Construction & Building | SOFR | 4.50% | 8.22% | 8/6/2025 | 8/6/2032 | 6782 | 6739 | 6735 | 0.38 |
| Icefall Parent, Inc. | (b)(f) | (2)(3)(15) | Software | SOFR | 4.50% | 8.17% | 1/26/2024 | 1/26/2030 | 7566 | 7443 | 7566 | 0.43 |
| iCIMS, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Software | SOFR | 5.75% | 9.61% | 8/18/2022 | 8/18/2028 | 28477 | 28248 | 27935 | 1.58 |
| IEM New Sub 2, LLC | (b)(c) | (2)(3)(15) | Energy: Electricity | SOFR | 4.75% | 8.27% | 12/3/2025 | 12/3/2031 | 19807 | 19690 | 19689 | 1.12 |
| IG Investments Holdings, LLC | (b) | (2)(3)(15) | Business Services | SOFR | 5.00% | 8.84% | 11/1/2024 | 9/22/2028 | 4076 | 4076 | 4076 | 0.23 |
| Infront Luxembourg Finance S.À R.L. (Luxembourg) | (b)(c) | (2)(7) | Leisure Products & Services | EURIBOR | 10.00% | 12.07% | 5/28/2021 | 5/28/2027 | 34396 | 41265 | 40422 | 2.30 |
| IQN Holding Corp. | (a)(b) | (2)(3)(15) | Business Services | SOFR | 2.63%, 3.13% PIK | 9.42% | 5/2/2022 | 5/2/2029 | 11215 | 11142 | 11169 | 0.63 |
| Iron Infinity Buyer Sub, Inc. | (a)(b) | (2)(3)(15) | Utilities: Oil & Gas | SOFR | 4.75% | 8.42% | 10/16/2025 | 10/16/2032 | 34908 | 34787 | 34773 | 1.97 |
| Jeg's Automotive, LLC | (c) | (2)(3)(8) | Auto Aftermarket & Services | SOFR | 8.90%<br>(100% PIK) | 12.55% | 12/22/2021 | 12/31/2029 | 5459 | 5017 | 5459 | 0.31 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Jeg's Automotive, LLC | (c) | (2)(3)(8) | Auto Aftermarket & Services | SOFR | 7.00% (100% PIK) | 10.65% | 12/22/2021 | 12/31/2029 | $907 | $833 | $907 | 0.05% |
| Kona Buyer, LLC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.15% | 6/27/2025 | 7/23/2031 |  | (96) | 70 | 0.00 |
| LDS Intermediate Holdings, L.L.C. | (a)(b)(c) | (2)(3)(15) | Transportation: Cargo | SOFR | 5.00% | 8.72% | 2/7/2025 | 2/7/2032 | 23934 | 23574 | 23826 | 1.35 |
| Leo BuyerCo, LLC | (a)(b) | (2)(3)(15) | Capital Equipment | SOFR | 4.75% | 8.42% | 11/25/2025 | 11/25/2032 | 8571 | 8426 | 8424 | 0.48 |
| Lifelong Learner Holdings, LLC | (b)(c) | (2)(3)(11)(15) | Business Services | SOFR | 1.00%, 7.75% PIK | 12.59% | 10/18/2019 | 3/31/2027 | 8784 | 8784 | 7747 | 0.44 |
| Material Holdings, LLC | (c) | (2)(3)(11) | Business Services | SOFR | 4.62%, 1.38% PIK | 9.67% | 8/19/2021 | 8/19/2027 | 14578 | 14578 | 11241 | 0.64 |
| Material Holdings, LLC | (c) | (2)(3)(8)(11) | Business Services | SOFR | 6.00% (100% PIK) | 9.65% | 8/19/2021 | 8/19/2027 | 3654 | 1118 |  |  |
| Material Holdings, LLC | (c) | (2)(3)(11)(15) | Business Services | SOFR | 6.00% (100% PIK) | 9.67% | 6/25/2025 | 8/19/2027 | 499 | 499 | 499 | 0.03 |
| Medical Manufacturing Technologies, LLC | (c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.75% | 9.44% | 12/23/2021 | 12/23/2027 | 27967 | 27717 | 27962 | 1.58 |
| Merative L.P. | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.17% | 9/30/2025 | 9/30/2032 | 41176 | 40933 | 41176 | 2.33 |
| Modernizing Medicine, Inc. | (b) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 2.50%, 2.25% PIK | 8.92% | 4/30/2025 | 4/30/2032 | 11925 | 11807 | 11942 | 0.68 |
| Monarch Buyer, Inc. | (a)(c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.32% | 6/2/2025 | 6/2/2032 | 23746 | 23401 | 23366 | 1.32 |
| More Cowbell II, LLC | (c) | (2)(3)(15) | Diversified Financial Services | SOFR | 4.50% | 8.24% | 9/3/2025 | 9/1/2030 | 16018 | 16018 | 16012 | 0.91 |
| NEFCO Holding Company LLC | (b)(c)(f) | (2)(3)(15) | Construction & Building | SOFR | 5.00% | 8.97% | 8/5/2022 | 8/5/2028 | 39615 | 39243 | 39616 | 2.24 |
| North Haven Fairway Buyer, LLC | (a)(b)(c)(f) | (2)(3)(15) | Consumer Services | SOFR | 5.00% | 8.77% | 5/17/2022 | 5/17/2028 | 33569 | 33171 | 33300 | 1.89 |
| Nuzoa Bidco, S.L.U. (Spain) | (d)(e) | (2)(7)(15) | Healthcare & Pharmaceuticals | EURIBOR | 5.50% | 8.02% | 6/24/2025 | 6/24/2032 | 6657 | 7531 | 7663 | 0.43 |
| Oak Purchaser, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Business Services | SOFR | 5.50% | 9.35% | 4/28/2022 | 5/31/2028 | 9146 | 9080 | 9120 | 0.52 |
| Oak Purchaser, Inc. | (a)(b)(f) | (2)(3) | Business Services | SOFR | 5.50% | 9.37% | 2/1/2024 | 5/31/2028 | 1039 | 1027 | 1028 | 0.06 |
| OEConnection, LLC | (a)(b) | (2)(3)(15) | Auto Aftermarket & Services | SOFR | 4.50% | 8.23% | 12/23/2025 | 12/23/2032 | 9950 | 9864 | 9864 | 0.56 |
| OEI, Inc. | (b)(c) | (2)(3)(15) | Construction & Building | SOFR | 4.50% | 8.19% | 12/29/2025 | 12/29/2032 | 23432 | 23144 | 23144 | 1.31 |
| Optimizely North America Inc. | (b) | (2)(3) | High Tech Industries | EURIBOR | 5.25% | 7.15% | 10/30/2024 | 10/30/2031 | 3008 | 3238 | 3478 | 0.20 |
| Optimizely North America Inc. | (b)(f) | (2)(3)(15) | High Tech Industries | SOFR | 5.00% | 8.72% | 10/30/2024 | 10/30/2031 | 8902 | 8814 | 8735 | 0.49 |
| Optimizely North America Inc. | (b) | (2)(3) | High Tech Industries | SONIA | 5.50% | 9.22% | 10/30/2024 | 10/30/2031 | £1203 | 1547 | 1597 | 0.09 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Orthrus Limited (United Kingdom) | (d) | (2)(7) | Diversified Financial Services | EURIBOR | 3.50%, 2.75% PIK | 8.28% | 12/4/2024 | 12/4/2031 | 1855 | $1943 | $2159 | 0.12% |
| Orthrus Limited (United Kingdom) | (d) | (2)(3)(7) | Diversified Financial Services | SOFR | 3.50%, 2.75% PIK | 10.02% | 12/4/2024 | 12/4/2031 | 4902 | 4839 | 4853 | 0.27 |
| Orthrus Limited (United Kingdom) | (d)(e) | (2)(7)(15) | Diversified Financial Services | SONIA | 3.50%, 2.75% PIK | 10.22% | 12/4/2024 | 12/4/2031 | £2077 | 2647 | 2766 | 0.16 |
| Orthrus Limited (United Kingdom) | (e) | (2)(3)(7) | Diversified Financial Services | SOFR | 3.50%, 2.75% PIK | 10.15% | 7/24/2025 | 12/4/2031 | 708 | 708 | 701 | 0.04 |
| PAM Bidco Limited (United Kingdom) | (d)(e) | (7)(15) | Utilities: Water | FIXED | 10.75% | 10.75% | 10/29/2024 | 10/29/2031 | £78 | 103 | 104 | 0.01 |
| PAM Bidco Limited (United Kingdom) | (d)(e) | (2)(7)(15) | Utilities: Water | SONIA | 7.30% | 11.26% | 10/29/2024 | 10/29/2031 | £6619 | 8420 | 8782 | 0.50 |
| PDI TA Holdings, Inc | (b) | (2)(3)(15) | Software | SOFR | 5.50% | 9.34% | 2/1/2024 | 2/1/2031 | 8150 | 8147 | 7920 | 0.45 |
| PF Atlantic Holdco 2, LLC | (c)(f) | (2)(3)(11)(15) | Leisure Products & Services | SOFR | 5.50% | 9.23% | 11/12/2021 | 11/12/2027 | 35920 | 35640 | 35920 | 2.03 |
| PPV Intermediate Holdings, LLC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.25% | 9.07% | 8/7/2024 | 8/31/2029 | 3403 | 3339 | 3403 | 0.19 |
| PPV Intermediate Holdings, LLC | (b) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.75% | 9.82% | 8/7/2024 | 8/31/2029 | 18354 | 18309 | 18305 | 1.04 |
| PPV Intermediate Holdings, LLC | (b) | (2)(3) | Healthcare & Pharmaceuticals | SOFR | 6.00% | 9.57% | 8/7/2024 | 8/31/2029 | 231 | 230 | 230 | 0.01 |
| Project Castle, Inc. | (f) | (2)(3) | Capital Equipment | SOFR | 5.50% | 9.36% | 6/24/2022 | 6/1/2029 | 7256 | 6804 | 4671 | 0.26 |
| Prophix Software Inc. (Canada) | (a) | (2)(3)(7)(15) | Software | SOFR | 6.00% | 9.80% | 2/1/2021 | 2/1/2027 | 1800 | 1793 | 1796 | 0.10 |
| Prophix Software Inc. (Canada) | (a)(b)(f) | (2)(3)(7)(15) | Software | SOFR | 6.00% | 9.72% | 11/21/2023 | 2/1/2027 | 19710 | 19618 | 19677 | 1.11 |
| Propio LS, LLC | (b)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.46% | 5/12/2025 | 5/12/2030 | 12138 | 12028 | 12070 | 0.68 |
| PROS Parent, Inc. | (b)(c) | (2)(3)(15) | Transportation: Consumer | SOFR | 4.75% | 8.49% | 12/9/2025 | 12/9/2032 | 22988 | 22924 | 22924 | 1.30 |
| PXO Holdings I Corp. | (a)(b)(f) | (2)(3)(15) | Chemicals, Plastics & Rubber | SOFR | 5.50% | 9.20% | 3/8/2022 | 3/8/2028 | 11415 | 11299 | 11225 | 0.64 |
| QBS Parent, Inc. | (a)(b)(c) | (2)(3)(15) | Energy: Oil & Gas | SOFR | 4.50% | 8.17% | 11/7/2024 | 6/3/2032 | 22308 | 22133 | 22551 | 1.28 |
| Radwell Parent, LLC | (b)(c)(f) | (2)(3)(15) | Wholesale | SOFR | 5.50% | 9.17% | 12/1/2022 | 4/1/2029 | 11399 | 11308 | 11399 | 0.65 |
| Ranpak B.V. (Netherlands) | (b) | (2)(7) | Containers, Packaging & Glass | SOFR | 4.50% | 8.22% | 12/19/2024 | 12/19/2031 | 7727 | 7658 | 7727 | 0.44 |
| Ranpak Corp. | (c) | (2)(7) | Containers, Packaging & Glass | SOFR | 4.50% | 8.22% | 12/19/2024 | 12/19/2031 | 12073 | 11965 | 12073 | 0.68 |
| Rialto Management Group, LLC | (b)(c)(f) | (2)(3)(7)(15) | Diversified Financial Services | SOFR | 5.00% | 8.72% | 12/5/2024 | 12/5/2030 | 18289 | 18184 | 18300 | 1.04 |
| Rotation Buyer, LLC | (a)(b) | (2)(3)(15) | Capital Equipment | SOFR | 4.75% | 8.43% | 12/27/2024 | 12/27/2031 | 12861 | 12718 | 12720 | 0.72 |
| Saguaro Buyer, LLC | (c) | (2)(3)(15) | Leisure Products & Services | SOFR | 4.50% | 8.23% | 7/3/2025 | 7/3/2032 | 13401 | 13212 | 13361 | 0.76 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| SCHP Purchaser, INC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.37% | 10/24/2025 | 10/24/2032 | $18601 | $18389 | $18389 | 1.04% |
| SCP Eye Care HoldCo, LLC | (a) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 5.50% | 9.23% | 10/7/2022 | 10/7/2029 | 155 | 153 | 155 | 0.01 |
| Seahawk Bidco, LLC | (a)(b)(f) | (2)(3)(15) | Consumer Services | SOFR | 4.75% | 8.47% | 12/19/2024 | 12/19/2031 | 30785 | 30577 | 30872 | 1.75 |
| Sigma Irish Acquico Limited (Ireland) | (d)(e) | (2)(7) | Diversified Financial Services | EURIBOR | 5.25% | 7.27% | 3/19/2025 | 3/19/2032 | 4511 | 4882 | 5235 | 0.30 |
| Sigma Irish Acquico Limited (Ireland) | (d)(e) | (2)(7)(15) | Diversified Financial Services | SOFR | 5.25% | 8.91% | 3/19/2025 | 3/19/2032 | 6815 | 6667 | 6714 | 0.38 |
| SitusAMC Holdings Corporation | (b)(c)(f) | (2)(3) | Diversified Financial Services | SOFR | 5.50% | 9.17% | 5/14/2025 | 5/14/2031 | 27623 | 27496 | 27419 | 1.55 |
| Smarsh Inc. | (a)(b)(f) | (2)(3)(15) | Software | SOFR | 4.75% | 8.42% | 2/18/2022 | 2/18/2029 | 4523 | 4470 | 4522 | 0.26 |
| Specialty Pharma III, Inc. | (b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.40% | 12/23/2025 | 12/23/2032 | 28318 | 28159 | 28158 | 1.59 |
| Speedstar Holding LLC | (b)(c)(f) | (2)(3)(15) | Auto Aftermarket & Services | SOFR | 6.00% | 9.84% | 7/2/2024 | 7/22/2027 | 17988 | 17848 | 17222 | 0.98 |
| SPF Borrower, LLC | (a) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 6.25% | 9.92% | 2/1/2024 | 2/1/2028 | 10392 | 10392 | 10392 | 0.59 |
| SPF Borrower, LLC | (a) | (2)(3)(11) | Healthcare & Pharmaceuticals | SOFR | 9.50% | 13.17% | 2/1/2024 | 2/1/2028 | 3955 | 3955 | 3955 | 0.22 |
| Spotless Brands, LLC | (a) | (2)(3)(15) | Consumer Services | SOFR | 5.00% | 9.75% | 9/25/2025 | 7/25/2028 | 1510 | 1439 | 1441 | 0.08 |
| Spotless Brands, LLC | (a)(b)(c)(f) | (2)(3)(15) | Consumer Services | SOFR | 5.75% | 9.62% | 6/21/2022 | 7/25/2028 | 33250 | 32794 | 33421 | 1.89 |
| Summit Bidco, Inc. (Canada) | (c) | (2)(3)(7)(15) | Diversified Financial Services | CORRA | 4.75% | 7.21% | 10/1/2025 | 10/1/2032 | 5563 | 3929 | 3993 | 0.23 |
| Tank Holding Corp. | (a)(b)(c)(f) | (2)(3)(11)(15) | Capital Equipment | SOFR | 5.75% | 9.47% | 3/31/2022 | 3/31/2028 | 24686 | 24480 | 22486 | 1.27 |
| Tank Holding Corp. | (b) | (2)(3)(11) | Capital Equipment | SOFR | 6.00% | 9.72% | 9/26/2024 | 3/31/2028 | 2818 | 2798 | 2574 | 0.15 |
| TCFI Aevex LLC | (c)(f) | (2)(3)(11) | Aerospace & Defense | SOFR | 6.00% | 9.72% | 3/18/2020 | 3/18/2028 | 27680 | 27657 | 27004 | 1.53 |
| The Chartis Group, LLC | (a)(b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.25% | 7.95% | 9/17/2024 | 9/17/2031 | 21671 | 21416 | 21973 | 1.24 |
| Total Power Limited (Canada) | (a)(b) | (2)(3)(7)(15) | Energy: Electricity | CORRA | 4.50% | 6.76% | 7/22/2024 | 7/22/2030 | 9070 | 6457 | 6543 | 0.37 |
| Tufin Software North America, Inc. | (a)(b)(c)(f) | (2)(3)(11)(15) | Software | SOFR | 4.93% | 8.65% | 8/17/2022 | 8/17/2028 | 30244 | 29927 | 30113 | 1.71 |
| Turbo Buyer, Inc. | (a)(b)(c) | (2)(3)(15) | Auto Aftermarket & Services | SOFR | 6.00% | 9.62% | 12/2/2019 | 6/1/2026 | 45417 | 45395 | 45417 | 2.57 |
| U.S. Legal Support, Inc. | (a)(b)(c)(f) | (2)(3)(11)(15) | Business Services | SOFR | 5.50% | 9.22% | 11/30/2018 | 5/31/2026 | 21098 | 21092 | 21022 | 1.19 |
| UFT Buyer LLC | (c) | (2)(3)(15) | Environmental Industries | SOFR | 4.50% | 8.27% | 12/4/2025 | 12/4/2032 | 16732 | 16483 | 16481 | 0.93 |
| US INFRA SVCS Buyer, LLC | (b)(c) | (2)(3)(11)(15) | Environmental Industries | SOFR | 2.50%, 4.75% PIK | 11.13% | 4/13/2020 | 4/13/2027 | 51640 | 51477 | 41338 | 2.34 |
| USR Parent Inc. | (f) | (2)(3)(10) | Retail | SOFR | 7.60% | 11.32% | 4/22/2022 | 4/25/2027 | 2160 | 2153 | 2144 | 0.12 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Vensure Employer Services, Inc. | (a)(b)(c)(f) | (2)(15) | Business Services | SOFR | 5.00% | 8.70% | 9/27/2024 | 9/27/2031 | $24800 | $24585 | $24552 | 1.39% |
| Victors Purchaser, LLC | (b)(c) | (2)(3)(15) | High Tech Industries | SOFR | 4.50% | 8.19% | 12/23/2025 | 12/23/2032 | 17191 | 17129 | 17129 | 0.97 |
| Vienna Bidco Limited (United Kingdom) | (d) | (2)(3)(7) | Healthcare & Pharmaceuticals | SONIA | 5.65% | 9.62% | 8/20/2025 | 8/20/2030 | £7264 | 9513 | 9571 | 0.54 |
| Whitney Merger Sub, Inc. | (c)(f) | (2)(3)(15) | Leisure Products & Services | SOFR | 4.75% | 8.42% | 7/3/2025 | 7/3/2032 | 34266 | 33895 | 33877 | 1.92 |
| Wineshipping.com LLC | (a)(c) | (2)(3)(11)(15) | Beverage & Food | SOFR | 6.25% (100% PIK) | 9.92% | 10/29/2021 | 12/29/2028 | 17687 | 17573 | 12339 | 0.70 |
| World 50, Inc. | (b)(c)(f) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.70% | 3/22/2024 | 3/22/2030 | 18805 | 18489 | 18823 | 1.07 |
| Wrench Group LLC | (c) | (2)(3)(15) | Consumer Services | SOFR | 4.75% | 8.42% | 9/3/2025 | 9/3/2032 | 6875 | 6790 | 6889 | 0.39 |
| Yellowstone Buyer Acquisition, LLC | (a) | (2)(3)(11) | Consumer Goods: Durable | SOFR | 5.75% | 9.62% | 9/13/2021 | 9/13/2027 | 431 | 428 | 395 | 0.02 |
| YLG Holdings, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Consumer Services | SOFR | 4.75% | 8.72% | 9/30/2020 | 12/23/2030 | 11082 | 10994 | 11115 | 0.63 |
| ***First Lien Debt Total*** |  |  |  |  |  |  |  |  |  | $2392545 | $2360093 | 133.67% |
| **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** | **Second Lien Debt (2.1% of fair value)** |
| 11852604 Canada Inc. (Canada) | (d) | (2)(3)(7) | Healthcare & Pharmaceuticals | SOFR | 9.50% (100% PIK) | 13.32% | 9/30/2021 | 9/30/2028 | $11696 | $11627 | $11696 | 0.66% |
| AQA Acquisition Holdings, Inc. | (b)(f) | (2)(3) | High Tech Industries | SOFR | 6.25% | 10.09% | 5/14/2021 | 3/3/2029 | 14410 | 14322 | 14104 | 0.81 |
| Associations, Inc. | (a) | (9) | Construction & Building | FIXED | 14.25% (100% PIK) | 14.25% | 5/3/2024 | 5/3/2030 | 3166 | 3156 | 3175 | 0.18 |
| Denali Midco 2, LLC | (a) | (3) | Consumer Services | FIXED | 13.00% (100% PIK) | 13.00% | 10/4/2024 | 12/22/2029 | 1505 | 1486 | 1482 | 0.08 |
| FPG Intermediate Holdco, LLC | (a) | (2)(3)(8) | Consumer Services | SOFR | 5.00% | 8.65% | 7/25/2025 | 6/30/2029 | 65 | 64 | 65 | 0.00 |
| PAI Holdco, Inc. | (b) | (2)(3) | Auto Aftermarket & Services | SOFR | 5.50%, 2.00% PIK | 11.32% | 10/28/2020 | 10/28/2028 | 14995 | 14818 | 13223 | 0.75 |
| TruGreen Limited Partnership | (b) | (2)(3)(11) | Consumer Services | SOFR | 8.50% | 12.34% | 11/16/2020 | 11/2/2028 | 13000 | 12881 | 11984 | 0.68 |
| ***Second Lien Debt Total*** |  |  |  |  |  |  |  |  |  | $58354 | $55729 | 3.16% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** | **Structured Credit Investments (4.2% of fair value)** |
| 1988 CLO 2 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.90% | 3/12/2025 | 4/15/2038 | $3500 | $3500 | $3366 | 0.19% |
| AB BSL CLO 4 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 9.75% | 3/28/2025 | 4/20/2038 | 4000 | 3962 | 4012 | 0.23 |
| AB BSL CLO 5 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 9.75% | 11/18/2024 | 1/20/2038 | 1250 | 1250 | 1250 | 0.07 |
| AGL CLO 40 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.35% | 9.00% | 3/28/2025 | 7/22/2038 | 4670 | 4670 | 4687 | 0.27 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Aimco CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.90% | 11/14/2024 | 10/17/2037 | $1330 | $1330 | $1336 | 0.08% |
| Allegro CLO XV Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.15% | 2/14/2025 | 4/20/2038 | 2500 | 2500 | 2396 | 0.14 |
| Apidos CLO XVIII-R Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.15% | 11/22/2024 | 1/22/2038 | 3270 | 3270 | 3261 | 0.18 |
| Arini European CLO IV DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 6.17% | 8.20% | 1/28/2025 | 1/15/2038 | 2500 | 2630 | 2952 | 0.17 |
| Avoca CLO XI DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 6.15% | 8.18% | 11/8/2024 | 10/15/2038 | 1750 | 1876 | 2068 | 0.12 |
| Babson CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 9.65% | 11/20/2024 | 1/15/2038 | 1275 | 1275 | 1251 | 0.07 |
| Babson CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.15% | 12/20/2024 | 1/15/2038 | 5000 | 5000 | 4850 | 0.27 |
| Birch Grove CLO 11 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 9.45% | 11/15/2024 | 1/22/2038 | 3000 | 3000 | 3034 | 0.17 |
| Bryant Park Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.00% | 8.65% | 2/20/2025 | 4/15/2038 | 3000 | 3000 | 2851 | 0.16 |
| Bryant Park Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.40% | 11/18/2024 | 1/18/2038 | 3000 | 3000 | 3007 | 0.17 |
| CIFC Funding 2014-III Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.90% | 3/11/2025 | 3/31/2038 | 4000 | 4000 | 3987 | 0.23 |
| CVC Cordatus Loan Fund X DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.35% | 7.38% | 1/24/2025 | 1/26/2038 | 1100 | 1155 | 1284 | 0.07 |
| CVC Cordatus Loan Fund XXVI DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.75% | 7.78% | 12/12/2024 | 1/15/2038 | 3490 | 3653 | 4106 | 0.23 |
| Elmwood CLO 40 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.90% | 3/21/2025 | 3/22/2038 | 2500 | 2500 | 2524 | 0.14 |
| Elmwood CLO II Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.40% | 10/29/2024 | 10/20/2037 | 3250 | 3250 | 3194 | 0.18 |
| Empower CLO 2025-1 Ltd | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.90% | 9.55% | 5/15/2025 | 7/20/2038 | 4000 | 4000 | 4020 | 0.23 |
| Generate CLO 18 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 9.65% | 10/18/2024 | 1/20/2038 | 2190 | 2190 | 2176 | 0.12 |
| Golub Capital Partners CLO 43B Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.40% | 10/31/2024 | 10/20/2037 | 3375 | 3375 | 3335 | 0.19 |
| KKR CLO 54 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 9.45% | 11/22/2024 | 1/15/2038 | 3050 | 3050 | 3074 | 0.17 |
| Neuberger Berman Loan Advisers CLO 33 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.15% | 3/14/2025 | 4/16/2039 | 6000 | 6000 | 6038 | 0.35 |
| Oaktree CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.00% | 8.65% | 1/30/2025 | 1/15/2038 | 1500 | 1500 | 1441 | 0.08 |
| Oaktree CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 9.75% | 11/25/2024 | 1/15/2038 | 2875 | 2875 | 2878 | 0.16 |
| OHA Credit Funding 14-R Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.90% | 3/28/2025 | 4/20/2038 | 6000 | 6000 | 6043 | 0.35 |
| Pikes Peak CLO 8 | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.40% | 12/19/2024 | 1/20/2038 | 3000 | 3000 | 2924 | 0.17 |
| Rad CLO 17 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.25% | 9.90% | 11/5/2024 | 1/20/2038 | 2000 | 2000 | 2000 | 0.11 |
| Reese Park CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 9.65% | 11/20/2024 | 1/15/2038 | 2220 | 2220 | 2179 | 0.12 |
| Regatta 30 Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.40% | 9.05% | 11/25/2024 | 1/25/2038 | 1970 | 1970 | 1991 | 0.11 |
| Regatta XXIV Funding Ltd | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.15% | 8.80% | 12/20/2024 | 1/20/2038 | 3000 | 3000 | 2971 | 0.17 |
| RR Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.15% | 11/26/2024 | 1/15/2037 | 2860 | 2860 | 2831 | 0.16 |
| Silver Point CLO 1 Ltd | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.90% | 12/23/2024 | 1/20/2038 | 2250 | 2250 | 2207 | 0.12 |
| Silver Point CLO 7 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.40% | 11/25/2024 | 1/15/2038 | 2200 | 2200 | 2166 | 0.12 |
| Silver Point CLO 8 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.15% | 8.80% | 2/28/2025 | 4/15/2038 | 1500 | 1500 | 1446 | 0.08 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| Sound Point CLO 35 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 9.45% | 2/13/2025 | 4/26/2038 | $1670 | $1670 | $1630 | 0.09% |
| Voya Euro CLO VIII DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.85% | 7.88% | 11/12/2024 | 1/15/2039 | 4380 | 4640 | 5162 | 0.30 |
| ***Structured Credit Investments Total*** | ***Structured Credit Investments Total*** | ***Structured Credit Investments Total*** |  |  |  |  |  |  |  | $111121 | $111928 | 6.34% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** <sup>(1)</sup> | **Investments—non-controlled/non-affiliated** <sup>(1)</sup> | **Footnotes** | **Industry** | **All-In Rate** | **Acquisition<br>Date** | **Shares/ Units** | **Cost** | **Fair Value** <sup>(5)</sup> | **% of<br>Net Assets** |
| **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% of fair value)** | **Common and Preferred Equity Investments (3.6% 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 | 2599 | 2585 | 0.15 |
| Ampersand Partners Feeder AIV LP | (a) | (6)(7)(12) | Diversified Financial Services |  | 7/9/2025 | 170 | 3520 | 3582 | 0.20 |
| ANLG Holdings, LLC | (a) | (6)(12) | Capital Equipment |  | 6/22/2018 | 592 | 592 | 1133 | 0.06 |
| Atlas Ontario LP (Canada) | (a) | (6)(7)(12) | Business Services |  | 4/7/2021 | 5114 | 5114 | 9818 | 0.56 |
| Blackbird Holdco, Inc. | (a) | (6) | Capital Equipment | 12.50% (100% PIK) | 12/14/2021 | 11 | 10624 | 10608 | 0.60 |
| Buckeye Group Holdings, L.P. | (a) | (6)(8) | Auto Aftermarket & Services | 10.65% (100% PIK) | 12/31/2024 | 4099 | 1218 |  |  |
| Buckeye Group Holdings, L.P. | (a) | (6)(12) | Auto Aftermarket & Services |  | 12/31/2024 | 7542 |  |  |  |
| Buckeye Group Holdings, L.P. | (a) | (6)(12) | Auto Aftermarket & Services |  | 12/31/2024 | 4099 |  |  |  |
| Comar Aggregator Co, LLC | (b)(c) | (6)(12) | Containers, Packaging & Glass |  | 10/31/2025 | 25 | 12411 | 13077 | 0.74 |
| Cority Software Inc. (Canada) | (a) | (6)(7)(12) | Software |  | 7/2/2019 | 250 | 250 | 1075 | 0.06 |
| ECP Parent, LLC | (a) | (6)(12) | Healthcare & Pharmaceuticals |  | 3/29/2018 | 268 |  | 16 | 0.00 |
| FPG Intermediate Holdco, LLC | (a) | (6)(12) | Consumer Services |  | 3/11/2025 | 1 | 55 | 49 | 0.00 |
| FS NU Investors, LP | (a) | (6) | Consumer Services | 20.00% (100% PIK) | 8/9/2024 | 2 | 169 | 204 | 0.01 |
| GB Vino Parent, L.P. | (a) | (6)(12) | Beverage & Food |  | 10/29/2021 | 4 | 273 |  |  |
| HIG Intermediate, Inc. | (a) | (6) | Diversified Financial Services | 10.50% | 12/10/2024 | 8 | 7523 | 7543 | 0.43 |
| Integrity Marketing Group, LLC | (a) | (6) | Diversified Financial Services | 10.50% (100% PIK) | 12/21/2021 | 22850 | 22851 | 22397 | 1.28 |
| NearU Holdings LLC | (a) | (6)(12) | Consumer Services |  | 8/16/2022 | 25 | 2470 | 393 | 0.02 |
| NEFCO Holding Company LLC | (a) | (6) | Construction & Building | 8.00% | 8/5/2022 | 1 | 608 | 608 | 0.03 |
| Pascal Ultimate Holdings, L.P | (a) | (6)(12) | Capital Equipment |  | 7/21/2021 | 36 | 346 | 915 | 0.05 |
| Profile Holdings I, LP | (a) | (6)(12) | Chemicals, Plastics & Rubber |  | 3/8/2022 | 3 | 262 | 195 | 0.01 |
| Project Carbo S.a.r.l. (Luxembourg) | (a) | (6)(7) | High Tech Industries | 14.30% (100% PIK) | 1/27/2025 | 1 | 4358 | 4828 | 0.27 |
| Sinch AB (Sweden) | (a) | (6)(7)(12) | High Tech Industries |  | 3/26/2019 | 106 | 1167 | 363 | 0.02 |
| SPF HOLDCO LLC | (a) | (6)(12) | Healthcare & Pharmaceuticals |  | 2/1/2024 | 4030 | 5427 | 7276 | 0.41 |
| Summit K2 Midco, Inc. | (a) | (6)(12) | Diversified Financial Services |  | 4/27/2023 | 61 | 30 | 89 | 0.01 |
| Talon MidCo 1 Limited | (a) | (6)(12) | Software |  | 8/17/2022 | 1018 | 1456 | 2317 | 0.13 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** <sup>(1)</sup> | **Investments—non-controlled/non-affiliated** <sup>(1)</sup> | **Footnotes** | **Industry** | **All-In Rate** | **Acquisition<br>Date** | **Shares/ Units** | **Cost** | **Fair Value** <sup>(5)</sup> | **% of<br>Net Assets** |
| Tank Holding Corp. | (a) | (6)(12) | Capital Equipment |  | 3/26/2019 | 850 | $— | $2599 | 0.15% |
| Turbo Buyer, Inc. | (a) | (6)(12) | Auto Aftermarket & Services |  | 12/2/2019 | 1925 | 933 | 1685 | 0.10 |
| 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 | 640 | 640 | 983 | 0.06 |
| Zenith American Holding, Inc. | (a) | (6)(12) | Business Services |  | 12/13/2017 | 440 | 211 | 568 | 0.03 |
| Equity Investments Total |  |  |  |  |  |  | $85107 | $94906 | 5.38% |
| Total investments—non-controlled/non-affiliated |  |  |  |  |  |  | $2647127 | $2622656 | 148.55% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/affiliated** | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair** <br>**Value** <sup>(5)</sup> | **% of Net** <br>**Assets** |
| **First Lien Debt (0.9% of fair value)** | **First Lien Debt (0.9% of fair value)** | **First Lien Debt (0.9% of fair value)** | | | | | | | | | | |
| Align Precision Group, LLC | (b)(c) | (2)(3)(14) | Aerospace & Defense | SOFR | 6.75%<br>(100% PIK) | 10.75% | 7/3/2025 | 7/3/2030 | $20296 | $20296 | $20296 | 1.15% |
| Align Precision Group, LLC | (a) | (2)(3)(14)(15) | Aerospace & Defense | SOFR | 6.75% (100% PIK) | 10.42% | 7/3/2025 | 7/3/2030 | 2885 | 2814 | 2885 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Lien Debt Total |  |  |  |  |  |  |  |  | $23181 | $23110 | $23181 | 1.31% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/affiliated** | | **Footnotes** | **Industry** | **All-In Rate** | **Acquisition Date** | **Shares/ Units** | **Cost** | **Fair<br>Value** <sup>(5)</sup> | **% of Net <br>Assets** |
| **Equity Investments (0.2% of fair value)** | | | | | | | | | |
| Align Precision Group, LLC | (a) | (6)(12)(14) | Aerospace & Defense |  | 7/3/2025 | 10 | $5872 | $5449 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments Total |  |  |  |  |  |  | $5872 | $5449 | 0.31% |
| Total investments—non-controlled/affiliated | Total investments—non-controlled/affiliated | Total investments—non-controlled/affiliated |  |  |  |  | $28982 | $28630 | 1.62% |
| Total investments |  |  |  |  |  |  | $2676109 | $2651286 | 150.17% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instruments\*\*** | **Counterparty** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Unrealized Appreciation (Depreciation)** |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 5/15/2026 | $— |
| Forward Currency Contract | Barclays Bank PLC | $7 | 6 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $141 | 194 | 2/17/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $7 | 6 | 2/17/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $135 | 184 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 8/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $137 | 187 | 8/17/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 8/14/2026 |  |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(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 | $136 | 185 | 11/16/2026 | $— |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 2/17/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $135 | 184 | 2/16/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $130 | 176 | 5/17/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $5830 | 7900 | 8/4/2027 | (17) |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 2/16/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $13 | 11 | 8/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 2/12/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $18 | 15 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $18 | 15 | 11/16/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $19 | 16 | 2/17/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $22 | 18 | 4/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 7/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 4/14/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 10/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 1/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 1/14/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $183 | 156 | 2/16/2027 | (3) |
| Forward Currency Contract | Barclays Bank PLC | $16 | £12 | 2/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $26 | £19 | 2/12/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $26 | £19 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $27 | £20 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $27 | £20 | 8/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $28 | £21 | 2/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $194 | 166 | 8/17/2026 | (4) |
| Forward Currency Contract | Barclays Bank PLC | $197 | 169 | 5/15/2026 | (4) |
| Forward Currency Contract | Barclays Bank PLC | $199 | 170 | 11/16/2026 | (3) |
| Forward Currency Contract | Barclays Bank PLC | £19 | $26 | 2/12/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | £19 | $26 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | £20 | $26 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | £20 | $26 | 8/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | £21 | $28 | 2/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | £1131 | $1510 | 5/14/2027 | 11 |
| Forward Currency Contract | Barclays Bank PLC | $201 | 174 | 2/17/2026 | (4) |
| Forward Currency Contract | Barclays Bank PLC | $382 | £291 | 2/12/2027 | (9) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(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 | $407 | £309 | 8/13/2026 | $(10) |
| Forward Currency Contract | Barclays Bank PLC | $469 | £356 | 2/13/2026 | (11) |
| Forward Currency Contract | Barclays Bank PLC | $506 | £373 | 3/5/2026 | 3 |
| Forward Currency Contract | Barclays Bank PLC | $905 | £669 | 5/14/2027 | 6 |
| Forward Currency Contract | Barclays Bank PLC | $1525 | £1131 | 5/14/2027 | 5 |
| Forward Currency Contract | Barclays Bank PLC | $8084 | £6181 | 10/29/2027 | (216) |
| Forward Currency Contract | Barclays Bank PLC | $10447 | £7719 | 8/25/2026 | 50 |
| Forward Currency Contract | Barclays Bank PLC | $202 | 171 | 8/16/2027 | (3) |
| Forward Currency Contract | Barclays Bank PLC | $216 | 183 | 5/17/2027 | (3) |
| Forward Currency Contract | Barclays Bank PLC | $279 | 235 | 6/10/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $653 | 542 | 3/30/2027 | 5 |
| Forward Currency Contract | Barclays Bank PLC | $920 | 764 | 3/5/2027 | 7 |
| Forward Currency Contract | Barclays Bank PLC | $1184 | 971 | 7/14/2027 | 19 |
| Forward Currency Contract | Barclays Bank PLC | $6335 | 5234 | 8/14/2028 | (15) |
| Forward Currency Contract | Barclays Bank PLC | $10975 | 9266 | 10/25/2027 | (172) |
| Forward Currency Contract | Barclays Bank PLC | $11810 | 9781 | 11/30/2026 | 161 |
| Forward Currency Contract | Barclays Bank PLC | $16568 | 13677 | 3/5/2027 | 230 |
| Forward Currency Contract | Barclays Bank PLC | $40886 | 34396 | 1/7/2026 | 462 |
| Forward Currency Contract | Barclays Bank PLC | $3685 | 5003 | 9/26/2028 | (44) |
| Forward Currency Contract | Barclays Bank PLC | $141 | 198 | 1/20/2026 | (3) |
| Forward Currency Contract | Barclays Bank PLC | $19427 | £14487 | 4/15/2026 | (95) |
| Total Derivative Instruments |  |  |  |  | $344 |

---

(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 Master S.à.r.l. ("CARS Lux Master").

(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 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.

(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 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.

(d) 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.

(e) 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.

(f) 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, CARS Lux Finance, or CARS Lux Master.

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

\*\* Refer to Note 6, Derivative Instruments, to these consolidated financial statements for further information.

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

(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, 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 December 31, 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 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%.

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

(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)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 December 31, 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 December 31, 2025.

(13)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.

(14)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 | $— | $20296 | $— | $— | $— | $20296 | $1075 |
| Align Precision Group, LLC |  | 2814 |  |  | 71 | 2885 | 172 |
| Align Precision Group, LLC (Equity) |  | 5872 |  |  | (423) | 5449 |  |
| Total investments—non-controlled/affiliated | $— | $28982 | $— | $— | $(352) | $28630 | $1247 |

---

(15)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** | **First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments** | **First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments** | | |
| 1251 Insurance Distribution Platform Payco, LP | Revolver | 0.50% | $2843 | $(29) |
| AAH Topco., LLC | Delayed Draw | 1.00 | 5599 | (30) |
| AArete Investment, LLC | Delayed Draw | 1.00 | 3256 | (18) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| AArete Investment, LLC | Revolver | 0.50% | $1302 | $(7) |
| Addev Group (France) | Delayed Draw | 1.50 | 148 | (3) |
| Advanced Web Technologies Holding Company | Revolver | 0.50 | 1970 | (21) |
| AGS Health BCP LLC | Delayed Draw | 1.00 | 2364 | 8 |
| AGS Health BCP LLC | Revolver | 0.50 | 839 | 3 |
| Align Precision Group, LLC | Delayed Draw | 1.00 | 1122 |  |
| Allied Benefit Systems Intermediate LLC | Delayed Draw | 1.00 | 2702 | (16) |
| Alpine Acquisition Corp II | Revolver | 0.50 | 695 | (376) |
| AmpersCap LLC | Delayed Draw | 1.00 | 13759 | (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 | 22188 | (145) |
| Applied Technical Services, LLC | Delayed Draw | 2.00 | 2124 | (17) |
| Applied Technical Services, LLC | Revolver | 0.50 | 3007 | (24) |
| Artifact Bidco, Inc. | Delayed Draw | 0.50 | 172 |  |
| Artifact Bidco, Inc. | Revolver | 0.25 | 123 |  |
| Ascend Buyer, LLC | Revolver | 0.50 | 1847 | (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 | 1143 | 1 |
| Auditboard, Inc. | Revolver | 0.50 | 1143 | (1) |
| Azurite Intermediate Holdings, Inc. | Revolver | 0.50 | 397 | 2 |
| Bamboo Health Holdings, LLC | Revolver | 0.50 | 4542 | 23 |
| Bianalisi S.p.A. (Italy) | Delayed Draw | 1.25 | 1848 | (43) |
| Big Bus Tours Group Limited (United Kingdom) | Delayed Draw | 1.50 | 350 | (10) |
| Bingo Group Buyer, Inc. | Delayed Draw | 0.75 | 3056 | (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 |  | 2825 | (14) |
| Businessolver.com, Inc. | Revolver | 0.50 | 1258 | (6) |
| Celerion Buyer, Inc. | Revolver | 0.50 | 125 | (1) |
| CircusTrix Holdings, LLC | Revolver | 0.50 | 323 | (2) |
| Cliffwater LLC | Revolver | 0.38 | 3465 | (3) |
| Cority Software Inc. (Canada) | Revolver | 0.38 | 5208 | (26) |
| Coupa Holdings, LLC | Delayed Draw | 1.00 | 193 | 1 |
| Coupa Holdings, LLC | Revolver | 0.50 | 148 | 1 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 2036 | (24) |
| Deerfield Dakota Holding, LLC | Revolver | 0.50 | 4273 | (43) |
| Denali Intermediate Holdings, Inc. | Revolver | 0.50 | 1437 | (14) |
| Divisions Holding Corporation | Revolver | 0.50 | 1600 | 11 |
| Dwyer Instruments, Inc. | Revolver | 0.50 | 1891 |  |
| Einstein Parent, Inc. | Revolver | 0.50 | 3142 | (33) |
| Ellkay, LLC | Revolver | 0.50 | 2459 | (17) |
| Embark Intermediate Holdings, LLC | Delayed Draw | 1.00 | 4762 | (47) |
| Embark Intermediate Holdings, LLC | Revolver | 0.50 | 1143 | (11) |
| Enkindle Limited (United Kingdom) | Delayed Draw | 1.00 | £923 | (28) |
| Enverus, Inc. | Delayed Draw | 1.00 | 4621 | (17) |
| Enverus, Inc. | Revolver | 0.50 | 1130 | (4) |
| Espresso Bidco Inc. | Delayed Draw | 0.50 | 4281 | (6) |
| Espresso Bidco Inc. | Revolver | 0.50 | 1903 | (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 | 1164 |  |
| Flexera Software LLC | Revolver | 0.25 | 1620 | (4) |
| FPG Intermediate Holdco, LLC | Delayed Draw |  | 43 |  |
| Fullsteam Operations LLC | Delayed Draw | 1.00 | 2177 | (22) |
| Fullsteam Operations LLC | Revolver | 0.50 | 726 | (7) |
| Galileo Parent, Inc. | Revolver | 0.50 | 1650 | 8 |
| Greenhouse Software, Inc. | Revolver | 0.50 | 2204 |  |
| 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 | £1695 | 6 |
| Heartland Home Services, Inc. | Revolver | 0.50 | 1542 | (35) |
| Hercules Borrower LLC | Revolver | 0.38 | 2160 | 1 |
| Higginbotham Insurance Agency, Inc. | Delayed Draw | 0.50 | 16752 | (83) |
| Holding Argon (France) | Delayed Draw | 1.00 | 4094 | (96) |
| Hoosier Intermediate, LLC | Revolver | 0.38 | 2400 |  |
| Horizon Avionics Buyer, LLC | Delayed Draw |  | 1228 | (6) |
| Horizon Avionics Buyer, LLC | Revolver | 0.50 | 506 | (3) |
| HS Spa Holdings Inc. | Revolver | 0.50 | 962 | (11) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| Hyphen Solutions, LLC | Delayed Draw | 1.00% | $1256 | $(7) |
| Hyphen Solutions, LLC | Revolver | 0.50 | 754 | (4) |
| Icefall Parent, Inc. | Revolver | 0.25 | 744 |  |
| iCIMS, Inc. | Revolver | 0.50 | 1641 | (30) |
| IEM New Sub 2, LLC | Revolver |  | 3842 | (19) |
| IG Investments Holdings, LLC | Revolver | 0.50 | 325 |  |
| IQN Holding Corp. | Revolver | 0.38 | 171 | (1) |
| Iron Infinity Buyer Sub, Inc. | Delayed Draw |  | 10231 | (28) |
| Iron Infinity Buyer Sub, Inc. | Revolver | 0.50 | 4213 | (11) |
| Kona Buyer, LLC | Delayed Draw | 0.50 | 20325 | 68 |
| Kona Buyer, LLC | Revolver | 0.50 | 902 | 3 |
| LDS Intermediate Holdings, L.L.C. | Delayed Draw | 1.00 | 6567 | (21) |
| LDS Intermediate Holdings, L.L.C. | Revolver | 0.50 | 2770 | (9) |
| Leo BuyerCo, LLC | Delayed Draw |  | 3429 | (34) |
| Leo BuyerCo, LLC | Revolver | 0.50 | 2743 | (27) |
| Lifelong Learner Holdings, LLC | Revolver | 0.50 | 34 | (4) |
| Material Holdings, LLC | Delayed Draw |  | 1419 |  |
| Material Holdings, LLC | Revolver |  | 192 |  |
| Medical Manufacturing Technologies, LLC | Revolver | 0.50 | 1866 |  |
| Merative L.P. | Delayed Draw | 0.50 | 4706 |  |
| Merative L.P. | Revolver | 0.50 | 4118 |  |
| Modernizing Medicine, Inc. | Revolver | 0.50 | 1099 | 1 |
| Monarch Buyer, Inc. | Delayed Draw | 0.50 | 8897 | (91) |
| Monarch Buyer, Inc. | Revolver | 0.38 | 4328 | (44) |
| More Cowbell II, LLC | Delayed Draw | 0.50 | 1112 |  |
| More Cowbell II, LLC | Revolver | 0.50 | 2225 | (1) |
| NEFCO Holding Company LLC | Revolver | 0.50 | 3077 |  |
| North Haven Fairway Buyer, LLC | Delayed Draw | 1.00 | 1495 | (11) |
| North Haven Fairway Buyer, LLC | Revolver | 0.50 | 687 | (5) |
| Nuzoa Bidco, S.L.U. (Spain) | Delayed Draw | 1.25 | 2401 | (42) |
| Oak Purchaser, Inc. | Delayed Draw | 0.50 | 1373 | (3) |
| Oak Purchaser, Inc. | Revolver | 0.50 | 824 | (2) |
| OEConnection, LLC | Delayed Draw | 0.50 | 5839 | (29) |
| OEConnection, LLC | Revolver | 0.50 | 1538 | (8) |
| OEI, Inc. | Delayed Draw | 0.50 | 10651 | (80) |
| OEI, Inc. | Revolver | 0.50 | 4260 | (32) |
| Optimizely North America Inc. | Revolver | 0.50 | 1364 | (22) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | £1751 | (29) |
| PDI TA Holdings, Inc | Revolver | 0.50 | 156 | (4) |
| PF Atlantic Holdco 2, LLC | Revolver | 0.50 | 2759 |  |
| PPV Intermediate Holdings, LLC | Delayed Draw | 1.00 | 5267 |  |
| PPV Intermediate Holdings, LLC | Revolver | 0.50 | 1360 | (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 | 2665 | (7) |
| PXO Holdings I Corp. | Revolver | 0.50 | 490 | (8) |
| QBS Parent, Inc. | Delayed Draw |  | 12283 | 78 |
| QBS Parent, Inc. | Revolver | 0.50 | 3890 | 25 |
| Radwell Parent, LLC | Revolver | 0.38 | 291 |  |
| Rialto Management Group, LLC | Revolver | 0.38 | 894 | 1 |
| Rotation Buyer, LLC | Delayed Draw | 1.00 | 2257 | (20) |
| Rotation Buyer, LLC | Revolver | 0.50 | 1016 | (9) |
| Saguaro Buyer, LLC | Delayed Draw | 1.00 | 5047 | (10) |
| Saguaro Buyer, LLC | Revolver | 0.50 | 1531 | (3) |
| SCHP Purchaser, INC | Revolver | 0.50 | 3100 | (30) |
| SCP Eye Care HoldCo, LLC | Revolver | 0.50 | 19 |  |
| Seahawk Bidco, LLC | Delayed Draw | 1.00 | 1650 | 4 |
| Seahawk Bidco, LLC | Revolver | 0.50 | 2333 | 6 |
| Sigma Irish Acquico Limited (Ireland) | Delayed Draw | 0.50 | 1286 | (16) |
| Smarsh Inc. | Delayed Draw | 1.00 | 816 |  |
| Smarsh Inc. | Revolver | 0.50 | 376 |  |
| Specialty Pharma III, Inc. | Revolver | 0.50 | 3654 | (18) |
| Speedstar Holding LLC | Delayed Draw | 1.00 | 1789 | (69) |
| SPF Borrower, LLC | Revolver | 0.50 | 403 |  |
| Spotless Brands, LLC | Delayed Draw | 1.00 | 8943 | (59) |
| Spotless Brands, LLC | Revolver | 0.50 | 877 | 4 |
| Summit Bidco, Inc. (Canada) | Delayed Draw | 0.50 | 1895 | (13) |
| Summit Bidco, Inc. (Canada) | Revolver | 0.50 | 962 | (7) |
| Tank Holding Corp. | Revolver | 0.38 | 828 | (71) |
| The Chartis Group, LLC | Delayed Draw | 1.00 | 5311 | 53 |
| The Chartis Group, LLC | Revolver | 0.50 | 3187 | 32 |
| Total Power Limited (Canada) | Delayed Draw | 1.00 | 824 | (5) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| Total Power Limited (Canada) | Revolver | 0.50% | 1111 | $(7) |
| Tufin Software North America, Inc. | Revolver | 0.50 | 2820 | (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 | 6140 | (61) |
| UFT Buyer LLC | Revolver | 0.50 | 2303 | (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 |  | 1330 | (4) |
| Victors Purchaser, LLC | Revolver | 0.50 | 2313 | (7) |
| Whitney Merger Sub, Inc. | Revolver | 0.50 | 4895 | (49) |
| Wineshipping.com LLC | Delayed Draw |  | 1384 | (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 |  |  | $408527 | $(2725) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| First Lien Debt | $2415655 | $2383274 | 89.9% |
| Second Lien Debt | 58354 | 55729 | 2.1 |
| Equity Investments | 90979 | 100355 | 3.8 |
| Structured Credit Investments | 111121 | 111928 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2676109 | $2651286 | 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 | $2580385 | $2546170 | 99.8% |
| Fixed Rate | 4745 | 4761 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2585130 | $2550931 | 100.0% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

The industry composition of investments as of December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Aerospace & Defense | $59672 | $58666 | 2.2% |
| Auto Aftermarket & Services | 95926 | 93777 | 3.5 |
| Beverage & Food | 17846 | 12339 | 0.5 |
| Business Services | 256294 | 256977 | 9.7 |
| Capital Equipment | 102993 | 103060 | 3.9 |
| Chemicals, Plastics & Rubber | 35640 | 35505 | 1.3 |
| Construction & Building | 121940 | 117990 | 4.5 |
| Consumer Goods: Durable | 428 | 395 | 0.0 |
| Consumer Goods: Non-Durable | 4611 | 4700 | 0.2 |
| Consumer Services | 211295 | 206829 | 7.8 |
| Containers, Packaging & Glass | 64301 | 65140 | 2.5 |
| Diversified Financial Services | 264892 | 266929 | 10.2 |
| Energy: Electricity | 27639 | 27735 | 1.0 |
| Energy: Oil & Gas | 33186 | 33603 | 1.3 |
| Environmental Industries | 105815 | 95965 | 3.6 |
| Healthcare & Pharmaceuticals | 383424 | 388084 | 14.7 |
| High Tech Industries | 115768 | 115198 | 4.3 |
| Leisure Products & Services | 165357 | 166007 | 6.3 |
| Media: Broadcasting & Subscription | 14220 | 14217 | 0.5 |
| Media: Diversified & Production | 12237 | 13501 | 0.5 |
| Retail | 18037 | 18155 | 0.7 |
| Software | 270862 | 273568 | 10.3 |
| Sovereign & Public Finance | 80 | 81 | 0.0 |
| Structured Credit | 111121 | 111928 | 4.2 |
| Telecommunications | 43536 | 43699 | 1.6 |
| Transportation: Cargo | 46741 | 34387 | 1.3 |
| Transportation: Consumer | 37630 | 37793 | 1.4 |
| Utilities: Oil & Gas | 34787 | 34773 | 1.3 |
| Utilities: Water | 8523 | 8886 | 0.3 |
| Wholesale | 11308 | 11399 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2676109 | $2651286 | 100.0% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)** 

The geographical composition of investments as of December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Geography** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Australia | $2236 | $2269 | 0.1% |
| Bermuda | 2860 | 2831 | 0.1 |
| Canada | 119482 | 124965 | 4.7 |
| Cayman Islands | 90807 | 90068 | 3.4 |
| France | 26496 | 27783 | 1.0 |
| Ireland | 25503 | 27521 | 1.0 |
| Italy | 20255 | 21967 | 0.8 |
| Luxembourg | 60329 | 60119 | 2.3 |
| Netherlands | 7658 | 7727 | 0.3 |
| Spain | 7531 | 7663 | 0.3 |
| Sweden | 1167 | 363 | 0.0 |
| United Kingdom | 84506 | 88006 | 3.3 |
| United States | 2227279 | 2190004 | 82.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2676109 | $2651286 | 100.0% |

---

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

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **First Lien Debt (88.1% of fair value)** | **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 | $38701 | $38449 | $39085 | 2.62% |
| ACR Group Borrower, LLC | (b) | (2)(3)(14) | Aerospace & Defense | SOFR | 4.75% | 9.05% | 5/14/2024 | 3/31/2028 | 1175 | 1164 | 1175 | 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 | 23109 | 22488 | 20795 | 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 | 18842 | 18667 | 18832 | 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 | 2286 | 2226 | 2286 | 0.15 |
| Allied Benefit Systems Intermediate LLC | (e) | (2)(3) | Healthcare & Pharmaceuticals | SOFR | 5.25% | 9.63% | 10/31/2023 | 10/31/2030 | 2536 | 2502 | 2562 | 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 | 21866 | 21649 | 17167 | 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 | 11721 | 11473 | 11625 | 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 | 1271 | 1249 | 1247 | 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 | 43444 | 43000 | 43139 | 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 | 1176 | 1160 | 1187 | 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 | 12673 | 12508 | 12654 | 0.85 |
| Associations, Inc. | (a)(e) | (2)(3)(11)(14) | Construction & Building | SOFR | 6.50% | 11.05% | 5/3/2024 | 7/2/2028 | 6824 | 6817 | 6892 | 0.46 |
| Athlete Buyer, LLC | (a)(e) | (2)(3)(11)(14) | Construction & Building | SOFR | 5.75% | 10.08% | 3/29/2024 | 4/26/2029 | 3873 | 3764 | 3771 | 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 | 1442 | 1405 | 1444 | 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 | 6000 | 5905 | 5941 | 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 | 38162 | 37851 | 36948 | 2.48 |
| Avalara, Inc. | (b)(c)(e) | (2)(3)(14) | Diversified Financial Services | SOFR | 6.25% | 10.58% | 10/19/2022 | 10/19/2028 | 14265 | 14004 | 14265 | 0.96 |
| Azurite Intermediate Holdings, Inc. | (b)(e) | (2)(3)(14) | Software | SOFR | 6.50% | 10.86% | 3/19/2024 | 3/19/2031 | 3577 | 3524 | 3654 | 0.24 |
| Barnes & Noble, Inc. | (b)(e) | (2)(3)(10)(11) | Retail | SOFR | 8.81% | 13.17% | 8/7/2019 | 12/20/2026 | 20133 | 19842 | 20000 | 1.34 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% 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 | 3303 | 3486 | 3327 | 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 | 5341 | 5189 | 5194 | 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 | 3446 | 3389 | 3496 | 0.23 |
| Birsa S.p.A. (Italy) | (a) | (2)(7)(14) | Healthcare & Pharmaceuticals | EURIBOR | 6.00% | 8.58% | 7/2/2024 | 6/30/2031 | 1586 | 1595 | 1547 | 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 | 26437 | 26081 | 26015 | 1.74 |
| BMS Holdings III Corp. | (b)(c) | (2)(3)(11) | Construction & Building | SOFR | 5.50% | 9.83% | 9/30/2019 | 9/30/2026 | 28456 | 28239 | 27459 | 1.84 |
| Bradyifs Holdings, LLC | (c)(e) | (2)(3)(14) | Wholesale | SOFR | 5.00% | 9.52% | 10/31/2023 | 10/31/2029 | 15415 | 15142 | 15467 | 1.04 |
| Celerion Buyer, Inc. | (c)(e) | (2)(3)(14) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 9.53% | 11/3/2022 | 11/3/2029 | 2399 | 2356 | 2379 | 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 | 11725 | 11721 | 11725 | 0.79 |
| CircusTrix Holdings, LLC | (a)(e) | (2)(3)(14) | Leisure Products & Services | SOFR | 6.50% | 10.86% | 7/18/2023 | 7/14/2028 | 9676 | 9482 | 9808 | 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 | 46307 | 46268 | 41880 | 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 | 1774 | 1750 | 1791 | 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 | 15173 | 14773 | 14724 | 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 | 60979 | 60654 | 60856 | 4.08 |
| Coupa Holdings, LLC | (c)(e) | (2)(3)(14) | Software | SOFR | 5.50% | 10.09% | 2/27/2023 | 2/28/2030 | 2149 | 2098 | 2182 | 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 | 2442 | 2385 | 2445 | 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 | 10366 | 10896 | 10526 | 0.71 |
| DCA Investment Holding LLC | (b)(e) | (2)(3) | Healthcare & Pharmaceuticals | SOFR | 6.41% | 10.73% | 3/11/2021 | 4/3/2028 | 11949 | 11857 | 11464 | 0.77 |
| Denali Midco 2, LLC | (c)(e) | (2)(3) | Consumer Services | SOFR | 5.25% | 9.61% | 9/15/2022 | 12/22/2028 | 8423 | 8265 | 8359 | 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 | 24819 | 24534 | 24819 | 1.66 |
| Eliassen Group, LLC | (b)(e) | (2)(3) | Business Services | SOFR | 5.75% | 10.10% | 4/14/2022 | 4/14/2028 | 21170 | 20975 | 20827 | 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 | 14032 | 13878 | 12278 | 0.82 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% 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 | 2832 | 2782 | 2832 | 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 | 6141 | 6046 | 6095 | 0.41 |
| Excelitas Technologies Corp. | (b) | (2) | Capital Equipment | EURIBOR | 5.25% | 8.11% | 8/12/2022 | 8/12/2029 | 3213 | 3326 | 3304 | 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 | 6097 | 6019 | 6055 | 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 | 32744 | 32744 | 32744 | 2.19 |
| Generator US Buyer, Inc. | (b) | (2)(3) | Energy: Electricity | SOFR | 5.25% | 9.58% | 10/1/2024 | 7/22/2030 | 1530 | 1504 | 1512 | 0.10 |
| Greenhouse Software, Inc. | (a)(b)(c)(e) | (2)(3)(14) | Software | SOFR | 6.25% | 10.58% | 3/1/2021 | 9/1/2028 | 32796 | 32275 | 33003 | 2.21 |
| GS AcquisitionCo, Inc. | (a)(e) | (2)(3)(14) | Software | SOFR | 5.25% | 9.58% | 3/26/2024 | 5/25/2028 | 1095 | 1093 | 1102 | 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 | £13774 | 17647 | 17488 | 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 | 31694 | 31449 | 30156 | 2.02 |
| Heartland Home Services, Inc. | (c) | (2)(3)(11) | Consumer Services | SOFR | 5.75% | 10.08% | 2/10/2022 | 12/15/2026 | 3963 | 3946 | 3766 | 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 | 17895 | 17704 | 17895 | 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 | 16026 | 15800 | 16026 | 1.07 |
| HS Spa Holdings Inc. | (a)(e) | (2)(3)(14) | Consumer Services | SOFR | 5.25% | 9.76% | 6/2/2022 | 6/2/2029 | 8679 | 8543 | 8738 | 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 | 7811 | 7660 | 7803 | 0.52 |
| iCIMS, Inc. | (a)(b)(c)(e) | (2)(3)(14) | Software | SOFR | 5.75% | 10.38% | 8/18/2022 | 8/18/2028 | 28159 | 27855 | 27614 | 1.85 |
| IG Investments Holdings, LLC | (b) | (2)(3)(14) | Business Services | SOFR | 5.00% | 9.57% | 11/1/2024 | 9/22/2028 | 4117 | 4117 | 4117 | 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 | 33924 | 40558 | 35140 | 2.35 |
| IQN Holding Corp. | (a)(b) | (2)(3)(14) | Business Services | SOFR | 5.25% | 9.76% | 5/2/2022 | 5/2/2029 | 7026 | 6977 | 7026 | 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 | 4404 | 4404 | 4260 | 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 | 5850 | 5850 | 5850 | 0.39 |
| Kaseya, Inc. | (b)(e) | (2)(3)(14) | High Tech Industries | SOFR | 5.50% | 10.08% | 6/23/2022 | 6/23/2029 | 36846 | 36303 | 36846 | 2.47 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% 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 | $8232 | $8192 | $7541 | 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 | 39757 | 39366 | 39757 | 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 | 13749 | 13749 | 13749 | 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 | 3378 | 1310 | 877 | 0.06 |
| Maverick Acquisition, Inc. | (b)(c) | (2)(3)(11) | Aerospace & Defense | SOFR | 6.25% | 10.58% | 6/1/2021 | 6/1/2027 | 42751 | 42351 | 31105 | 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 | 19468 | 19226 | 19163 | 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 | 31928 | 31499 | 31842 | 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 | 22799 | 22409 | 22799 | 1.53 |
| North Haven Fairway Buyer, LLC | (c) | (2)(3)(14) | Consumer Services | SOFR | 5.25% | 9.66% | 6/26/2024 | 5/17/2028 | 2246 | 2139 | 2188 | 0.15 |
| Oak Purchaser, Inc. | (a)(b)(e) | (2)(3)(14) | Business Services | SOFR | 5.50% | 9.81% | 4/28/2022 | 4/28/2028 | 7475 | 7426 | 7353 | 0.49 |
| Oak Purchaser, Inc. | (a)(b)(e) | (2)(3)(14) | Business Services | SOFR | 5.50% | 9.82% | 2/1/2024 | 4/28/2028 | 1039 | 1000 | 997 | 0.07 |
| Optimizely North America Inc. | (b) | (2)(3) | High Tech Industries | EURIBOR | 5.25% | 8.11% | 10/30/2024 | 10/30/2031 | 3030 | 3258 | 3119 | 0.21 |
| Optimizely North America Inc. | (b) | (2)(3)(14) | High Tech Industries | SOFR | 5.00% | 9.36% | 10/30/2024 | 10/30/2031 | 8970 | 8869 | 8909 | 0.60 |
| Optimizely North America Inc. | (b) | (2)(3) | High Tech Industries | SONIA | 5.50% | 10.20% | 10/30/2024 | 10/30/2031 | £1212 | 1556 | 1511 | 0.10 |
| Oranje Holdco, Inc. | (b)(e) | (2)(3)(14) | Business Services | SOFR | 7.75% | 12.32% | 2/1/2023 | 2/1/2029 | 4026 | 3941 | 4058 | 0.27 |
| Oranje Holdco, Inc. | (b)(e) | (2)(3) | Business Services | SOFR | 7.25% | 11.82% | 6/26/2024 | 2/1/2029 | 1687 | 1656 | 1671 | 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 | 1805 | 1882 | 1841 | 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 | 4768 | 4697 | 4696 | 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 | £2021 | 2531 | 2474 | 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 | £5682 | 7181 | 6905 | 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 | 28759 | 28249 | 28615 | 1.92 |
| PDI TA Holdings, Inc | (b) | (2)(3)(14) | Software | SOFR | 5.50% | 10.08% | 2/1/2024 | 2/1/2031 | 2572 | 2545 | 2568 | 0.17 |
| Performance Health Holdings, Inc. | (e) | (2)(3)(11) | Healthcare & Pharmaceuticals | SOFR | 5.75% | 10.11% | 7/12/2021 | 7/12/2027 | 6444 | 6382 | 6444 | 0.43 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% 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 | $2513 | $2457 | $2541 | 0.17% |
| Pestco Intermediate, LLC | (a)(b) | (2)(3)(14) | Environmental Industries | SOFR | 5.25% | 9.50% | 10/2/2024 | 2/17/2028 | 1237 | 1209 | 1214 | 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 | 36293 | 35877 | 36293 | 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 | 7331 | 6771 | 6389 | 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 | 18999 | 18829 | 18921 | 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 | 9650 | 9522 | 9647 | 0.65 |
| QBS Parent, Inc. | (a)(b) | (2)(3)(14) | Energy: Oil & Gas | SOFR | 4.75% | 9.27% | 11/7/2024 | 11/7/2031 | 9569 | 9517 | 9516 | 0.64 |
| QNNECT, LLC | (b)(c)(e) | (2)(3)(14) | Aerospace & Defense | SOFR | 5.25% | 10.26% | 11/2/2022 | 11/2/2029 | 3116 | 3046 | 3129 | 0.21 |
| Quantic Electronics, LLC | (c)(e) | (2)(3)(11)(14) | Aerospace & Defense | SOFR | 6.00% | 10.33% | 11/19/2020 | 11/19/2026 | 14919 | 14794 | 14919 | 1.00 |
| Quantic Electronics, LLC | (c)(e) | (2)(3)(11) | Aerospace & Defense | SOFR | 6.00% | 10.33% | 3/1/2021 | 3/1/2027 | 9625 | 9543 | 9625 | 0.64 |
| Radwell Parent, LLC | (c)(e) | (2)(3)(14) | Wholesale | SOFR | 5.50% | 9.83% | 12/1/2022 | 4/1/2029 | 4628 | 4510 | 4583 | 0.31 |
| Ranpak Corp. | (b) | (2) | Containers, Packaging & Glass | SOFR | 4.50% | 8.79% | 12/19/2024 | 12/19/2031 | 12195 | 12074 | 12073 | 0.81 |
| Ranpak B.V. (Netherlands) | (b) | (2) | Containers, Packaging & Glass | SOFR | 4.50% | 8.79% | 12/19/2024 | 12/19/2031 | 7805 | 7727 | 7727 | 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 | 10000 | 9809 | 10300 | 0.69 |
| Rialto Management Group, LLC | (b) | (2)(3)(14) | Diversified Financial Services | SOFR | 5.00% | 9.53% | 12/5/2024 | 12/5/2030 | 10467 | 10359 | 10358 | 0.69 |
| Rotation Buyer, LLC | (a)(b) | (2)(3)(14) | Capital Equipment | SOFR | 4.75% | 9.08% | 12/27/2024 | 12/27/2031 | 12056 | 11894 | 11893 | 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 | 24882 | 24622 | 24620 | 1.65 |
| Smarsh Inc. | (a)(e) | (2)(3)(14) | Software | SOFR | 5.75% | 10.08% | 2/18/2022 | 2/18/2029 | 3755 | 3698 | 3755 | 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 | 29237 | 29195 | 25108 | 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 | 18170 | 17948 | 17942 | 1.20 |
| SPF Borrower, LLC | (a) | (2)(3)(11)(14) | Healthcare & Pharmaceuticals | SOFR | 6.25% | 10.58% | 2/1/2024 | 2/1/2028 | 10392 | 10392 | 10392 | 0.70 |
| SPF Borrower, LLC | (a) | (2)(3)(11) | Healthcare & Pharmaceuticals | SOFR | 9.50% | 13.83% | 2/1/2024 | 2/1/2028 | 3822 | 3822 | 3822 | 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 | 33370 | 32757 | 33451 | 2.24 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% 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 | $24942 | $24653 | $24942 | 1.67% |
| Tank Holding Corp. | (b) | (2)(3)(11)(14) | Capital Equipment | SOFR | 6.00% | 10.35% | 9/26/2024 | 3/31/2028 | 2717 | 2690 | 2717 | 0.18 |
| TCFI Aevex LLC | (b)(c)(e) | (2)(3)(11) | Aerospace & Defense | SOFR | 6.00% | 10.36% | 3/18/2020 | 3/18/2026 | 27957 | 27820 | 27958 | 1.87 |
| The Chartis Group, LLC | (a)(b) | (2)(3)(14) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.85% | 9/17/2024 | 9/17/2031 | 20820 | 20526 | 20643 | 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 | 8022 | 5706 | 5486 | 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 | 28328 | 27942 | 28202 | 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 | 42210 | 42005 | 39341 | 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 | 21282 | 21261 | 21211 | 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 | 2645 | 2585 | 2635 | 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 | 49227 | 48949 | 44461 | 2.98 |
| USR Parent Inc. | (e) | (2)(3)(10) | Retail | SOFR | 7.60% | 12.15% | 4/22/2022 | 4/25/2027 | 3333 | 3316 | 3290 | 0.22 |
| Vensure Employer Services, Inc. | (a)(b)(e) | (2)(14) | Business Services | SOFR | 5.00% | 9.34% | 9/27/2024 | 9/27/2031 | 21058 | 20816 | 21029 | 1.41 |
| Wineshipping.com LLC | (c) | (2)(3)(11)(14) | Beverage & Food | SOFR | 5.75% | 10.29% | 10/29/2021 | 10/29/2027 | 15603 | 15434 | 12852 | 0.86 |
| World 50, Inc. | (b)(e) | (2)(3)(14) | Business Services | SOFR | 5.75% | 10.11% | 3/22/2024 | 3/22/2030 | 18996 | 18638 | 18786 | 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 | 10942 | 10838 | 10813 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***First Lien Debt Total*** |  |  |  |  |  |  |  |  |  | $1759826 | $1720761 | 115.30% |
| **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **Second Lien Debt (4.8% of fair value)** | **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 | $10185 | $10092 | $9956 | 0.67% |
| Aimbridge Acquisition Co., Inc. | (b) | (2)(8)(11) | Leisure Products & Services | SOFR | 7.50% | 11.79% | 2/1/2019 | 2/1/2027 | 21047 | 20612 | 2542 | 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 | 38180 | 37469 | 38180 | 2.56 |
| AQA Acquisition Holdings, Inc. | (b)(e) | (2)(3) | High Tech Industries | SOFR | 6.25% | 10.84% | 5/14/2021 | 3/3/2029 | 13679 | 13570 | 13645 | 0.91 |
| Associations, Inc. | (a) | (9) | Construction & Building | FIXED | 14.25% (100% PIK) | 14.25% | 5/3/2024 | 5/3/2030 | 2747 | 2735 | 2735 | 0.18 |
| Denali Midco 2, LLC | (a) | (2)(3) | Consumer Services | FIXED | 13.00% (100% PIK) | 13.00% | 10/4/2024 | 12/22/2029 | 1320 | 1296 | 1295 | 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 | 14672 | 14442 | 12888 | 0.86 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**<sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*\*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| TruGreen Limited Partnership | (b) | (2)(3)(11) | Consumer Services | SOFR | 8.50% | 13.09% | 11/16/2020 | 11/2/2028 | $13000 | $12848 | $11483 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Second Lien Debt Total*** |  |  |  |  |  |  |  |  |  | $113064 | $92724 | 6.21% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** <sup>(1)</sup> | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Maturity Date** | **Par/ Principal Amount \*** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** <sup>(5)</sup> | **% of Net Assets** |
| **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **Structured Credit Investments (3.2% of fair value)** | **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 | $1250 | $1250 | $1250 | 0.08% |
| Aimco CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 9.54% | 11/14/2024 | 10/17/2037 | 1330 | 1330 | 1330 | 0.09 |
| Apidos CLO XVIII-R Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.79% | 11/22/2024 | 1/22/2038 | 3270 | 3270 | 3271 | 0.22 |
| Avoca CLO XI DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 6.15% | 8.94% | 11/8/2024 | 10/15/2038 | 1750 | 1876 | 1812 | 0.12 |
| Babson CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 10.29% | 11/20/2024 | 1/15/2038 | 1275 | 1275 | 1284 | 0.09 |
| Babson CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.79% | 12/20/2024 | 1/15/2038 | 5000 | 5000 | 5000 | 0.36 |
| Birch Grove CLO 11 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 10.09% | 11/15/2024 | 1/22/2038 | 3000 | 3000 | 3003 | 0.20 |
| Bryant Park Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 10.04% | 11/18/2024 | 1/18/2038 | 3000 | 3000 | 3001 | 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 | 3490 | 3653 | 3615 | 0.24 |
| Elmwood CLO II Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.94% | 10/29/2024 | 10/20/2037 | 3250 | 3250 | 3321 | 0.22 |
| Generate CLO 18 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 10.29% | 10/18/2024 | 1/20/2038 | 2190 | 2190 | 2211 | 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 | 3375 | 3375 | 3375 | 0.23 |
| KKR CLO 54 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 10.09% | 11/22/2024 | 1/15/2038 | 3050 | 3050 | 3051 | 0.20 |
| Oaktree CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 10.39% | 11/25/2024 | 1/15/2038 | 2875 | 2875 | 2876 | 0.19 |
| Pikes Peak CLO 8 | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 10.04% | 12/19/2024 | 1/20/2038 | 3000 | 3000 | 3000 | 0.20 |
| Rad CLO 17 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.25% | 10.54% | 11/5/2024 | 1/20/2038 | 2000 | 2000 | 2001 | 0.13 |
| Reese Park CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 10.29% | 11/20/2024 | 1/15/2038 | 2220 | 2220 | 2252 | 0.15 |
| Regatta 30 Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.40% | 9.69% | 11/25/2024 | 1/25/2038 | 1970 | 1970 | 1970 | 0.13 |
| Regatta XXIV Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.15% | 9.44% | 12/20/2024 | 1/20/2038 | 3000 | 3000 | 3000 | 0.20 |
| RR Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.79% | 11/26/2024 | 1/15/2037 | 2860 | 2860 | 2861 | 0.19 |
| Silver Point CLO 1 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 9.54% | 12/23/2024 | 1/20/2038 | 2250 | 2250 | 2250 | 0.15 |
| Silver Point CLO 7 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 10.04% | 11/25/2024 | 1/15/2038 | 2200 | 2200 | 2200 | 0.15 |
| Voya Euro CLO VIII DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.85% | 8.64% | 11/12/2024 | 1/15/2039 | 4380 | 4640 | 4537 | 0.30 |
| **Structured Credit Investments Total** | **Structured Credit Investments Total** | **Structured Credit Investments Total** |  |  |  |  |  |  |  | $62534 | $62471 | 4.19% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** <sup>(1)</sup> | | **Footnotes** | **Industry** | **All-In Rate** | **Acquisition<br>Date** | **Shares/ Units** | **Cost** | **Fair Value** <sup>(5)</sup> | **% of<br>Net Assets** |
| **Common and Preferred Equity Investments (3.9% of fair value)** | **Common and Preferred Equity Investments (3.9% of fair value)** | **Common and Preferred Equity Investments (3.9% of fair value)** | **Common and Preferred Equity Investments (3.9% of fair value)** | | | | | | |
| ANLG Holdings, LLC | (a) | (6)(12) | Capital Equipment |  | 6/22/2018 | 592 | $592 | $1035 | 0.07% |
| 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 | 5114 | 5114 | 5114 | 0.34 |
| Blackbird Holdco, Inc. | (a) | (6) | Capital Equipment | 12.50% (100% PIK) | 12/14/2021 | 9 | 9338 | 9336 | 0.63 |
| Buckeye Group Holdings, L.P. | (c) | (6)(8) | Auto Aftermarket & Services | 11.29% (100% PIK) | 12/31/2024 | 4099 | 1218 | 1218 | 0.08 |
| Buckeye Group Holdings, L.P. | (c) | (6)(12) | Auto Aftermarket & Services |  | 12/31/2024 | 7542 |  |  |  |
| 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 | 7513 | 7513 | 0.50 |
| Integrity Marketing Group, LLC | (a) | (6) | Diversified Financial Services | 10.50% (100% PIK) | 12/21/2021 | 20577 | 20496 | 19942 | 1.34 |
| NearU Holdings LLC | (a) | (6)(12) | Consumer Services |  | 8/16/2022 | 25 | 2470 | 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 | 2315 | 2315 |  |  |
| 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 | 1168 | 199 | 0.01 |
| SPF HOLDCO LLC | (a) | (6)(12) | Healthcare & Pharmaceuticals |  | 2/1/2024 | 4030 | 5428 | 6742 | 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 | 1018 | 1456 | 1955 | 0.13 |
| Tank Holding Corp. | (a) | (6)(12) | Capital Equipment |  | 3/26/2019 | 850 |  | 3485 | 0.23 |
| Titan DI Preferred Holdings, Inc. | (a) | (6) | Energy: Oil & Gas | 13.50% (100% PIK) | 2/11/2020 | 12031 | 11932 | 12031 | 0.81 |
| Turbo Buyer, Inc. | (a) | (6)(12) | Auto Aftermarket & Services |  | 12/2/2019 | 1925 | 933 | 1274 | 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Equity Investments Total*** |  |  |  |  |  |  | $73376 | $75313 | 5.05% |
| Total investments—non-controlled/non-affiliated | Total investments—non-controlled/non-affiliated |  |  |  |  |  | $2008800 | $1951269 | 130.74% |
| Total investments |  |  |  |  |  |  | $2008800 | $1951269 | 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 | $3260 | 3000 | 2/4/2025 | $148 |
| Forward Currency Contract | Barclays Bank PLC | $1555 | £1200 | 2/4/2025 | 53 |
| Forward Currency Contract | Barclays Bank PLC | $7256 | £5607 | 2/4/2025 | 238 |
| Forward Currency Contract | Barclays Bank PLC | $9700 | 8935 | 2/4/2025 | 433 |
| Forward Currency Contract | Barclays Bank PLC | $1203 | 1672 | 2/5/2025 | 39 |
| Forward Currency Contract | Barclays Bank PLC | $18848 | £14538 | 2/5/2025 | 653 |
| Forward Currency Contract | Barclays Bank PLC | $3519 | 3240 | 2/5/2025 | 158 |
| Forward Currency Contract | Barclays Bank PLC | $36337 | 33459 | 2/5/2025 | 1633 |
| Forward Currency Contract | Barclays Bank PLC | $1723 | 1586 | 2/5/2025 | 77 |
| Forward Currency Contract | Barclays Bank PLC | $5678 | 7889 | 2/5/2025 | 183 |
| Forward Currency Contract | Barclays Bank PLC | $3498 | 3221 | 2/5/2025 | 157 |
| Total Derivative Instruments |  |  |  |  | $3772 |

---

(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").

(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 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.

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

(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, or the 2024-1 Issuer.

(e) 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.

\*\* 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%.

(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.

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

(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 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.

(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 5.05% 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 December 31, 2024.

(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 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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** | **First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments** | **First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments** | | |
| Accession Risk Management Group, Inc. | Revolver | 0.50% | $1096 | $11 |
| ACR Group Borrower, LLC | Delayed Draw | 0.75 | 62 |  |
| ADPD Holdings, LLC | Delayed Draw | 1.00 | 3418 | (292) |
| ADPD Holdings, LLC | Revolver | 0.50 | 568 | (49) |
| Advanced Web Technologies Holding Company | Revolver | 0.50 | 1689 | (1) |
| Alpine Acquisition Corp II | Revolver | 0.50 | 1965 | (387) |
| AmpersCap LLC | Delayed Draw | 1.00 | 3709 | (74) |
| Apex Companies Holdings, LLC | Delayed Draw | 1.00 | 3971 | (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 | 3212 | (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 | 2476 | (40) |
| Atlas US Finco, Inc. | Revolver | 0.50 | 134 |  |
| Auditboard, Inc. | Delayed Draw | 0.75 | 2857 | (17) |
| Auditboard, Inc. | Revolver | 0.50 | 1143 | (7) |
| Avalara, Inc. | Revolver | 0.50 | 1426 |  |
| Azurite Intermediate Holdings, Inc. | Revolver | 0.50 | 397 | 8 |

---

------

**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** |
| Big Bus Tours Group Limited (United Kingdom) | Delayed Draw | 1.50% | $913 | $(25) |
| Bingo Group Buyer, Inc. | Delayed Draw | 0.75 | 1066 | 11 |
| Bingo Group Buyer, Inc. | Revolver | 0.50 | 397 | 4 |
| Birsa S.p.A. (Italy) | Delayed Draw | 1.25 | 2538 | (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 | 14827 | (222) |
| Cority Software Inc. (Canada) | Revolver | 0.50 | 3000 | (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 | 3295 | (48) |
| Dwyer Instruments, Inc. | Delayed Draw | 1.00 | 1475 |  |
| Dwyer Instruments, Inc. | Revolver | 0.50 | 2947 |  |
| Ellkay, LLC | Revolver | 0.50 | 1071 | (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 | 1164 | (7) |
| FPG Intermediate Holdco, LLC | Delayed Draw |  | 11 | (4) |
| Galileo Parent, Inc. | Revolver | 0.50 | 2612 |  |
| Greenhouse Software, Inc. | Revolver | 0.50 | 2204 | 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 | £5657 | 45 |
| Heartland Home Services, Inc. | Revolver | 0.50 | 2056 | (94) |
| Hercules Borrower LLC | Revolver | 0.50 | 2160 |  |
| Hoosier Intermediate, LLC | Revolver | 0.50 | 2400 |  |
| 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 | 1960 | (35) |
| IG Investments Holdings, LLC | Revolver | 0.50 | 325 |  |

---

------

**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** |
| IQN Holding Corp. | Revolver | 0.50% | $297 | $— |
| Kaseya, Inc. | Delayed Draw | 1.00 | 853 |  |
| Kaseya, Inc. | Revolver | 0.50 | 1541 |  |
| Lifelong Learner Holdings, LLC | Revolver | 0.50 | 84 | (7) |
| LVF Holdings, Inc. | Revolver | 0.38 | 1733 |  |
| Material Holdings, LLC | Revolver | 1.00 | 192 |  |
| Medical Manufacturing Technologies, LLC | Revolver | 0.50 | 355 | (5) |
| NEFCO Holding Company LLC | Delayed Draw | 1.00 | 1642 | (4) |
| NEFCO Holding Company LLC | Revolver | 0.50 | 4224 | (10) |
| North Haven Fairway Buyer, LLC | Delayed Draw | 1.00 | 3897 | (37) |
| North Haven Fairway Buyer, LLC | Revolver | 0.50 | 909 |  |
| Oak Purchaser, Inc. | Delayed Draw | 0.50 | 1349 | (23) |
| Oak Purchaser, Inc. | Revolver | 0.50 | 584 | (9) |
| Optimizely North America Inc. | Revolver | 0.50 | 1364 | (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 | £2668 | (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 | 2759 |  |
| PPV Intermediate Holdings, LLC | Delayed Draw | 1.00 | 8696 |  |
| Prophix Software Inc. (Canada) | Delayed Draw |  | 1468 | (6) |
| Prophix Software Inc. (Canada) | Revolver | 0.50 | 2658 | (10) |
| PXO Holdings I Corp. | Revolver | 0.50 | 460 |  |
| QBS Parent, Inc. | Revolver | 0.38 | 1010 | (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 | 3005 | (30) |
| Rotation Buyer, LLC | Revolver | 0.50 | 1166 | (12) |
| SCP Eye Care HoldCo, LLC | Revolver | 0.50 | 19 |  |
| Seahawk Bidco, LLC | Delayed Draw | 1.00 | 7776 | (58) |

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**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** |
| Seahawk Bidco, LLC | Revolver | 0.50% | $2333 | $(17) |
| Smarsh Inc. | Delayed Draw | 1.00 | 408 |  |
| Smarsh Inc. | Revolver | 0.50 | 122 |  |
| Speedstar Holding LLC | Delayed Draw | 1.00 | 1789 | (20) |
| SPF Borrower, LLC | Revolver | 0.50 | 403 |  |
| Spotless Brands, LLC | Revolver | 0.50 | 1096 | 3 |
| Tank Holding Corp. | Delayed Draw | 1.00 | 130 |  |
| Tank Holding Corp. | Revolver | 0.38 | 828 |  |
| The Chartis Group, LLC | Delayed Draw | 1.00 | 6373 | (37) |
| The Chartis Group, LLC | Revolver | 0.50 | 3187 | (19) |
| Total Power Limited (Canada) | Delayed Draw | 0.50 | 1958 | (35) |
| Total Power Limited (Canada) | Revolver | 0.50 | 1111 | (20) |
| Tufin Software North America, Inc. | Revolver | 0.50 | 1339 | (6) |
| Turbo Buyer, Inc. | Revolver | 0.50 | 1075 | (71) |
| U.S. Legal Support, Inc. | Revolver | 0.50 | 709 | (2) |
| United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw | 1.00 | 1260 | (3) |
| United Flow Technologies Intermediate Holdco II, LLC | Revolver | 0.50 | 279 | (1) |
| Vensure Employer Services, Inc. | Delayed Draw | 0.50 | 4373 | (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 |  |  | $176940 | $(2026) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| First Lien Debt | $1759826 | $1720761 | 88.1% |
| Second Lien Debt | 113064 | 92724 | 4.8 |
| Equity Investments | 73376 | 75313 | 3.9 |
| Structured Credit Investments | 62534 | 62471 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2008800 | $1951269 | 100.0% |

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**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 | $1932603 | $1873139 | 99.8% |
| Fixed Rate | 2821 | 2817 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1935424 | $1875956 | 100.0% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Aerospace & Defense | $98718 | $87911 | 4.5% |
| Auto Aftermarket & Services | 82396 | 78513 | 4.0 |
| Beverage & Food | 55074 | 52695 | 2.7 |
| Business Services | 137740 | 137440 | 7.0 |
| Capital Equipment | 90163 | 94741 | 4.9 |
| Chemicals, Plastics & Rubber | 47253 | 48064 | 2.5 |
| Construction & Building | 73662 | 73307 | 3.8 |
| Consumer Goods: Durable | 4835 | 4662 | 0.2 |
| Consumer Goods: Non-Durable | 4611 | 4731 | 0.2 |
| Consumer Services | 186031 | 180802 | 9.3 |
| Containers, Packaging & Glass | 99559 | 93166 | 4.8 |
| Diversified Financial Services | 119484 | 119591 | 6.1 |
| Energy: Electricity | 7210 | 6998 | 0.4 |
| Energy: Oil & Gas | 21449 | 21547 | 1.1 |
| Environmental Industries | 87766 | 83867 | 4.3 |
| Healthcare & Pharmaceuticals | 167556 | 167525 | 8.6 |
| High Tech Industries | 109389 | 108871 | 5.6 |
| Leisure Products & Services | 153202 | 126314 | 6.5 |
| Media: Advertising, Printing & Publishing | 9809 | 10300 | 0.5 |
| Media: Diversified & Production | 39145 | 39141 | 2.0 |
| Retail | 23158 | 23290 | 1.2 |
| Software | 246038 | 247651 | 12.6 |
| Sovereign & Public Finance | 79 | 81 | 0.0 |
| Structured Credit | 62534 | 62471 | 3.2 |
| Telecommunications | 33371 | 33386 | 1.7 |
| Transportation: Cargo | 21649 | 17167 | 0.9 |
| Utilities: Water | 7267 | 6987 | 0.4 |

---

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**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2024**

**(amounts in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Wholesale | $19652 | $20050 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2008800 | $1951269 | 100.0% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Geography** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Australia | $2226 | $2286 | 0.1% |
| Bermuda | 2860 | 2861 | 0.1 |
| Canada | 138434 | 138798 | 7.1 |
| Cayman Islands | 46005 | 46146 | 2.4 |
| Ireland | 10169 | 9964 | 0.5 |
| Italy | 1595 | 1547 | 0.1 |
| Luxembourg | 78409 | 72088 | 3.7 |
| Netherlands | 7727 | 7727 | 0.4 |
| Sweden | 1168 | 199 | 0.0 |
| United Kingdom | 58230 | 57195 | 2.9 |
| United States | 1661977 | 1612458 | 82.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2008800 | $1951269 | 100.0% |

---

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

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**CARLYLE CREDIT SOLUTIONS, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**As of December 31, 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 or greater 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 of the applicable class of common stock, par value $0.01 per share ("Shares"), 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 for each class of Shares being subscribed for, 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). On April 14, 2025, the Company and the Investment Adviser 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.

On December 23, 2025, the Company amended its charter to rename existing common stock as Class I Common Stock and reclassify and designate authorized but unissued shares as Class I, Class D, and Class S. The share classes have different ongoing distribution and/or shareholder servicing fees. The different classes of common stock have been issued in accordance with 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.

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

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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 stockholders. None of the Company's policies are fundamental, and thus may be changed without stockholder approval.

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

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 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 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 7, Borrowings, to these consolidated financial statements for details. The 2024-1 Issuer is consolidated in these 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. It became a wholly owned subsidiary of the Company on July 23, 2024 and a wholly owned subsidiary of the SPV on August 14, 2025. 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 consolidated financial statements starting from July 23, 2024.

CARS Lux Master S.à.r.l. ("CARS Lux Master" 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 Master invests in first and second lien senior secured loans and is consolidated in these consolidated financial statements starting from June 6, 2025.

On December 23, 2025, the Company and Carlyle Secured Lending, Inc. ("CGBD"), an affiliated BDC of the Company, together with certain affiliates of Sixth Street Partners, LLC, Sixth Street Lending Partners and Sixth Street Specialty Lending, Inc. (together, "Sixth Street") (collectively with the Company and CGBD, the "SCP Members"), entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Structured Credit Partners JV, LLC ("Structured Credit Partners"). The SCP Members each hold 25% voting interests through non-economic Class A membership interests. As of December 31, 2025, Structured Credit Partners had not commenced operations, and no capital had been contributed to the joint venture. Each Carlyle SCP Member's initial capital commitment to Structured Credit Partners is up to $150,000, if and when requested, and the total initial capital commitments of all SCP Members to Structured Credit Partners are up to $600,000, if and when requested. Each SCP Member has equal representation on the board of managers of Structured Credit Partners.

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Funding of capital commitments generally requires board approval. In accordance with their respective economic interests, the SCP Members indirectly bear an allocable share of all expenses and other obligations of Structured Credit Partners. Structured Credit Partners will primarily invest in broadly syndicated loans and will be co-managed by Carlyle and Sixth Street. The broadly syndicated loans will be financed by financing subsidiaries that include warehouses and collateralized loan obligations. It is the intention of the SCP Members that Structured Credit Partners' capital be allocated over time approximately equally among financing subsidiaries managed by affiliates of the Company and affiliates of Sixth Street. Structured Credit Partners is managed by eight board members, with each member having equal representation. Refer to Note 5, Structured Credit Partners, to these consolidated financial statements for additional information regarding Structured Credit Partners.

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 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 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 annual financial statements have been prepared in accordance with U.S. GAAP for annual financial information and pursuant to the requirements for reporting on Form 10-K and Article 6 of Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the years presented have been included. These adjustments are of a normal, recurring nature.

***Use of Estimates***

The preparation of 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 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 consolidated financial statements for further information about fair value measurements.

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***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 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 6, Derivative Instruments, to these consolidated financial statements for further information.

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 6, Derivative Instruments, to these 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 December 31, 2025 and 2024, the Company held restricted cash balances of $105,197 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 December 31, 2025 and 2024, the Company held $4,903 and $2,993, respectively, in restricted cash denominated in a foreign currency. As of December 31, 2025 and 2024, the cost of foreign currencies was $5,387 and $4,408, respectively. As of December 31, 2025 and 2024, the fair value of foreign currencies was $5,421 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 December 31, 2025 and 2024, the fair value of the loans in the portfolio with PIK provisions was $327,480 and $340,092, respectively, which represents approximately 12.4% and 17.4%, respectively, of total investments at fair value. For the years ended December 31, 2025, 2024, and 2023, the Company earned $21,334, $18,884 and $12,596 in PIK income, respectively.

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*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 years ended December 31, 2025, 2024, and 2023, the Company earned $4,240, $4,879 and $6,503 respectively, in other income, primarily from amendment fees, prepayment fees and unused commitment 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 on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2025 and 2024, the fair value of investments on non-accrual status was $27,340 and $10,487, respectively. The remaining income producing investments were performing and current on their interest payments as of December 31, 2025 and 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 7, Borrowings to these 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 7, Borrowings, to these 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

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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 years ended December 31, 2025, 2024, and 2023, the Company incurred $1,497, $1,701 and $731 in excise tax expense, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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 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. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

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 December 2023, the FASB issued ASU 2023-09, which requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. The amendments are effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company determined this guidance did not have a material impact on its consolidated financial statements.

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

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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 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 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; and (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and realizable value of any collateral;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's leverage and ability to make payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's public or private credit rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's actual and expected earnings and discounted cash flow;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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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 audited consolidated financial statements as of December 31, 2025 and 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 year in which the transfers occur. For the years ended December 31, 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 December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| First Lien Debt | $— | $— | $2383274 | $2383274 |
| Second Lien Debt |  |  | 55729 | 55729 |
| Equity Investments |  |  | 100355 | 100355 |
| Structured Credit Investments |  |  | 111928 | 111928 |
| Total Investments | $— | $— | $2651286 | $2651286 |
| Derivative Assets<sup>(1)</sup> |  | 344 |  | 344 |
| Total |  |  |  | $2651630 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| First Lien Debt | $— | $— | $1720761 | $1720761 |
| Second Lien Debt |  |  | 92724 | 92724 |
| Equity Investments |  |  | 75313 | 75313 |
| Structured Credit Investments |  |  | 62471 | 62471 |
| Total Investments | $— | $— | $1951269 | $1951269 |
| Derivative Assets<sup>(1)</sup> |  | 3772 |  | 3772 |
| Total |  |  |  | $1955041 |

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

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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** |
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **First<br>Lien Debt** | **Second<br>Lien Debt** | **Equity<br>Investments** | **Structured Credit Investments** | **Total** |
| Balance, beginning of year | $1720761 | $92724 | $75313 | $62471 | $1951269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 1269035 | 3231 | 33403 | 48584 | 1354253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (58126) | (2599) | (13740) |  | (74465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydowns | (529272) | (38180) |  |  | (567452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | 9387 | 849 | 223 | 3 | 10462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (35195) | (18011) | (2283) |  | (55489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6684 | 17715 | 7439 | 870 | 32708 |
| Balance, end of year | $2383274 | $55729 | $100355 | $111928 | $2651286 |
| 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 | $(9969) | $356 | $5211 | $870 | $(3532) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** |
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **First<br>Lien Debt** | **Second<br>Lien Debt** | **Equity<br>Investments** | **Structured Credit Investments** | **Total** |
| Balance, beginning of year | $1572751 | $186479 | $61088 | $— | $1820318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 509261 | 13852 | 19008 | 62534 | 604655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (39075) | (22693) | (1524) |  | (63292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydowns | (315557) | (66975) | (4549) |  | (387081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | 8184 | 1116 | 197 |  | 9497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (51805) | (2444) | 1991 |  | (52258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 37002 | (16611) | (898) | (63) | 19430 |
| Balance, end of year | $1720761 | $92724 | $75313 | $62471 | $1951269 |
| 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 | $(6269) | $(18326) | $258 | $(63) | $(24400) |

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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.

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.

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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 December 31, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Range** | **Range** | **Weighted<br>Average** |
| | **Fair Value as of**<br>**December 31, 2025** | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Low** | **High** | **Weighted<br>Average** |
| Investments in First Lien Debt | $2016100 | Discounted Cash Flow | Discount Rate | 5.54% | 23.90% | 9.38% |
|  | 302746 | Consensus Pricing | Indicative Quotes | 64.38% | 100.00% | 97.63% |
|  | 64428 | Income Approach | Discount Rate | 11.06% | 14.55% | 11.97% |
|  |  | Market Approach | Comparable Multiple | 8.50x | 11.50x | 9.26x |
| Total First Lien Debt | 2383274 |  |  |  |  |  |
| Investments in Second Lien Debt | 43680 | Discounted Cash Flow | Discount Rate | 10.89% | 17.22% | 13.85% |
|  | 11984 | Consensus Pricing | Indicative Quotes | 92.19% | 92.19% | 92.19% |
|  | 65 | Income Approach | Discount Rate | 13.35% | 13.35% | 13.35% |
| Total Second Lien Debt | 55729 |  |  |  |  |  |
| Investments in Structured Credit | 111928 | Consensus Pricing | Indicative Quotes | 95.03% | 101.13% | 99.30% |
| Total Structured Credit Investments | 111928 |  |  |  |  |  |
| Investments in Equity | 37832 | Income Approach | Discount Rate | 12.34% | 16.16% | 13.42% |
|  | 62523 | Market Approach | Comparable Multiple | 3.00x | 21.25x | 11.34x |
| Total Equity Investments | 100355 |  |  |  |  |  |
| Total Level 3 Investments | $2651286 |  |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Range** | **Range** | **Weighted<br>Average** |
| | **Fair Value as of**<br>**December 31, 2024** | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Low** | **High** | **Weighted<br>Average** |
| Investments in First Lien Debt | $1458326 | Discounted Cash Flow | Discount Rate | 7.22% | 21.50% | 11.19% |
|  | 143365 | Consensus Pricing | Indicative Quotes | 87.15% | 100.00% | 98.87% |
|  | 119070 | Income Approach | Discount Rate | 10.65% | 14.61% | 11.49% |
|  |  | Market Approach | Comparable Multiple | 8.75x | 13.94x | 10.55x |
| Total First Lien Debt | 1720761 |  |  |  |  |  |
| Investments in Second Lien Debt | 65054 | Discounted Cash Flow | Discount Rate | 10.40% | 17.03% | 12.80% |
|  | 25128 | Consensus Pricing | Indicative Quotes | 88.33% | 99.75% | 94.53% |
|  | 2542 | Income Approach | Discount Rate | 14.33% | 14.33% | 14.33% |
| Total Second Lien Debt | 92724 |  |  |  |  |  |
| Investments in Structured Credit | 62471 | Consensus Pricing | Indicative Quotes | 99.96% | 102.20% | 100.23% |
| Total Structured Credit Investments | 62471 |  |  |  |  |  |
| Investments in Equity | 43143 | Income Approach | Discount Rate | 12.34% | 14.61% | 13.18% |
|  | 32170 | Market Approach | Comparable Multiple | 6.25x | 17.09x | 11.06x |
| Total Equity Investments | 75313 |  |  |  |  |  |
| Total Level 3 Investments | $1951269 |  |  |  |  |  |

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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.

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***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 December 31, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| SPV Credit Facility | $388750 | $388750 | $164732 | $164732 |
| SPV2 Credit Facility | 330000 | 330000 | 55000 | 55000 |
| 2024-1 Aaa/AAA Class A-1 Notes | 92500 | 92826 | 92500 | 92584 |
| 2024-1 Aaa/AAA Class A-L1 Notes | 104000 | 104366 | 104000 | 103995 |
| 2024-1 Aaa/AAA Class A-L2 Notes | 50000 | 50176 | 50000 | 49998 |
| 2024-1 Aaa/AAA Class A-2 Notes | 17000 | 17061 | 17000 | 16999 |
| 2024-1 Aaa/AAA Class B Notes | 25500 | 25504 | 25500 | 25588 |
| **Total** | $1007750 | $1008683 | $508732 | $508896 |

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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 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 Investment Advisory Agreement, which the Company entered into effective as of the date of such approval (as amended from time to time, the "Investment Advisory Agreement").

Pursuant to the Original Investment Advisory Agreement and the 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 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.

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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 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 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. Unless terminated earlier, the Investment Advisory Agreement renews 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 Investment Advisory Agreement with the Investment Adviser for an additional one year term. The 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 years ended December 31, 2025, 2024 and 2023.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Base management fees | $15255 | $11520 | $10864 |
| Incentive fees | $20889 | $18801 | $19941 |
| Total base management fees and incentive fees | $36144 | $30321 | $30805 |

---

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 years ended December 31, 2025, 2024 and 2023, there were no accrued or realized capital gains incentive fees.

As of December 31, 2025 and 2024, $10,013 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 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.

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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 years ended December 31, 2025, 2024, and 2023, the Company incurred $1,680, $1,791 and $1,426, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of December 31, 2025 and 2024, $1,339 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 years ended December 31, 2025, 2024, and 2023, the Company incurred $1,048, $840 and $795, 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 December 31, 2025 and 2024, $552 and $229, respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

***Distribution and Servicing Plan***

On December 11, 2025, the Board approved a distribution and servicing plan (the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Company pays TCG Capital Markets L.L.C. ("TCG"), the placement agent (the "Placement Agent") with respect to shares of Class S, Class D and Class I common stock on an annualized basis as a percentage of the Company's net asset value for such class. No shareholder servicing or distribution fees will be paid with respect to shares of Class I common stock.

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| | |
|:---|:---|
| **Class of Shares of Common Stock** | **Shareholder Servicing and/or Distribution Fee as a % of Net Asset Value** |
| Class I Shares | N/A |
| Class S Shares | 0.85% |
| Class D Shares | 0.25% |

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The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to Financial Industry Regulatory Authority, Inc. and other limitations on underwriting compensation.

The Placement Agent will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such

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services. Because the shareholder servicing and/or distribution fees with respect to shares of Class S and Class D common stock are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company's dividend reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to shares of Class S or Class D common stock: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Placement Agent will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase and are similar to commissions.

No shares of Class S or Class D common stock were issued or outstanding during the year ended December 31, 2025. Accordingly, the Company did not accrue any distribution and/or shareholder servicing fees attributable to shares of Class S or Class D common stock.

***Placement Agent Agreement***

On January 30, 2026, the Company entered into a placement agent agreement (the "Placement Agent Agreement") with TCG. Pursuant to the Placement Agent Agreement, no upfront transaction fee will be paid with respect to shares of Class I, Class S or Class D common stock, however, if stockholders purchase shares of Class S or Class D common stock through certain financial intermediaries, they may directly charge stockholders transaction or other fees.

The Placement Agent Agreement may be terminated at any time, without the payment of any penalty, by the Company or the Distributor with 60 days' written notice. The Placement Agent Agreement will automatically terminate in the event of its assignment, as defined in the Investment Company Act.

***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 years ended December 31, 2025, 2024, and 2023, the Company incurred $416, $332 and $269, respectively, in fees and 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 December 31, 2025 and 2024, no fees or expenses associated with its directors were payable.

**5. STRUCTURED CREDIT PARTNERS JV, LLC**

On December 23, 2025, the Company and CGBD, an affiliated BDC of the Company, together with Sixth Street (collectively, the "SCP Members"), entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Structured Credit Partners, a Delaware limited liability company that is not consolidated in the Company's consolidated financial statements. Structured Credit Partners will primarily invest in broadly syndicated loans and will be co-managed by Carlyle and Sixth Street. The broadly syndicated loans will be financed by financing subsidiaries that include warehouses and collateralized loan obligations. It is the intention of the SCP Members that Structured Credit Partners' capital be allocated over time approximately equally among financing subsidiaries managed by affiliates of the Company and affiliates of Sixth Street.

Structured Credit Partners is managed by eight board members, with each SCP Member having equal representation. Establishing a quorum for Structured Credit Partners' board of managers requires at least four members to be present, including at least one representative appointed by each SCP Member, and actions of the board generally require unanimous approval of all members present at a meeting at which a quorum is established. The SCP Members hold equal voting interests through non-economic Class A membership interests, and economic interests are held through Class B and Class C membership interests, with economic ownership determined based on funded capital contributions and capital commitments. Capital contributions are made pursuant to board-approved capital calls, and no SCP Member is required to fund capital in excess of its capital commitment. In accordance with their respective economic interests, the SCP Members indirectly bear their allocable share of all expenses and other obligations of Structured Credit Partners.

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Together with the other SCP Members, the Company co-invests through Structured Credit Partners. Investment opportunities for Structured Credit Partners are sourced primarily by affiliates of the SCP Members. Portfolio and investment decisions with respect to Structured Credit Partners must be unanimously approved by a quorum of Structured Credit Partners' investment committee consisting of an equal number of representatives appointed by the Carlyle-affiliated SCP Members and the Sixth Street-affiliated SCP Members. Therefore, because the Company does not own more than 25% of the voting interests of Structured Credit Partners, the Company does not believe that it has control over Structured Credit Partners for accounting purposes or for purposes of the Investment Company Act.

Structured Credit Partners entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Structured Credit Partners, pursuant to which the administrative agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Structured Credit Partners with board approval, and is reimbursed by Structured Credit Partners for its costs, expenses, and allocable overhead incurred in performing its obligations thereunder. Economic interests are based on funded capital contributions and capital commitments through Class B and Class C membership as follows:

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| | | |
|:---|:---|:---|
| | **Class B Capital Commitment** | **Class C Capital Commitment** |
| Carlyle Secured Lending, Inc. | $135000 | $15000 |
| Carlyle Credit Solutions, Inc. | $15000 | $135000 |
| Sixth Street Lending Partners | $50000 | $50000 |
| Sixth Street Specialty Lending, Inc. | $100000 | $100000 |

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As of December 31, 2025, Structured Credit Partners had not commenced operations, and no capital had been contributed to the joint venture.

**6. 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 December 31, 2025 and December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Counterparty** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Unrealized Appreciation (Depreciation)** |
| Barclays Bank PLC | $10472 | 14211 | $(64) |
| Barclays Bank PLC | $91278 | 76286 | 674 |
| Barclays Bank PLC | $42363 | £31671 | (277) |
| Barclays Bank PLC | £1230 | $1642 | 11 |
|  |  |  | $344 |

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| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Counterparty** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Unrealized Appreciation (Depreciation)** |
| Barclays Bank PLC | $6882 | 9561 | $222 |
| Barclays Bank PLC | $58036 | 53441 | 2606 |
| Barclays Bank PLC | $27658 | £21345 | 944 |
|  |  |  | $3772 |

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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

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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 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 December 31, 2025 and 2024. Refer to Note 3, Fair Value Measurements, to these consolidated financial statements for details related to the fair value measurement of derivatives instruments.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 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 | $963 | $(619) | $344 | $— | $344 |

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|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **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 | $3772 | $— | $3772 | $— | $3772 |

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**7. 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 December 31, 2025 and 2024, asset coverage was 275.2% 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 December 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPV Credit Facility | $388750 | $164732 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPV2 Credit Facility | 330000 | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024-1 Debt | 289000 | 289000 |
| **Total principal amount outstanding** | 1007750 | 508732 |
| &nbsp;&nbsp;Less: unamortized debt issuance costs | (1916) | (2077) |
| **Total carrying value** | $1005834 | $506655 |

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***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 August 26, 2025, and may be further amended from time to time. The SPV Credit Facility provides for secured borrowings of $400,000 as of December 31, 2025, subject to availability

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under the SPV Credit Facility and restrictions imposed on borrowings under the Investment Company Act. Effective December 12, 2025, the total commitments increased from $300,000 to $400,000. The SPV Credit Facility will be subject to an additional increase of $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, 2028 (October 15, 2026 prior to the August 26, 2025 amendment), and a maturity date of April 3, 2030 (April 3, 2028 prior to the August 26, 2025 amendment), 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 2.06% (2.35% prior to the August 26, 2025 amendment) per year. SPV also pays a fee of 0.75% per year on unused 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. Effective on August 26, 2025, CARS Lux Finance, a wholly owned subsidiary of the SPV, became party to the SPV Credit Facility.

Below is a summary of the borrowings and repayments under the SPV Credit Facility for the years ended December 31, 2025, 2024 and 2023 and the outstanding balances under the SPV Credit Facility for the respective periods.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Outstanding borrowings, beginning of year | $164732 | $424447 | $622104 |
| Borrowings | 696167 | 569676 | 133000 |
| Repayments | (480644) | (829149) | (333823) |
| Foreign currency translation | 8495 | (242) | 3166 |
| Outstanding borrowings, end of year | $388750 | $164732 | $424447 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Facility** | **Borrowings<br>Outstanding** | **Unused** <br>**Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> |
| December 31, 2025 | $400000 | $388750 | $11250 | $11250 |
| December 31, 2024 | $300000 | $164732 | $135268 | $135268 |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 years ended December 31, 2025, 2024 and 2023, the components of interest expense and credit facility fees of the SPV Credit Facility were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Interest expense | $13834 | $24586 | $39741 |
| Facility unused commitment fee | 697 | 2818 | 1650 |
| Amortization of deferred financing costs | 944 | 895 | 976 |
| **Total interest expense and credit facility fees** | $15475 | $28299 | $42367 |
| Cash paid for interest expense and credit facility fees | $11960 | $34803 | $42005 |
| Weighted average debt principal outstanding | $226794 | $319178 | $536500 |
| Weighted average interest rate<sup>(1)</sup> | 6.02% | 7.70% | 7.41% |

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

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

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|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| Interest expense payable | $2271 | $740 |
| Unused commitment fees payable | 295 | 331 |
| Other credit facility fees payable | 301 |  |
| **Interest and credit facility fees payable** | $2867 | $1071 |
| Weighted average interest rate  | 5.50% | 6.72% |

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***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 December 31, 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 the October 18, 2024 amendment) and a maturity date of March 7, 2032 (March 7, 2030 prior to the 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 unused amounts under the SPV2 Credit 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 years ended December 31, 2025, 2024 and 2023 the outstanding balances under the SPV2 Credit Facility for the respective periods.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Outstanding borrowings, beginning of year | $55000 | $330300 | $360300 |
| Borrowings | 574000 |  | 114000 |
| Repayments | (299000) | (275300) | (144000) |
| Outstanding borrowings, end of year | $330000 | $55000 | $330300 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Facility** | **Borrowings<br>Outstanding** | **Unused** <br>**Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> |
| December 31, 2025 | $550000 | $330000 | $220000 | $220000 |
| December 31, 2024 | $550000 | $55000 | $495000 | $226179 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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For the years ended December 31, 2025, 2024, and 2023, the components of interest expense and credit facility fees of the SPV2 Credit Facility were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Interest expense | $16521 | $21736 | $25867 |
| Facility unused commitment fee | 957 | 704 | 617 |
| Amortization of deferred financing costs | 916 | 895 | 1001 |
| **Total interest expense and credit facility fees** | $18394 | $23335 | $27485 |
| Cash paid for interest expense and credit facility fees | $14974 | $25323 | $27807 |
| Weighted average debt principal outstanding | $240227 | $273886 | $335120 |
| Weighted average interest rate<sup>(1)</sup> | 6.78% | 7.94% | 7.72% |

---

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

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| Interest expense payable | $178 | $754 |
| Unused commitment fees payable | 5 | 237 |
| Other credit facility fees payable | 194 |  |
| **Interest and credit facility fees payable** | $377 | $991 |
| Weighted average interest rate  | 6.49% | 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 December 31, 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 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.

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_10)</u>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **As of** | **As of** |
|<br>**2024-1 Debt Tranche**<sup>(1)</sup> |<br>**Credit Rating** |<br>**Reference Rate** |<br>**Spread** | **December 31, 2025** | **December 31, 2024** |
| Class A-1 Notes | AAA | SOFR | 1.68% | $92500 | $92500 |
| Class A-L1 Loans | AAA | SOFR | 1.68% | 104000 | 104000 |
| Class A-L2 Loans | AAA | SOFR | 1.68% | 50000 | 50000 |
| Class A-2 Notes | AAA | SOFR | 2.00% | 17000 | 17000 |
| Class B Notes | AA | SOFR | 2.13% | 25500 | 25500 |
| **Total Principal Amount Outstanding** |  |  |  | $289000 | $289000 |
| Less: unamortized debt issuance costs |  |  |  | (1916) | (2077) |
| **Total Carrying Value** |  |  |  | $287084 | $286923 |

---

(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 years ended December 31, 2025 and 2024. Any such waived fees may not be recaptured by the Investment Adviser.

As of December 31, 2025, the 2024-1 Debt was secured by 92 investments with a total fair value of $402,948 and cash of $31,663. 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.

For the years ended December 31, 2025 and 2024, the components of interest expense and credit facility fees on the 2024-1 Debt were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Interest expense | $17447 | $3262 |
| Amortization of deferred financing costs and debt issuance costs | 161 | 28 |
| **Total interest expense and credit facility fees** | $17608 | $3290 |
| Cash paid for interest expense and credit facility fees | $22097 | $— |
| Weighted average debt principal outstanding | $289000 | $289000 |
| Weighted average interest rate<sup>(1)</sup> | 6.01% | 6.45% |

---

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

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_10)</u>

As of December 31, 2025 and 2024, $2,920 and $4,042, respectively, of interest expense related to securitizations was included in interest and credit facility fees payable. As of December 31, 2025 and 2024, the weighted average interest rates were 5.60% and 6.35%, respectively, based on benchmark rates.

**8. COMMITMENTS AND CONTINGENCIES**

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **Payment Due by Period** | **December 31, 2025** | **December 31, 2024** |
| Less than one year | $— | $— |
| 1-3 years |  |  |
| 3-5 years | 388750 | 164732 |
| More than 5 years | 619000 | 344000 |
| Total | $1007750 | $508732 |

---

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 audited consolidated financial statements as of December 31, 2025 and 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** | **Par / Principal Amount as of** |
| | **December 31, 2025** | **December 31, 2024** |
| Unfunded delayed draw commitments | $250388 | $102427 |
| Unfunded revolving loan commitments | 158139 | 74513 |
| Total unfunded commitments | $408527 | $176940 |

---

**9. NET ASSETS**

The Company has the authority to issue 200,000,000 shares of Class I common stock, par value $0.01 per share, of which 93,812,679 and 76,812,863 Shares were issued and outstanding as of December 31, 2025 and 2024, respectively. The Company has the authority to issue 50,000,000 shares of Class S common stock, par value $0.01 per share, and 50,000,000 shares of Class D common stock, par value $0.01 per share. There were no shares of Class S or Class D common stock outstanding as of December 31, 2025. The different classes of common stock have been issued in accordance with 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. Each class of shares is subject to different fees and expenses. The Company may offer additional classes of shares in the future.

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_10)</u>

**Share Issuances**

*New Continuous Offering*

The following table summarizes total shares of common stock issued and proceeds related to capital activity for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock issued for the periods presented.

---

| | | |
|:---|:---|:---|
| | **Shares Issued<br>(Class I)** | **Proceeds Received<br>(Class I)** |
| **2023** |  |  |
| January 6, 2023 | 674324 | $13210 |
| April 11, 2023 | 854675 | 16820 |
| July 6, 2023 | 1193694 | 23074 |
| October 4, 2023 | 1533693 | 29876 |
| Total | 4256386 | $82980 |
| **2024** |  |  |
| January 5, 2024 | 1293638 | $25213 |
| April 3, 2024 | 701357 | 13852 |
| July 3, 2024 | 1035378 | 20428 |
| August 21, 2024 | 388906 | 7669 |
| October 9, 2024 | 23561825 | 464875 |
| December 1, 2024 | 308190 | 6013 |
| Total | 27289294 | $538050 |
| **2025** |  |  |
| January 1, 2025 | 640973 | $12454 |
| February 1, 2025 | 592986 | 11534 |
| March 1, 2025 | 191543 | 3718 |
| April 1, 2025 | 343968 | 6615 |
| May 1, 2025 | 284021 | 5413 |
| June 1, 2025 | 294504 | 5622 |
| July 1, 2025 | 412605 | 7881 |
| August 1, 2025 | 254146 | 4847 |
| September 1, 2025 | 203395 | 3877 |
| October 1, 2025 | 16097173 | 306328 |
| November 1, 2025 | 1096670 | 20782 |
| December 1, 2025 | 178707 | 3367 |
| Total | 20590691 | $392438 |

---

On January 1, 2026, the Company accepted subscriptions in the amount of $122,543 with 6,511,297 Class I Shares issued as of such date. On February 1, 2026, the Company accepted subscriptions in the amount of $15,077 with 801,534 Class I Shares issued as of such date. There were no shares of Class S or Class D common stock issued on January 1, 2026 and February 1, 2026.

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*Dividend Reinvestment*

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. The following table summarizes the Shares issued under the dividend reinvestment plan for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock outstanding for the periods presented.

---

| | | |
|:---|:---|:---|
| | **Shares Issued<br>(Class I)** | **Total Consideration<br>(Class I)** |
| **2023** |  |  |
| January 20, 2023 | 32268 | $641 |
| April 20, 2023 | 16319 | 321 |
| July 21, 2023 | 28032 | 553 |
| October 20, 2023 | 30172 | 583 |
| Total | 106791 | $2098 |
| **2024** |  |  |
| January 29, 2024 | 43547 | $849 |
| April 19, 2024 | 47662 | 934 |
| July 19, 2024 | 58337 | 1156 |
| October 18, 2024 | 69394 | 1372 |
| December 17, 2024 | 129334 | 2523 |
| Total | 348274 | $6834 |
| **2025** |  |  |
| January 17, 2025 | 72192 | $1403 |
| February 18, 2025 | 67606 | 1315 |
| March 18, 2025 | 68955 | 1338 |
| April 29, 2025 | 73790 | 1419 |
| May 30, 2025 | 70167 | 1337 |
| June 27, 2025 | 72328 | 1381 |
| July 29, 2025 | 72868 | 1392 |
| August 27, 2025 | 70031 | 1335 |
| September 26, 2025 | 72289 | 1378 |
| October 29, 2025 | 75079 | 1429 |
| November 25, 2025 | 85066 | 1612 |
| December 29, 2025 | 87279 | 1643 |
| Total | 887650 | $16982 |

---

**Quarterly Tender Offers**

In the second quarter of 2022, the Company commenced a quarterly liquidity program pursuant to which the Company conducted quarterly tender offers (the "Quarterly Tender Offer") to repurchase up to 3.5% of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer was conducted, at a per Share price equal to the NAV per Share as of the last date of the quarter in which the Quarterly Tender Offer was conducted, less an early repurchase fee of 2% of the NAV 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. On February 18, 2026, the Board of Directors approved an increase in the maximum number of Shares that may be repurchased through the Quarterly Tender Offers from 3.5% to 5.0% of the number of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer is conducted. Accordingly, the Company now expects to offer to repurchase up to 5.0% of such number of Shares in each 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 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

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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 December 22, 2025, with a cash payment date of January 29, 2026.

The following summarizes the results of the Quarterly Tender Offers completed for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock outstanding for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Payment Date**<sup>(1)</sup> | **Percentage of Outstanding Shares Offered to Repurchase**<sup>(2)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased**<sup>(3)</sup> | **Class I Shares Repurchased** | **Percentage of Outstanding Shares Repurchased**<sup>(4)</sup> |
| January 31, 2025 | 3.5% | $19.43 | December 31, 2024 | $16063 | 826938 | 1.1% |
| April 28, 2025 | 3.5% | $19.23 | March 31, 2025 | $12674 | 659197 | 0.8% |
| July 29, 2025 | 3.5% | $19.10 | June 30, 2025 | $34036 | 1782012 | 2.3% |
| October 29, 2025 | 3.5% | $19.03 | September 30, 2025 | $23033 | 1210378 | 1.6% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Payment Date**<sup>(1)</sup> | **Percentage of Outstanding Shares Offered to Repurchase**<sup>(2)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased**<sup>(3)</sup> | **Class I Shares Repurchased** | **Percentage of Outstanding Shares Repurchased**<sup>(4)</sup> | **Percentage of Outstanding Shares Repurchased**<sup>(4)</sup> |
| March 11, 2024 | 3.5% | $19.60 | December 31, 2023 | $59799 | 3050962 | 5.4% | (5) |
| May 10, 2024 | 3.5% | $19.81 | March 31, 2024 | $53405 | 2695879 | 4.9% | (6) |
| August 8, 2024 | 3.5% | $19.76 | June 30, 2024 | $15591 | 789019 | 1.5% |  |
| November 13, 2024 | 3.5% | $19.76 | September 30, 2024 | $11244 | 569026 | 1.1% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Payment Date**<sup>(1)</sup> | **Percentage of Outstanding Shares Offered to Repurchase**<sup>(2)</sup> | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased**<sup>(3)</sup> | **Class I Shares Repurchased** | **Percentage of Outstanding Shares Repurchased**<sup>(4)</sup> |
| March 14, 2023 | 3.5% | $19.72 | December 31, 2022 | $41763 | 2117816 | 3.6% |
| May 12, 2023 | 3.5% | $19.71 | March 31, 2023 | $40285 | 2043878 | 3.6% |
| August 11, 2023 | 3.5% | $19.34 | June 30, 2023 | $30205 | 1562102 | 2.8% |
| November 10, 2023 | 3.5% | $19.50 | September 30, 2023 | $14694 | 755715 | 1.4% |

---

(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.&nbsp;&nbsp;&nbsp;&nbsp;

On December 22, 2025, the Company commenced a Quarterly Tender Offer pursuant to which the Company offered to repurchase up to 2,709,108 Shares, representing 3.5% of the number of Shares outstanding as of September 30, 2025. On January 21, 2026, the Quarterly Tender Offer expired and the Company accepted 4,180,330 Shares for purchase, which share amount includes an additional 1,471,222 Shares accepted. The 4,180,330 Shares represent approximately 4.5% of the total number of Shares outstanding as of December 31, 2025. The 1,471,222 of additional Shares included in the Quarterly Tender Offer represents approximately 1.9% of the number of Shares outstanding as of September 30, 2025. The purchase price of the Shares tendered is the Company's NAV per Share as of December 31, 2025, or $18.82 per Share. In accordance with the terms of the Quarterly Tender Offer, a non-interest bearing, non-transferable and non-negotiable promissory note has been issued to the Company's stockholders that participated in the tender offer, which is being held on the stockholders' behalf, entitling the tendering stockholders to receive payment in an aggregate amount equal to the NAV of the tendered Shares as of December 31, 2025 less the 2% early repurchase fee applicable to Shares that have not been outstanding for at least one year.

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_10)</u>

The following tables summarize capital activity during the years ended December 31, 2025, 2024 and 2023:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **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** |
| | **Class I Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, January 1, 2025 | 76812863 | $768 | $1549238 | $48343 | $(52331) | $(53556) | $1492462 |
| Common stock issued | 20590691 | 206 | 392232 |  |  |  | 392438 |
| Dividend reinvestment | 887650 | 9 | 16973 |  |  |  | 16982 |
| Repurchase of common stock | (4478525) | (45) | (85761) |  |  |  | (85806) |
| Net investment income (loss) |  |  |  | 146266 |  |  | 146266 |
| Net realized gain (loss) |  |  |  |  | (58506) |  | (58506) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 21208 | 21208 |
| Dividends declared |  |  |  | (159420) |  |  | (159420) |
| Tax reclassification of stockholders' equity in accordance with U.S. GAAP |  |  | (1655) | (4189) | 5844 |  |  |
| Balance, December 31, 2025 | 93812679 | $938 | $1871027 | $31000 | $(104993) | $(32348) | $1765624 |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **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** |
| | **Class I Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, January 1, 2024 | 56280182 | $563 | $1146462 | $31238 | $(3256) | $(71795) | $1103212 |
| Common stock issued | 27289294 | 273 | 537777 |  |  |  | 538050 |
| Dividend reinvestment | 348273 | 3 | 6831 |  |  |  | 6834 |
| Repurchase of common stock | (7104886) | (71) | (139968) |  |  |  | (140039) |
| Net investment income (loss) |  |  |  | 131633 |  |  | 131633 |
| Net realized gain (loss) |  |  |  |  | (46196) |  | (46196) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 18239 | 18239 |
| Dividends declared |  |  |  | (119271) |  |  | (119271) |
| Tax reclassification of stockholders' equity in accordance with U.S. GAAP |  |  | (1864) | 4743 | (2879) |  |  |
| Balance, December 31, 2024 | 76812863 | $768 | $1549238 | $48343 | $(52331) | $(53556) | $1492462 |

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_10)</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **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** |
| | **Class I Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, January 1, 2023 | 58396516 | $584 | $1188720 | $8819 | $(5997) | $(40625) | $1151501 |
| Common stock issued | 4256386 | 43 | 82937 |  |  |  | 82980 |
| Dividend reinvestment | 106791 | 1 | 2097 |  |  |  | 2098 |
| Repurchase of common stock | (6479511) | (65) | (126883) |  |  |  | (126948) |
| Net investment income (loss) |  |  |  | 139398 |  |  | 139398 |
| Net realized gain (loss) |  |  |  |  | (93) |  | (93) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (31170) | (31170) |
| Dividends declared |  |  |  | (114554) |  |  | (114554) |
| Tax reclassification of stockholders' equity in accordance with U.S. GAAP |  |  | (409) | (2425) | 2834 |  |  |
| Balance, December 31, 2023 | 56280182 | $563 | $1146462 | $31238 | $(3256) | $(71795) | $1103212 |

---

**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 year.

Basic and diluted earnings per share were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net increase (decrease) in net assets resulting from operations | $108968 | $103676 | $108135 |
| Weighted-average shares outstanding | 81573132 | 59200911 | 56551480 |
| Basic and diluted earnings per Class I share | $1.34 | $1.75 | $1.91 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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<u>[**Table of Contents**](#i0f84e4a09596417e8207e48196844f46_10)</u>

**Dividends**

The following table summarizes the Company's dividends declared for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock outstanding for the periods presented.

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount<br>(Class I)** |
| March 22, 2023 | March 22, 2023 | April 20, 2023 | $0.51 |
| June 21, 2023 | June 21, 2023 | July 21, 2023 | $0.51 |
| September 20, 2023 | September 20, 2023 | October 20, 2023 | $0.51 |
| December 20, 2023 | December 20, 2023 | January 19, 2024 | $0.51 |
| March 20, 2024 | March 20, 2024 | April 19, 2024 | $0.51 |
| June 18, 2024 | June 18, 2024 | July 19, 2024 | $0.51 |
| August 7, 2024 | August 7, 2024 | October 18, 2024 | $0.21 |
| September 25, 2024 | September 25, 2024 | October 18, 2024 | $0.30 |
| November 29, 2024 | November 29, 2024 | December 17, 2024 | $0.32 |
| December 18, 2024 | 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 |
| August 25, 2025 | August 29, 2025 | September 26, 2025 | $0.16 |
| September 18, 2025 | September 30, 2025 | October 29, 2025 | $0.17 |
| October 28, 2025 | October 31, 2025 | November 25, 2025 | $0.16 |
| November 25, 2025 | November 28, 2025 | December 29, 2025 | $0.16 |
| December 18, 2025 | December 31, 2025 | January 29, 2026 | $0.17 |

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On January 28, 2026, the Board of Directors declared a dividend of $0.16 per Class I Share, which was payable on February 26, 2026 to common stockholders of record as of January 30, 2026.

On February 25, 2026, the Board of Directors declared a dividend of $0.16 per Class I Share, which is payable on or about March 27, 2026 to common stockholders of record as of February 27, 2026.

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**10. CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following is a schedule of consolidated financial highlights for the years ended December 31, 2025, 2024, 2023, 2022 and 2021. The amounts presented below are for Class I common stock and there were no Class S or Class D common stock outstanding during the periods presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, beginning of year | $19.43 | $19.60 | $19.72 | $20.46 | $19.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 1.79 | 2.22 | 2.46 | 2.05 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts | (0.45) | (0.47) | (0.55) | (0.69) | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1.34 | 1.75 | 1.91 | 1.36 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared<sup>(2)</sup> | (1.96) | (2.02) | (2.04) | (2.11) | (1.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(3)</sup> | 0.01 | 0.10 | 0.01 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, end of year | $18.82 | $19.43 | $19.60 | $19.72 | $20.46 |
| Number of shares outstanding, end of year | 93812679 | 76812863 | 56280182 | 58396516 | 57005057 |
| Total return based on net asset value<sup>(4)</sup> | 7.26% | 12.64% | 10.18% | 6.65% | 14.06% |
| Net assets, end of year | $1765624 | $1492462 | $1103212 | $1151501 | $1166241 |
| **Ratio to average net assets:**<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fees | 4.89% | 6.47% | 7.87% | 5.16% | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses after incentive fees | 6.25% | 8.10% | 9.67% | 6.69% | 6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 9.48% | 11.41% | 12.58% | 10.15% | 9.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 3.34% | 4.76% | 6.31% | 3.49% | 2.62% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage, end of year | 275.20% | 393.37% | 246.17% | 217.21% | 220.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | 27.77% | 25.03% | 8.99% | 23.78% | 25.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total committed capital, end of year | NM<sup>(6)</sup> | NM<sup>(6)</sup> | NM<sup>(6)</sup> | NM<sup>(6)</sup> | 1227312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of total contributed capital to total committed capital, end of year | NM<sup>(6)</sup> | NM<sup>(6)</sup> | NM<sup>(6)</sup> | NM<sup>(6)</sup> | 94.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average shares outstanding | 81573132 | 59200911 | 56551480 | 57991971 | 50982223 |

---

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

(2)Dividends declared per share was calculated as the sum of dividends declared during the year divided by the number of shares outstanding at the date of the relevant transaction (refer to Note 9, Net Assets, to these 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 year plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year.

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

(6)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. As such, the supplemental data is no longer a meaningful measurement of the Company's performance.

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The following is a schedule of consolidated financial highlights for the periods ended December 31, 2019, 2018, and 2017. The amounts presented below are for Class I common stock and there are no Class S or Class D common stock outstanding during the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2020** | **2019** | **2018** | **For the period from Commencement through December 31, 2017** |
| **Per Share Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, beginning of period | $20.61 | $20.32 | $20.03 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 1.95 | 2.10 | 1.78 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (1.00) | 0.10 | (0.07) | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 0.95 | 2.20 | 1.71 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared <sup>(2)</sup> | (1.94) | (1.98) | (1.53) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(3)</sup> | 0.01 | 0.07 | 0.11 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, end of period | $19.63 | $20.61 | $20.32 | $20.03 |
| Number of shares outstanding, end of period | 49062820 | 35769223 | 14299500 | 4130683 |
| Total return based on net asset value <sup>(4)</sup> | 4.66% | 11.17% | 9.09% | 0.15% |
| Net assets, end of period | $963136 | $737109 | $289214 | $82722 |
| **Ratio to average net assets**<sup>(5)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fees | 4.60% | 5.06% | 5.84% | 4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses after incentive fees | 6.34% | 6.74% | 6.90% | 4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 9.85% | 9.54% | 7.92% | (1.75)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 2.84% | 3.41% | 3.10% | 0.66% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage, end of period | 209.33% | 213.72% | 232.85% | 236.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | 15.03% | 12.47% | 20.41% | 8.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total committed capital, end of period | $1227312 | $1227687 | $1227938 | $508928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of total contributed capital to total committed capital, end of period | 81.28% | 60.09% | 23.85% | 16.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average shares outstanding | 44300431 | 23431444 | 7907949 | 1421700 |

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

(2)Dividends declared per common share was calculated as the sum of dividends on common stock declared during the year divided by the number of common shares outstanding at each respective quarter-end date (refer to Note 9, Net Assets, to these 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 common share during the year plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year.

(5)For the period from Commencement through December 31, 2017, the ratios to average net assets attributable to Common Stockholders have not been annualized.

**11. 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

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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.

**12. 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 consolidated financial statements. As of December 31, 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 consolidated financial statements.

**13. TAX**

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

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. Through June 30, 2023, the Company's tax year-end was June 30. The Company has elected to change the tax year-end to December 31 starting with the period from July 1, 2023 to December 31, 2023 and elected this change concurrent with the filing of the Company's tax return. 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.

Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified among the Company's capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. As of December 31, 2025 and 2024, permanent differences primarily due to non-deductible excise tax paid and non-deductible expenses from investments in partnerships resulted in a net decrease in total distributable loss by $1,655 and $1,864, respectively, and a net decrease in additional paid-in capital in excess of par by $1,655 and $1,864, respectively, on the Consolidated Statements of Assets and Liabilities. Total earnings and NAV were not affected.

The tax character of the distributions paid for the periods from January 1, 2025 to December 31, 2025, January 1, 2024 to December 31, 2024, July 1, 2023 to December 31, 2023, and July 1, 2022 to June 30, 2023 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the period from January 1, 2025 to December 31, 2025** | **For the period from January 1, 2024 to December 31, 2024** | **For the period from July 1, 2023 to December 31, 2023** | **For the period from July 1, 2022 to June 30, 2023** |
| Ordinary income | $159420 | $119271 | $57030 | $114465 |
| Long-term capital gains |  |  |  | 3125 |
| Tax return of capital |  |  |  |  |

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***Income Tax Information and Distributions to Stockholders***

As of December 31, 2025 and 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| Undistributed ordinary income | $36424 | $55204 |
| Other book/tax temporary differences<sup>(1)</sup> | (268) | (300) |
| Capital loss carryforwards | (110608) | (56977) |
| Net unrealized appreciation (depreciation) on investments<sup>(2)</sup> | (31889) | (55674) |
| Net unrealized appreciation (depreciation) on non-investment assets and liabilities |  | 203 |
| Total accumulated earnings (deficit) | $(106341) | $(57544) |

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(1)Consists of the unamortized portion of organization costs as of December 31, 2025 and 2024.

(2)The difference between the book-basis and tax-basis unrealized appreciation (depreciation) on investments is attributable primarily to the tax treatment of partnership investments, the tax treatment of defaulted securities, the recognition for tax purposes of unrealized gain (loss) on certain derivative instruments, and material modifications of investments.

As of December 31, 2025 and 2024, the cost of investments for federal income tax purposes and gross unrealized appreciation and depreciation on investments were as follows:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| Cost of investments | $2675306 | $2006942 |
| Gross unrealized appreciation on investments | 31714 | 26872 |
| Gross unrealized depreciation on investments | (63603) | (82546) |
| Net unrealized appreciation (depreciation) on investments | $(31889) | $(55674) |

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For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2025 and 2024, the Company had $110,608 and $56,977 of capital loss carryforwards, respectively, of which $710 and $1,445 were short-term capital loss carryforwards and $109,898 and $55,532 were long-term capital loss carryforwards, respectively.

**14. SUBSEQUENT EVENTS**

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

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**Item 9. Changes and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. 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.

***Management's Report on Internal Control Over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) and effected by the Company's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of its consolidated financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

The Company's internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of the Company's assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and the directors; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on its consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025 based on the framework established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that the Company's internal control over financial reporting as of December 31, 2025 was effective.

This Form 10-K does not include an attestation report of the Company's registered public accounting firm due to an exemption for emerging growth companies under the JOBS Act.

***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting during the fiscal year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

During the three months ended December 31, 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 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.**

Not applicable.

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

Information in response to this item is incorporated by reference from our Proxy Statement relating to our 2026 annual meeting of stockholders. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Form 10-K pursuant to Regulation 14A under the Exchange Act.

Information relating to our codes of ethics, which apply to, among others, our Chief Executive Officer and Chief Financial Officer, is included in Part I, Item 1 of this Form 10-K "*Business—Regulation—Codes of Ethics.*"

**Item 11. Executive Compensation**

Information in response to this item is incorporated by reference from our Proxy Statement relating to our 2026 annual meeting of stockholders.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

Information in response to this item is incorporated by reference from our Proxy Statement relating to our 2026 annual meeting of stockholders.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Information in response to this item is incorporated by reference from our Proxy Statement relating to our 2026 annual meeting of stockholders.

**Item 14. Principal Accountant Fees and Services**

Information in response to this item is incorporated by reference from our Proxy Statement relating to our 2026 annual meeting of stockholders.

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**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Documents filed as part of this annual report***

The following reports and consolidated financial statements are set forth in Part II, Item 8 of this Form 10-K:

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| | |
|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#i0f84e4a09596417e8207e48196844f46_19)</u> | <u>[79](#i0f84e4a09596417e8207e48196844f46_19)</u> |
| <u>[Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#i0f84e4a09596417e8207e48196844f46_22)</u> | <u>[80](#i0f84e4a09596417e8207e48196844f46_22)</u> |
| <u>[Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023](#i0f84e4a09596417e8207e48196844f46_25)</u> | <u>[81](#i0f84e4a09596417e8207e48196844f46_25)</u> |
| <u>[Consolidated Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023](#i0f84e4a09596417e8207e48196844f46_28)</u> | <u>[82](#i0f84e4a09596417e8207e48196844f46_28)</u> |
| <u>[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#i0f84e4a09596417e8207e48196844f46_31)</u> | <u>[83](#i0f84e4a09596417e8207e48196844f46_31)</u> |
| <u>[Consolidated Schedules of Investments as of December 31, 2025 and 2024](#i0f84e4a09596417e8207e48196844f46_34)</u> | <u>[84](#i0f84e4a09596417e8207e48196844f46_34)</u> |
| <u>[Notes to Consolidated Financial Statements](#i0f84e4a09596417e8207e48196844f46_40)</u> | <u>[120](#i0f84e4a09596417e8207e48196844f46_40)</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Exhibits***

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

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| | |
|:---|:---|
| 3.1 | <u>[Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.1 to the Company's Form 10-12G/A filed by the Company on November 20, 2017)](https://www.sec.gov/Archives/edgar/data/1702510/000170251017000009/bdc2-exhibit31xarticlesofa.htm)</u> |
| 3.2 | <u>[Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed by the Company on March 29, 2022)](https://www.sec.gov/Archives/edgar/data/1702510/000170251022000009/tcgbdciiincamendedarticles.htm)</u> |
| 3.3 | <u>[Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed by the Company on December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1702510/000119312525331122/d71299dex31.htm)</u> |
| 3.4 | <u>[Class S Articles Supplementary (Incorporated by reference to Exhibit 3.2 to the Company's Form 8-K filed by the Company on December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1702510/000119312525331122/d71299dex32.htm)</u> |
| 3.5 | <u>[Class D Articles Supplementary (Incorporated by reference to Exhibit 3.3 to the Company's Form 8-K filed by the Company on December 23, 2025)](https://www.sec.gov/Archives/edgar/data/1702510/000119312525331122/d71299dex33.htm)</u> |
| 3.6 | <u>[Bylaws (Incorporated by reference to Exhibit 3.2 to the Company's Form 10-12G/A filed by the Company on November 20, 2017)](https://www.sec.gov/Archives/edgar/data/1702510/000170251017000009/bdc2-exhibit32xbylaws.htm)</u> |
| 3.7 | <u>[Certificate of Correction to Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed by the Company on July 7, 2023)](https://www.sec.gov/Archives/edgar/data/1702510/000170251023000059/cars_20230706x8-kxexhibit31.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement (Incorporated by reference to Exhibit 4.1 to the Company's Form 10-12G/A filed by the Company on November 20, 2017)](https://www.sec.gov/Archives/edgar/data/1702510/000170251017000009/bdc2-exhibit41xformofsubsc.htm)</u> |
| 4.2 | <u>[Description of Registered Securities](cars_20251231x10-kxex42.htm)</u>\* |
| 10.1 | <u>[Amended and Restated Investment Advisory Agreement (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed by the Company on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1702510/000114036122002613/brhc10033086_ex10-1.htm)</u> |
| 10.2 | <u>[Administration Agreement (Incorporated by reference to Exhibit 10.2 to the Company's Form 10-12G/A filed by the Company on November 20, 2017)](https://www.sec.gov/Archives/edgar/data/1702510/000170251017000009/bdc2-exhibit102xadministra.htm)</u> |
| 10.3 | <u>[Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.3 to the Company's Form 10-12G/A filed by the Company on November 20, 2017)](https://www.sec.gov/Archives/edgar/data/1702510/000170251017000009/bdc2-exhibit103xformindemn.htm)</u> |
| 10.4 | <u>[Master Custodian Agreement (Incorporated by reference to Exhibit 10.5 to the Company's Form 10-K filed by the Company on March 1, 2018)](https://www.sec.gov/Archives/edgar/data/1702510/000170251018000002/bdc2-ex105xmastercustodyag.htm)</u> |
| 10.5 | <u>[Amended and Restated Loan and Security Agreement, dated as of June 2, 2021 and Conformed through Amendment No. 5 dated as of August 26, 2025 among Carlyle Credit Solutions SPV LLC as borrower, Carlyle Credit Solutions, Inc. as Servicer, the Lender party hereto, the Collateral Administrator, Collateral Agent and Securities Intermediary Party hereto, and JPMorgan Chase Bank, National Association as Administrative Agent.](ex105_carsjpmamendment.htm)</u>\* |
| 10.6 | <u>[Amended and Restated Loan and Servicing Agreement, dated as of May 13, 2020 and Conformed through Amendment No. 6 dated as of October 18, 2024, among Carlyle Credit Solutions, Inc. (formerly known as TCG BDC II, Inc.) Carlyle Credit Solutions SPV 2 LLC. (formerly known as TCG BDC II SPV2 LLC), as borrower, the lenders from time to time party thereto, and U.S. Bank National Association as administrative agent (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed by the Company on October 23, 2024)](https://www.sec.gov/Archives/edgar/data/1702510/000170251024000072/carlylecreditsolutions-con.htm)</u> |
| 10.7 | <u>[Indenture, dated as of October 29, 2024, by and between Carlyle Direct Lending CLO 2024-1, LLC, as Issuer, and Wilmington Trust, National Association, as Trustee. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed by the Company on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/1702510/000170251024000079/indenture-clo2024x1.htm)</u> |
| 10.8 | <u>[Collateral Management Agreement, dated as of October 29, 2024 by and between Carlyle Direct Lending CLO 2024-1, LLC, and Carlyle Global Credit Investment Management L.L.C. (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed by the Company on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/1702510/000170251024000079/collateralmanagementagreem.htm)</u> |
| 10.9 | <u>[Contribution Agreement, dated as of October 29, 2024, by and between Carlyle Credit Solutions, Inc., as the contributor, and Carlyle Direct Lending CLO 2024-1, LLC, as the contributee. (Incorporated by reference to Exhibit 10.4 to the Company's Form 10-Q filed by the Company on November 13, 2024)](https://www.sec.gov/Archives/edgar/data/1702510/000170251024000084/contributionagreement-clo2.htm)</u> |
| 10.10 | <u>[Distribution and Servicing Plan, dated as of December 11, 2025](ex1010_carsmulti-classx12b.htm)</u>\* |
| 10.11 | <u>[Placement Agent Agreement by and between Carlyle Credit Solutions and TCG](ex1011_carsmulti-classxpla.htm)[Capital Markets](ex1011_carsmulti-classxpla.htm)[, L.L.C., dated as of January](ex1011_carsmulti-classxpla.htm)[30, 2026](ex1011_carsmulti-classxpla.htm)</u>\* |
| 10.12 | <u>[Multi-Class Plan, dated as of December 11, 2025](ex1012_carsmulti-classxrul.htm)</u>\* |
| 19.1 | <u>[Insider Trading Policy](cars_20251231x10-kxex191.htm)</u>\* |
| 21.1 | <u>[List of Subsidiaries](cars_20251231x10-kxex211.htm)</u>\* |
| 31.1 | <u>[Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.](cars_20251231x10-kxex311.htm)</u>\* |
| 31.2 | <u>[Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.](cars_20251231x10-kxex312.htm)</u>\* |
| 32.1 | <u>[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.](cars_20251231x10-kex321.htm)</u>\* |
| 32.2 | <u>[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.](cars_20251231x10-kxex322.htm)</u>\* |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

**Item 16. Form 10-K Summary**

None.

------

**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.** | **CARLYLE CREDIT SOLUTIONS, INC.** |
| Dated: March 17, 2026 | By | /s/ Alex Chi |
|  |  | Alex Chi |
|  |  | Director and Chief Executive Officer <br>(principal executive officer) |
| Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| Dated: March 17, 2026 | By | /s/ Alex Chi |
|  |  | Alex Chi |
|  |  | Director and Chief Executive Officer <br>(principal executive officer) |
| Dated: March 17, 2026 | By | /s/ Thomas M. Hennigan |
|  |  | Thomas M. Hennigan |
|  |  | Director, President and Chief Financial Officer<br>(principal financial officer) |
| Dated: March 17, 2026 | By | /s/ Nelson Joseph |
|  |  | Nelson Joseph |
|  |  | Principal Accounting Officer |
| Dated: March 17, 2026 | By | /s/ Nigel D.T. Andrews |
|  |  | Nigel D.T. Andrews |
|  |  | Director |
| Dated: March 17, 2026 | By | /s/ Leslie E. Bradford |
|  |  | Leslie E. Bradford |
|  |  | Director |
| Dated: March 17, 2026 | By | /s/ John G. Nestor |
|  |  | John G. Nestor |
|  |  | Director |
| Dated: March 17, 2026 | By | /s/ Linda Pace |
|  |  | Linda Pace |
|  |  | Director and Chair of the Board |
| Dated: March 17, 2026 | By | /s/ William H. Wright II |
|  |  | William H. Wright II |
|  |  | Director |

---

## Exhibit 4.2

**Exhibit 4.2**

**DESCRIPTION OF REGISTERED SECURITIES**

*Capitalized terms used herein but not defined herein have the meanings set forth in the Annual Report on Form 10-K to which this Exhibit is attached.*

*The following description of Carlyle Credit Solutions, Inc.'s common stock is based on the relevant provisions of the MGCL, the Investment Company Act, Carlyle Credit Solutions, Inc.'s Articles of Amendment and Restatement (as amended and restated from time to time, the "charter") and Carlyle Credit Solutions, Inc.'s Amended and Restated Bylaws (as amended and restated from time to time, the "bylaws"). This summary describes the provisions deemed to be material, but is not necessarily complete, and you should refer to the MGCL, the Investment Company Act and Carlyle Credit Solutions, Inc.'s charter and bylaws for a more detailed description of the provisions summarized below.*

*As of December 31, 2025, Carlyle Credit Solutions, Inc. (the "Company," "we," "us" or "our") had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): our common stock, par value $0.01 per share.* 

<u>Capital Stock</u>

Our authorized stock consists of 300,000,000 shares, par value $0.01 per share, all of which are currently designated as common stock. There are no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity compensation plans. Under Maryland law, our stockholders generally are not personally liable for our debts or obligations. Under our charter, our Board of Directors (the "Board") is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock without obtaining stockholder approval. As permitted by the MGCL, our charter provides that the Board, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

*Common Stock, par value $0.01 per share*

All shares of our common stock have equal rights as to earnings, assets, voting, and dividends and, when they are issued, will be duly authorized, validly issued, fully paid and non-assessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our Board and declared by us out of assets legally available therefor. Shares of our common stock are not subject to any sinking fund and have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract.

In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director.

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As of December 31, 2025, we had issued and outstanding 93,812,679 shares of common stock. As of December 31, 2025, only shares of Class I common stock are issued and outstanding.

*Shares of Class S Common Stock*

No upfront selling commission, placement agent fees, or other similar placement fees (together, the "Upfront Sales Loads") are paid for sales of any shares of Class S common stock ("Class S Shares"), however, if an investor purchases Class S Shares from certain financial intermediaries, they may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to 3.5% cap on NAV for Class S Shares.

We pay the Placement Agent selling commissions over time as a shareholder servicing and/or distribution fee with respect to our outstanding Class S Shares equal to 0.85% per annum of the aggregate NAV of our outstanding Class S Shares, including any Class S Shares issued pursuant to our distribution reinvestment plan. The shareholder servicing and/or distribution fees are paid monthly in arrears. The Placement Agent reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

*Shares of Class D Common Stock*

No Upfront Sales Loads are paid for sales of any shares of Class D common stock ("Class D Shares"), however, if an investor purchases Class D Shares from certain financial intermediaries, they may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to 1.5% cap on NAV for Class D Shares.

We pay the Placement Agent selling commissions over time as a shareholder servicing and/or distribution fee with respect to our outstanding Class D Shares equal to 0.25% per annum of the aggregate NAV of all our outstanding Class D Shares, including any Class D Shares issued pursuant to our distribution reinvestment plan. The shareholder servicing and/or distribution fees are paid monthly in arrears. The Placement Agent reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

*Shares of Class I Common Stock*

No upfront sales loads or shareholder servicing and/or distribution fees are paid for sales of any shares of Class I common stock ("Class I Shares"), and financial intermediaries will not charge transaction or other such fees on Class I Shares.

*Exchange or Conversion of Shares*

In certain cases, and subject to the Company's approval, the Class S or Class D Shares may be converted or exchanged into an equivalent NAV amount of Class I Shares, including in situations where a stockholder exits a relationship with a participating selling agent and does not enter into a new relationship with a participating selling agent. Exchanges or conversion, including those made at the option of stockholders, may require such stockholder to meet the eligibility requirements of the Share class into which the stockholder seeks to exchange.

------

*Other Terms of Common Shares*

We will cease paying the shareholder servicing and/or distribution fee on the Class S Shares and Class D Shares on the earlier to occur of the following: (i) a listing of Class I Shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of our offering on which, in the aggregate, underwriting compensation from all sources in connection with our offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with an exemptive order from the SEC that permits us to issue multiple classes of shares, at the end of the month in which the Placement Agent in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the Shares held in a stockholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such Shares (or a lower limit as determined by the Placement Agent or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class S Shares and Class D Shares in such stockholder's account. Compensation paid with respect to the Shares in a stockholder's account will be allocated among each Share such that the compensation paid with respect to each individual Share will not exceed 10% of the offering price of such Share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S Shares or Class D Shares in such stockholder's account will convert into a number of Class I Shares (including any fractional Shares), with an equivalent aggregate NAV as such Class S or Class D Shares. In addition, immediately before any liquidation, dissolution or winding up, each Class S Share and Class D Share will automatically convert into a number of Class I Shares (including any fractional Shares) with an equivalent NAV as such Share.

<u>Preferred Stock</u> 

Our charter authorizes our Board to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. Prior to the issuance of shares of each class or series, the Board is required by Maryland law and by our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. The cost of any such reclassification would be borne by our existing common stockholders.

However, any issuance of preferred stock must comply with the requirements of the Investment Company Act. Certain matters under the Investment Company Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would vote separately from the holders of common stock on a proposal to cease operations as a BDC. In addition, the Investment Company Act provides that holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred stock directors. We believe that the availability for issuance of preferred stock will provide us with increased flexibility in structuring future financings and acquisitions. However, we do not currently have any plans to issue preferred stock.

<u>Provisions of the MGCL and our Charter and Bylaws - Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses</u>

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from

------

(a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates directors' and officers' liability to the maximum extent permitted by Maryland law, subject to the requirements of the Investment Company Act.

Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the Investment Company Act, to indemnify any present or former director or officer of the corporation or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the Investment Company Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, trustee, member or manager and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding without requiring a preliminary determination of his or her ultimate entitlement to indemnification. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the Investment Company Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer in advance of final disposition of a proceeding upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

We have entered into indemnification agreements with our directors and executive officers that will provide the maximum indemnification permitted under Maryland law and the Investment Company Act.

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<u>Certain Provisions of the MGCL and Our Charter and Bylaws that May Have the Effect of Making it More Difficult to Acquire Us</u>

The MGCL and our charter and bylaws contain provisions that could make it more difficult for a potential acquiror to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

*Classified Board of Directors*

Our Board is divided into three classes of directors serving staggered three-year terms with their respective terms expiring at successive annual meetings of stockholders, and in each case, the directors will serve until their successors are duly elected and qualify. Each year, one class of directors will be elected by the stockholders. A staggered board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of our Board will help to ensure the continuity and stability of our management and policies.

*Election of Directors*

As permitted by our charter, our bylaws provide that a plurality of votes in the election of directors cast at a meeting of stockholders duly called and at which a quorum is present will be required to elect a director. Pursuant to our charter and bylaws, our Board may amend the bylaws to alter the vote required to elect directors.

*Number of Directors; Vacancies; Removal*

Our charter provides that the number of directors will be increased or decreased only by the Board in accordance with our bylaws. Our bylaws provide that a majority of our entire Board may at any time increase or decrease the number of directors. However, the number of directors may never be less than one nor more than twelve unless our bylaws are amended in which case we may have more than twelve directors but never less than one. Our charter provides that, at such time as we have at least three independent directors and our common stock is registered under the Exchange Act, we elect to be subject to the provision of Subtitle 8 of Title 3 of the MGCL regarding the filling of vacancies on the Board. Accordingly, at such time, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualifies, subject to any applicable requirements of the Investment Company Act.

Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors.

*Action by Stockholders*

Under the MGCL, stockholder action can be taken only at an annual or special meeting of stockholders or (unless the charter permits stockholder action by less than unanimous written consent, which our charter does not but refers to our bylaws) by unanimous written consent in lieu of a meeting. Without the provision in our bylaws described

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below, and combined with the requirements of our bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, these provisions may have the effect of delaying consideration of a stockholder proposal until the next annual meeting. Our bylaws currently provide that any action required or permitted to be taken at a meeting of the stockholders may be taken by the holders of common stock entitled to vote generally in the election of directors without a meeting, if the action is advised, and submitted to the stockholders for approval, by our Board and a consent to such action is given in writing or by electronic transmission of the stockholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a stockholders meeting.

*Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals*

Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board and the proposal of business to be considered by stockholders may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (2) by a stockholder who is a stockholder of record both at the time of giving notice, as provided by the bylaws, and at the time of the annual meeting and who is entitled to vote at the meeting and who has complied with the advance notice procedures of our bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) by the Board or (2) provided that the Board has determined that directors will be elected at the meeting, by a stockholder who is a stockholder of record both at the time of giving notice, as provided by the bylaws, and at the time of the special meeting and who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders.

*Calling of Special Meetings of Stockholders* 

Our bylaws provide that special meetings of stockholders may be called by a majority of our Board, the chairman of the Board and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

*Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws*

Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange, co-invest or engage in similar transactions outside the ordinary course of business, unless advised by its board of directors and approved by the affirmative vote of

------

stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our charter also provides that the following matters require the approval of stockholders entitled to cast at least 80% of the votes entitled to be cast: (i) certain charter amendments; (ii) any proposal for our conversion, whether by merger or otherwise, from a closed-end company to an open-end company; (iii) any proposal for our liquidation or dissolution; or (iv) any proposal regarding a merger, consolidation, share exchange or sale or exchange of all or substantially all of our assets that the MGCL requires to be approved by our stockholders. However, if such amendment or proposal is approved by a majority of our continuing directors (in addition to approval by our Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The "continuing directors" are defined in our charter as (1) our current directors, (2) those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.

Our charter and bylaws provide that the Board will have the exclusive power to make, alter, amend or repeal any provision of our bylaws.

*No Appraisal Rights*

Except with respect to appraisal rights arising in connection with the Control Share Act discussed below, as permitted by the MGCL, our charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of the Board shall determine such rights apply.

*Control Share Acquisitions*

The MGCL, pursuant to the Control Share Act, provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one-third or more but less than a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority or more of all voting power.

The requisite stockholder approval must be obtained each time an acquiror crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

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A person who has made or proposes to make a control share acquisition may compel the Board of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including, as provided in our bylaws, compliance with the Investment Company Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.

The Control Share Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Act any and all acquisitions by any person of our shares of stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future. However, we will amend our bylaws to be subject to the Control Share Act only if the Board determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the Control Share Act does not conflict with the Investment Company Act. Some uncertainty around the general application under the Investment Company Act of state control share statutes exists as a result of recent federal and state court decision that have found that certain control share bylaws adopted by certain closed-end funds and the opting in by certain closed-end funds to state control share statutes violated Section 18(i) of the Investment Company Act.

*Business Combinations*

Under Maryland law, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation's outstanding voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding voting stock of the corporation.

A person is not an interested stockholder under this statute if the Board approved in advance the transaction by which the stockholder otherwise would have become an interested stockholder. However, in approving a transaction, the Board may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

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After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the Board of the corporation and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the Board before the time that the interested stockholder becomes an interested stockholder. Our Board has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the MBCA, provided that the business combination is first approved by the Board, including a majority of the directors who are not interested persons (as defined in the Investment Company Act). This resolution may be altered or repealed in whole or in part at any time; however, our Board will adopt resolutions so as to make us subject to the provisions of the MBCA only if the Board determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the MBCA does not conflict with the Investment Company Act. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

*Conflict with Investment Company Act*

Our bylaws provide that, if and to the extent that any provision of the MGCL, including the Control Share Act (if we amend our bylaws to be subject to such Act) and the MBCA, or any provision of our charter or bylaws conflicts with any provision of the Investment Company Act, the applicable provision of the Investment Company Act will control.

*Exclusive Forum*

Our charter and bylaws provide that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL, the charter or bylaws or the securities, antifraud, unfair trade practices or similar laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be a federal or state court located in the state of Delaware, provided that to the extent the appropriate court located in the state of Delaware determines that it does not have jurisdiction over such action, then the sole and exclusive forum shall be any federal or state court located in the state of Maryland. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Company shall be deemed, to the fullest extent permitted by law, to have notice of and consented to these exclusive forum provisions and to have irrevocably submitted to, and waived any objection to, the exclusive jurisdiction of such courts in connection with any such action or proceeding and consented to process being served

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in any such action or proceeding, without limitation, by United States mail addressed to the stockholder at the stockholder's address as it appears on the records of the Company, with postage thereon prepaid.

## Exhibit 10.5

**EXHIBIT 10.5**

*Conformed through Fifth Amendment and Joinder to Amended and Restated Loan and Security Agreement, dated as of August 26, 2025*

AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT

dated as of

June 2, 2021

among

CARLYLE CREDIT SOLUTIONS SPV LLC

The Lenders Party Hereto

The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Administrative Agent

and

CARLYLE CREDIT SOLUTIONS, INC.,<br>as Servicer

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**Table of Contents**

<u>Page</u>

ARTICLE I<br>THE PORTFOLIO INVESTMENTS

SECTION 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Portfolio Investments&nbsp;&nbsp;&nbsp;&nbsp;29

SECTION 1.02.&nbsp;&nbsp;&nbsp;&nbsp;Procedures for Purchases and Related Advances&nbsp;&nbsp;&nbsp;&nbsp;29

SECTION 1.03.&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Purchases. &nbsp;&nbsp;&nbsp;&nbsp;29

SECTION 1.04.&nbsp;&nbsp;&nbsp;&nbsp;Sales of Portfolio Investments&nbsp;&nbsp;&nbsp;&nbsp;30

SECTION 1.05.&nbsp;&nbsp;&nbsp;&nbsp;Certain Assumptions relating to Portfolio Investments&nbsp;&nbsp;&nbsp;&nbsp;32

SECTION 1.06.&nbsp;&nbsp;&nbsp;&nbsp;Currency Equivalents&nbsp;&nbsp;&nbsp;&nbsp;32

ARTICLE II<br>THE ADVANCES

SECTION 2.01.&nbsp;&nbsp;&nbsp;&nbsp;Financing Commitments&nbsp;&nbsp;&nbsp;&nbsp;33

SECTION 2.02.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;33

SECTION 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Advances; Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;33

SECTION 2.04.&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Amended and Restated Effective Date&nbsp;&nbsp;&nbsp;&nbsp;35

SECTION 2.05.&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Advances&nbsp;&nbsp;&nbsp;&nbsp;36

ARTICLE III<br>ADDITIONAL TERMS APPLICABLE TO THE ADVANCES

SECTION 3.01.&nbsp;&nbsp;&nbsp;&nbsp;The Advances&nbsp;&nbsp;&nbsp;&nbsp;37

SECTION 3.02.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;41

SECTION 3.03.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;41

ARTICLE IV<br>COLLECTIONS AND PAYMENTS

SECTION 4.01.&nbsp;&nbsp;&nbsp;&nbsp;Interest Proceeds&nbsp;&nbsp;&nbsp;&nbsp;44

SECTION 4.02.&nbsp;&nbsp;&nbsp;&nbsp;Principal Proceeds&nbsp;&nbsp;&nbsp;&nbsp;45

SECTION 4.03.&nbsp;&nbsp;&nbsp;&nbsp;Principal and Interest Payments; Prepayments; Commitment Fee&nbsp;&nbsp;&nbsp;&nbsp;45

SECTION 4.04.&nbsp;&nbsp;&nbsp;&nbsp;MV Cure Account&nbsp;&nbsp;&nbsp;&nbsp;47

SECTION 4.05.&nbsp;&nbsp;&nbsp;&nbsp;Priority of Payments&nbsp;&nbsp;&nbsp;&nbsp;47

SECTION 4.06.&nbsp;&nbsp;&nbsp;&nbsp;Payments Generally&nbsp;&nbsp;&nbsp;&nbsp;48

SECTION 4.07.&nbsp;&nbsp;&nbsp;&nbsp;Termination or Reduction of Financing Commitments&nbsp;&nbsp;&nbsp;&nbsp;49

ARTICLE V<br>THE SERVICER

SECTION 5.01.&nbsp;&nbsp;&nbsp;&nbsp;Appointment and Duties of the Servicer&nbsp;&nbsp;&nbsp;&nbsp;50

SECTION 5.02.&nbsp;&nbsp;&nbsp;&nbsp;Servicer Representations as to Eligibility Criteria; Etc&nbsp;&nbsp;&nbsp;&nbsp;50

SECTION 5.03.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification; Limitation of Liability&nbsp;&nbsp;&nbsp;&nbsp;51

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ARTICLE VI<br>REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 6.01.&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties&nbsp;&nbsp;&nbsp;&nbsp;51

SECTION 6.02.&nbsp;&nbsp;&nbsp;&nbsp;Covenants of the Company and the Servicer&nbsp;&nbsp;&nbsp;&nbsp;55

SECTION 6.03.&nbsp;&nbsp;&nbsp;&nbsp;Amendments of Portfolio Investments, Etc&nbsp;&nbsp;&nbsp;&nbsp;61

ARTICLE VII<br>EVENTS OF DEFAULT

ARTICLE VIII<br>COLLATERAL ACCOUNTS; COLLATERAL SECURITY

SECTION 8.01.&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Accounts&nbsp;&nbsp;&nbsp;&nbsp;64

SECTION 8.02.&nbsp;&nbsp;&nbsp;&nbsp;Collateral Security; Pledge; Delivery&nbsp;&nbsp;&nbsp;&nbsp;65

ARTICLE IX<br>THE AGENTS

SECTION 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Administrative Agent and Collateral Agent&nbsp;&nbsp;&nbsp;&nbsp;68

SECTION 9.02.&nbsp;&nbsp;&nbsp;&nbsp;Additional Provisions Relating to the Collateral Agent and the Collateral Administrator&nbsp;&nbsp;&nbsp;&nbsp;73

ARTICLE X<br>MISCELLANEOUS

SECTION 10.01.&nbsp;&nbsp;&nbsp;&nbsp;Non-Petition; Limited Recourse&nbsp;&nbsp;&nbsp;&nbsp;75

SECTION 10.02.&nbsp;&nbsp;&nbsp;&nbsp;Notices&nbsp;&nbsp;&nbsp;&nbsp;76

SECTION 10.03.&nbsp;&nbsp;&nbsp;&nbsp;No Waiver&nbsp;&nbsp;&nbsp;&nbsp;76

SECTION 10.04.&nbsp;&nbsp;&nbsp;&nbsp;Expenses; Indemnity; Damage Waiver; Right of Setoff&nbsp;&nbsp;&nbsp;&nbsp;76

SECTION 10.05.&nbsp;&nbsp;&nbsp;&nbsp;Amendments&nbsp;&nbsp;&nbsp;&nbsp;77

SECTION 10.06.&nbsp;&nbsp;&nbsp;&nbsp;Successors; Assignments&nbsp;&nbsp;&nbsp;&nbsp;78

SECTION 10.07.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Submission to Jurisdiction; Etc&nbsp;&nbsp;&nbsp;&nbsp;80

SECTION 10.08.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Limitation&nbsp;&nbsp;&nbsp;&nbsp;80

SECTION 10.09.&nbsp;&nbsp;&nbsp;&nbsp;PATRIOT Act&nbsp;&nbsp;&nbsp;&nbsp;80

SECTION 10.10.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts&nbsp;&nbsp;&nbsp;&nbsp;80

SECTION 10.11.&nbsp;&nbsp;&nbsp;&nbsp;Headings&nbsp;&nbsp;&nbsp;&nbsp;81

SECTION 10.12.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement and Consent to Bail-In of EEA Financial Institutions.&nbsp;&nbsp;&nbsp;&nbsp;81

SECTION 10.13.&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.&nbsp;&nbsp;&nbsp;&nbsp;82

<u>Schedules</u>

Schedule 1&nbsp;&nbsp;&nbsp;&nbsp;Transaction Schedule

Schedule 2&nbsp;&nbsp;&nbsp;&nbsp;Contents of Notice of Acquisition

Schedule 3&nbsp;&nbsp;&nbsp;&nbsp;Eligibility Criteria

Schedule 4&nbsp;&nbsp;&nbsp;&nbsp;Concentration Limitations

Schedule 5&nbsp;&nbsp;&nbsp;&nbsp;Initial Portfolio Investments

Schedule 6&nbsp;&nbsp;&nbsp;&nbsp;Moody's Industry Classifications

Schedule 7&nbsp;&nbsp;&nbsp;&nbsp;Form of Partial Deferrable Obligations Notifications

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 -

<u>Exhibits</u>

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Advance

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&nbsp;&nbsp;&nbsp;&nbsp;- 4 -

**AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT** dated as of June 2, 2021 (this "<u>Agreement</u>") among CARLYLE CREDIT SOLUTIONS SPV LLC (formerly known as TCG BDC II SPV LLC), as borrower (the "<u>Company</u>"); CARLYLE CREDIT SOLUTIONS, INC. (formerly known as TCG BDC II, INC.) (the "<u>Servicer</u>"); the Lenders party hereto; U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor to U.S. Bank National Association), in its capacities as collateral agent (in such capacity, the "<u>Collateral Agent</u>") and collateral administrator (in such capacity, the "<u>Collateral Administrator</u>"); U.S. BANK NATIONAL ASSOCIATION, as securities intermediary (in such capacity, the "<u>Securities Intermediary</u>"); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders hereunder (in such capacity, the "<u>Administrative Agent</u>").

Pursuant to Section 10.05, the parties to the Loan and Security Agreement, dated the Original Effective Date (the "<u>Original Agreement</u>"), hereby agree to amend and restate the Original Agreement and the Original Agreement is hereby amended and restated as set forth in this Agreement.

The Servicer and the Loan Parties wish for the Loan Parties to acquire and finance certain corporate loans (the "<u>Portfolio Investments</u>"), all on and subject to the terms and conditions set forth herein; *provided* that, notwithstanding anything herein to the contrary, the Portfolio Investments held by the Investment Subsidiary will be deemed to not be Portfolio Investments hereunder until the Luxembourg Security Effective Date.

Furthermore, the Company entered into (i) a Sale Agreement, dated the Original Effective Date (the "<u>Sale Agreement</u>"), between the Company and Carlyle Credit Solutions, Inc. (in such capacity, the "<u>Seller</u>") and (ii) a Master Participation Agreement, dated the Original Effective Date (the "<u>Master Participation Agreement</u>") between the Company and the Seller, pursuant to which the Company shall from time to time acquire Portfolio Investments (including, in the case of Initial Portfolio Investments, by grant of a Participation Interest pursuant to that Master Participation Agreement) from the Seller, and to Purchase additional Portfolio Investments from time to time.

On and subject to the terms and conditions set forth herein, JPMorgan Chase Bank, National Association ("<u>JPMCB</u>") and its respective successors and permitted assigns (together with JPMCB, the "<u>Lenders</u>") have agreed to make advances to the Company ("<u>Advances</u>") hereunder to the extent specified on the transaction schedule attached as Schedule 1 hereto (the "<u>Transaction Schedule</u>").

Accordingly, the parties hereto agree as follows:

**Certain Defined Terms**

"<u>Account Control Agreement</u>" means, collectively, the Borrower Account Control Agreement and the Investment Subsidiary Account Control Agreement, in each case as amended in accordance with the terms of this Agreement.

"<u>Additional Distribution Date</u>" has the meaning set forth in Section 4.05.

"<u>Adjusted Applicable Margin</u>" means the stated Applicable Margin for Advances set forth on the Transaction Schedule plus 2% per annum.

"<u>Administrative Agent</u>" has the meaning set forth in the introductory section of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;- 5 -

"<u>Advances</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Adverse Proceeding</u>" means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of any Loan Party) at law or in equity, or before or by any Governmental Authority, whether pending, active or, to any Loan Party's or the Servicer's knowledge, threatened against or affecting any Loan Party or the Servicer or their respective property that would reasonably be expected to result in a Material Adverse Effect.

"<u>Affiliate</u>" means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such former Person but, which shall not, with respect to the Loan Parties, include the obligors under any Portfolio Investment. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of any such Person or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; *provided* that for purposes of determining whether any Portfolio Investment satisfies the Eligibility Criteria and as used in Schedule 4 regarding Concentration Limitations, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common financial sponsor; *provided*, *further*, that for purposes of Sections 6.02(a)(xvii) and 6.02(b)(iv), the term "Affiliate" shall not include any portfolio company of the Servicer, the Seller or the Parent, as applicable, that is not consolidated on the financial statements of the Servicer, the Seller or the Parent, as applicable.

"<u>Agent</u>" has the meaning set forth in Section 9.01.

"<u>Agent Business Day</u>" means any day on which commercial banks settle payments in each of New York City and the city in which the corporate trust office of the Collateral Agent is located (which shall initially be Houston, Texas).

"<u>Agreement</u>" has the meaning set forth in the introductory paragraph hereto.

"<u>Amended and Restated Effective Date</u>" has the meaning set forth in Section 2.04.

"<u>Amendment</u>" has the meaning set forth in Section 6.03.

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of any jurisdiction applicable to any Loan Party from time to time concerning or relating to bribery or corruption.

"<u>Applicable Law</u>" means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable SONIA Adjustment</u>" means, with respect to any Advance in GBP, at the election of the Servicer on behalf of the Loan Parties in the related Request for Advance, 0.0326% (the "<u>One Month SONIA Adjustment</u>") or (ii) 0.1193% (the "<u>Three Month SONIA Adjustment</u>").

"<u>AUD</u>" means Australian Dollars.

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&nbsp;&nbsp;&nbsp;&nbsp;- 6 -

"<u>AUD Screen Rate</u>" means, for each Calculation Period relating to an Advance in AUD, the average bid reference rate administered by the ASX Benchmarks Pty Limited (or any other Person that takes over the administration of such rate) for Australian dollar bills of exchange with a tenor equal to one month or three months, as applicable, as displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at or about 11:00 a.m. (Sydney, Australia time) two (2) Business Days prior to the commencement of such Calculation Period. If such rate is not available at such time for any reason, then the AUD Screen Rate for such Calculation Period shall be deemed to be the rate (which shall not be less than zero) at which AUD deposits in an amount corresponding to the amount of such Advance and for the applicable maturity are offered in the Sydney interbank market in immediately available funds at such time (as determined by the Administrative Agent in its commercially reasonable discretion). Notwithstanding anything in the foregoing to the contrary, if the AUD Screen Rate as calculated for any purpose under this Agreement is below zero percent, the AUD Screen Rate will be deemed to be zero percent for such purpose until such time as it exceeds zero percent again.

"<u>Bankruptcy Event</u>" means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"<u>Base Advances</u>" means all Advances.

"<u>Base Rate</u>" means, for any day,(i) with respect to USD denominated Advances, a rate *per annum* equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day *plus* 0.5%, (ii) with respect to CAD denominated Advances, the Canadian Prime Rate and (iii) with respect to any AUD, Euro or GBP denominated Advances, the annual rate of interest announced from time to time by the Administrative Agent (or an affiliate thereof) as being its reference rate then in effect for determining interest rates on commercial loans made by it in Australia (with respect to Advances denominated in AUD), the United Kingdom (with respect to Advances denominated in GBP) or the Euro Zone (with respect to Advances denominated in Euros). Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate, the Canadian Prime Rate or a rate specified in clause (iii) above shall be effective from and including the effective date of such change. In the event that the applicable Base Rate is below zero percent at any time during the term of this Agreement, it shall be deemed to be zero percent until it exceeds zero percent again.

"<u>Base Rate Advance</u>" means, on any date of determination, any Advance denominated in any Currency that bears interest at the applicable Base Rate *plus* the Applicable Margin for Advances (or the Adjusted Applicable Margin, as applicable).

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&nbsp;&nbsp;&nbsp;&nbsp;- 7 -

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Borrower Account Control Agreement</u>" means the Amended and Restated Securities Account Control Agreement, dated as of October 25, 2019, among the Company, the Administrative Agent, the Collateral Agent and the Securities Intermediary, as amended from time to time.

"<u>Borrowing Base Test</u>" means a test that will be satisfied on any date of determination if the following is true:

&nbsp;&nbsp;&nbsp;&nbsp;*<u>Net Advance Rate</u> ≤ AR*

&nbsp;&nbsp;&nbsp;&nbsp;*Net Asset Value*

Where:

*AR* =57%.

"<u>Business Day</u>" means any day on which commercial banks are open in each of New York City and the city in which the corporate trust office of the Collateral Agent is located; *provided* that (i) with respect to any SONIA related provisions herein or the payment, calculation or conversion of amounts denominated in GBP, "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in London, England, (ii) with respect to any provisions herein relating to the setting of EURIBOR or the payment, calculation or conversion of amounts denominated in Euros, Business Day shall be deemed to exclude any day on which banks are required or authorized to be closed in London, England or which is not a TARGET2 Settlement Day, (iii) with respect to any CAD related provisions herein or the payment, calculation or conversion of amounts denominated in CAD, Business Day shall be deemed to exclude any day on which banks are required or authorized to be closed in Toronto, Canada, (iv) with respect to any AUD related provisions herein or the payment, calculation or conversion of amounts denominated in AUD, Business Day shall be deemed to exclude any day on which banks are required or authorized to be closed in Sydney, Australia and (v) with respect to any action required to be taken by or with respect to the Investment Subsidiary under any Loan Document, "Business Day" shall be deemed to exclude any day on which banks are required or authorized to be closed in Luxembourg.

"<u>CAD</u>" means Canadian dollars.

"<u>Calculation Period</u>" means the quarterly period from and including the date on which the first Advance is made hereunder to but excluding the first Calculation Period Start Date following the date of such Advance and each successive quarterly period from and including a Calculation Period Start Date to but excluding the immediately succeeding Calculation Period Start Date (or, in the case of the last Calculation Period, if the last Calculation Period does not end on the last calendar day of March, June, September or December, the period from and including the related Calculation Period Start Date to but excluding the Maturity Date).

"<u>Calculation Period Start Date</u>" means the third Business Day of January, April, July and October of each year, commencing in July 2019.

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&nbsp;&nbsp;&nbsp;&nbsp;- 8 -

"<u>Canadian Prime Rate</u>" means, on any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN Index rate published by Bloomberg Financial Markets Commodities News (or any successor to or substitute for such service, providing rate quotations comparable to those currently provided by such service, as reasonably determined by the Administrative Agent from time to time) at 10:15 a.m. Toronto time on such day and (ii) Term CORRA, plus 1% per annum. Any change in the Canadian Prime Rate due to a change in the PRIMCAN Index or Term CORRA shall be effective from and including the effective date of such change in the PRIMCAN Index or Term CORRA, respectively.

"<u>Cash Equivalents</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in respect of each USD Collateral Account, any of the following: (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's; (iii) commercial paper maturing no more than three months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least "A-1" from S&P or at least "P-1" from Moody's; (iv) certificates of deposit or bankers' acceptances maturing within three months after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least "adequately capitalized" (as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000; and (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from either S&P or Moody's; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in respect of each Permitted Non-USD Currency Account in respect of AUD, GBP and CAD, any high grade cash equivalent security or obligation issued by Canada, England, Australia or any agency or political subdivision thereof, the Collateral Agent or any of its Affiliates or another obligor acceptable to the Administrative Agent that is identified to the Servicer and the Administrative Agent as an available investment in the applicable Permitted Non-USD Currency by the Securities Intermediary, selected by the Servicer in a written notice (including via email) to the Administrative Agent, the Collateral Agent and the Securities Intermediary and consented to by the Administrative Agent in a written notice (including via email) to the Servicer, the Collateral Agent and the Securities Intermediary.

"<u>Change in Law</u>" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; *provided* that all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) shall be deemed to have

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occurred after the date of this Agreement for purposes of this definition, regardless of the date adopted, issued, promulgated or implemented.

"<u>Change of Control</u>" means an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar governing body) of either Loan Party or to direct the management policies and decisions of either Loan Party or (ii) shall cease, directly or indirectly, to own and control legally and beneficially all of the equity interests of either Loan Party, (B) on and after the Luxembourg Security Effective Date, the Borrower shall cease to directly own and control legally and beneficially all of the equity interests of the Investment Subsidiary or (C) Carlyle Investment Management L.L.C. or its Affiliates shall cease to be the investment advisor of the Parent.

"<u>Charges</u>" has the meaning set forth in Section 10.08.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term SOFR (or a successor administrator).

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" has the meaning set forth in Section 8.02(a).

"<u>Collateral Accounts</u>" has the meaning set forth in Section 8.01(a).

"<u>Collateral Administrator</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Collateral Agent</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Collateral Principal Amount</u>" means on any date of determination (A) the aggregate principal balance of the Portfolio Investments, excluding the unfunded balance of any Delayed Funding Term Loan or Revolving Loan, as of such date *plus* (B) the amounts on deposit in the Collateral Accounts (which, for the avoidance of doubt, excludes any amounts in the Investment Subsidiary Accounts prior to the Luxembourg Security Effective Date) (in each case, including cash and Eligible Investments) representing Principal Proceeds as of such date and the amounts on deposit in the Unfunded Exposure Account and each Permitted Non-USD Currency Unfunded Exposure Account (in each case, including cash and Eligible Investments) as of such date *minus* (C) the aggregate principal balance of all Ineligible Investments as of such date.

"<u>Collection Account</u>" means the Interest Collection Account and the Principal Collection Account, collectively.

"<u>Company</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Company Collateral</u>" has the meaning set forth in Section 8.02(a).

"<u>Company LLC Agreement</u>" means that certain Amended and Restated Limited Liability Company Agreement of the Company dated as of April 1, 2019 entered into by Parent, as the sole equity member, and Donald J. Puglisi, as the Special Member (as defined therein).

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&nbsp;&nbsp;&nbsp;&nbsp;- 10 -

"<u>Concentration Limitation Excess</u>" means, on any date of determination, without duplication, all or the portion of the principal amount of any Portfolio Investment (other than any Ineligible Investment) that exceeds any Concentration Limitation as of such date; *provided* that the Servicer shall select in its sole discretion which Portfolio Investment(s) constitute part of the Concentration Limitation Excess; *provided further* that with respect to any Delayed Funding Term Loan or Revolving Loan, the Servicer shall select any term Portfolio Investment from the same obligor and/or any funded portion of the aggregate commitment amount of such Delayed Funding Term Loan or Revolving Loan before selecting any unfunded portion of such aggregate commitment amount; *provided further* that if the Servicer does not so select any Portfolio Investment(s), the applicable portion of the Portfolio Investment(s) determined by the Administrative Agent shall make up the Concentration Limitation Excess.

"<u>Concentration Limitations</u>" has the meaning set forth in Schedule 4.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>CORRA</u>" means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

"<u>Credit Risk Party</u>" has the meaning set forth in Article VII.

"<u>Currency</u>" means USD and each Permitted Non-USD Currency.

"<u>Currency Shortfall</u>" has the meaning specified in <u>Section 4.06(b)</u>.

"<u>Custodial Account</u>" means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule to which Portfolio Investments, Eligible Investments and other financial assets may be credited, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

"<u>Daily Simple SONIA</u>" means, for each day during any Calculation Period, SONIA, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in consultation with the Company in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SONIA" for business loans, as determined for such day at approximately 11:00 a.m., London time, on the immediately preceding Business Day. If such rate is not available at such time for any reason, then Daily Simple SONIA for such day shall be the rate (which shall not be less than zero) at which GBP deposits in an amount corresponding to the amount of such Advance are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market. Notwithstanding anything in the foregoing to the contrary, if Daily Simple SONIA as calculated for any purpose under this Agreement is below zero percent, Daily Simple SONIA will be deemed to be zero percent for such purpose until such time as it exceeds zero percent again.

"<u>Default</u>" has the meaning set forth in Section 1.03.

"<u>Defaulting Lender</u>" means any Lender that (a) has failed, within five calendar days of the date required to be funded or paid, to (i) fund any portion of its Advances or (ii) pay over to the Company any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's

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&nbsp;&nbsp;&nbsp;&nbsp;- 11 -

good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Company in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the Company, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Advances under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Company's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.

"<u>Delayed Funding Term Loan</u>" means any Loan that (a) requires the holder thereof to make one or more future advances to the obligor under the underlying instruments relating thereto, (b) specifies a maximum amount that can be borrowed on or prior to one or more fixed dates, and (c) does not permit the re-borrowing of any amount previously repaid by the obligor thereunder; but, for the avoidance of doubt, any such Loan will be a Delayed Funding Term Loan only until all commitments by the holders thereof to make such future advances to the obligor thereon expire or are terminated or reduced to zero.

"<u>Deliver</u>" (and its correlative forms) means the taking of the following steps by the applicable Loan Party or the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;except as provided in clauses (3) or (4) below, in the case of Portfolio Investments and Eligible Investments and amounts on deposit in the Collateral Accounts, by (x) causing the Securities Intermediary to indicate by book entry that a financial asset comprised thereof has been credited to the applicable Collateral Account and (y) causing the Securities Intermediary to agree, pursuant to the Borrower Account Control Agreement and, on and after the Luxembourg Security Effective Date, the Investment Subsidiary Account Control Agreement, that it will comply with entitlement orders originated by the Collateral Agent with respect to each such security entitlement without further consent by such Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Portfolio Investments consisting of money or instruments (the "<u>New York Collateral</u>") that do not constitute a financial asset forming the basis of a security entitlement delivered to the Collateral Agent pursuant to clause (1) above, by causing (x) the Collateral Agent to obtain possession of such New York Collateral in the State of New York, or (y) a Person other than the Company and a securities intermediary (A)(I) to obtain possession of such New York Collateral in the State of New York, and (II) to then authenticate a record acknowledging that it holds possession of such New York Collateral for the benefit of the Collateral Agent or (B)(I) to authenticate a record acknowledging that it will take possession of such New York Collateral for the benefit of the Collateral Agent and (II) to then acquire possession of such New York Collateral in the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any account which constitutes a "deposit account" under Article 9 of the UCC, by causing the Securities Intermediary to continuously identify in its books and

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&nbsp;&nbsp;&nbsp;&nbsp;- 12 -

records the security interest of the Collateral Agent in such account and, except as may be expressly provided herein to the contrary, establishing control within the meaning of Section 9-104 of the UCC over such account in favor of the Collateral Agent in the manner set forth in the Borrower Account Control Agreement and, on and after the Luxembourg Security Effective Date, the Investment Subsidiary Account Control Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;in all cases, including general intangibles, by filing or causing the filing of a financing statement with respect to such Collateral with the Delaware Secretary of State; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;in all cases by otherwise ensuring that (i) all steps, if any, required under applicable Law in the United States and Luxembourg or reasonably requested by the Administrative Agent to ensure that this Agreement creates a valid, first priority Lien (subject only to Permitted Liens) on such Collateral in favor of Collateral Agent, shall have been taken, and that such Lien shall have been perfected by filing and, to the extent applicable, possession or control and (ii) obtaining all applicable consents to the pledge of the Collateral in accordance with the Loan Documents.

"<u>Designated Email Notification Address</u>" means BDCPMTeam@carlyle.com; *provided* that, so long as no Event of Default shall have occurred and be continuing and no Market Value Event shall have occurred, the Company may, upon at least five (5) Business Day's written notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent, designate any other email address as the Designated Email Notification Address.

"<u>Designated Independent Dealer</u>" means J.P. Morgan Securities LLC; *provided* that, so long as no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, the Servicer may, upon at least five (5) Business Day's written notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent, designate another Independent Dealer as the Designated Independent Dealer.

"<u>Designated MV</u>" has the meaning set forth in the definition of the term "Market Value."

"<u>Designated MV Asset</u>" means, as of any date of determination, (i) any Non-Traded Portfolio Investment that has a Designated MV, which Designated MV has been reduced by more than 5% (expressed as a percentage of par) during the six month period immediately preceding such date of determination or (ii) if the weighted average of the Market Values of all Non-Traded Portfolio Investments that have Designated MV on such date of determination is 10% (expressed as a percentage of par) or more below the weighted average of the Market Values of such Non-Traded Portfolio Investments initially assigned thereto by the Administrative Agent, all Non-Traded Portfolio Investments that have a Designated MV.

"<u>Dollar Equivalent</u>" means, with respect to any Advance denominated in a Permitted Non-USD Currency, the amount of USD that would be required to purchase the amount of such Permitted Non-USD Currency of such Advance using the reciprocal foreign exchange rates obtained as described in the definition of the term Spot Rate.

"<u>Effective Date Letter</u>" means that certain letter agreement, dated as of the Original Effective Date, between the Company and the Administrative Agent, as amended by the Effective Date Letter Amendment and the Second Effective Date Letter Amendment and as further amended, modified or restated in accordance with its terms.

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&nbsp;&nbsp;&nbsp;&nbsp;- 13 -

"<u>Effective Date Letter Amendment</u>" means that certain letter agreement, dated as of the Amended and Restated Effective Date, between the Company and the Administrative Agent.

"<u>Eligibility Criteria</u>" has the meaning set forth in Section 1.03.

"<u>Eligible Investments</u>" has the meaning set forth in Section 4.01.

"<u>ERISA</u>" means the United States Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412, 430 or 431 of the Code).

"<u>ERISA Event</u>" means that (1) the Company has underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules or (2) the Company sponsors, maintains, contributes to, is required to contribute to or has any material liability (including, in the case of contribution and liability, on account of any ERISA Affiliate) with respect to any Plan.

"<u>Euro</u>" or "€" means the lawful currency of Participating Member States.

"<u>EURIBOR</u>" means, for each Calculation Period relating to an Advance in Euros, the Euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) displayed on Reuters Screen EURIBOR01 on the Bloomberg Financial Markets Commodities News (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as reasonably determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the Euro in the Euro Zone) at approximately 11:00 a.m., Brussels time, two (2) Business Days prior to the commencement of such Calculation Period, as the rate for Euro deposits with a maturity of three months. If such rate is not available at such time for any reason, then EURIBOR for such Calculation Period shall be the rate (which shall not be less than zero) at which Euro deposits in an amount corresponding to the amount of such Advance and for the applicable maturity are offered by the principal Brussels office of the Administrative Agent in immediately available funds in the Euro Zone interbank market at approximately 11:00 a.m., Brussels time, two (2) Business Days prior to the commencement of such Calculation Period. Notwithstanding anything in the foregoing to the contrary, if EURIBOR as calculated for any purpose under this Agreement is below zero percent, EURIBOR will be deemed to be zero percent for such purpose until such time as it exceeds zero percent again.

"<u>Event of Default</u>" has the meaning set forth in Article VII.

"<u>Excess Interest Proceeds</u>" means (i) on any Interest Payment Date, the excess of (1) amounts then on deposit in the Collateral Accounts (which, for the avoidance of doubt, excludes any amounts in the Investment Subsidiary Accounts prior to the Luxembourg Security Effective Date) representing Interest Proceeds over (2) the amount actually paid on such Interest Payment Date pursuant to Sections 4.05(a) and (b) and (ii) at any other time of determination, the excess of (1) amounts then on deposit in the Collateral Accounts (which, for the avoidance of doubt, excludes any amounts in the Investment Subsidiary Accounts prior to the Luxembourg Security Effective Date) representing Interest Proceeds over (2) the projected amount required to be paid pursuant to Section 4.05(a) and (b) on the next

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&nbsp;&nbsp;&nbsp;&nbsp;- 14 -

Interest Payment Date, the next Additional Distribution Date or the Maturity Date, as applicable, in each case, as determined by the Company in good faith and in a commercially reasonable manner.

"<u>Excluded Account</u>" means one or more bank accounts established and maintained with The Bank of New York Mellon SA / NV, Luxembourg Branch in the name of the Investment Subsidiary, as designated by the Investment Subsidiary and confirmed in writing by the Administrative Agent. For the avoidance of doubt, no Loan Party shall deposit (or cause to be deposited) any Principal Proceeds, Interest Proceeds or other amounts received with respect to any Portfolio Investment into the Excluded Account (excluding, for the avoidance of doubt, amounts distributed in accordance with the Priority of Payments).

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Secured Party being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, Luxembourg or U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Financing Commitment or Advance pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.03, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Secured Party's failure to comply with Section 3.03(f), and (d) Taxes imposed under FATCA, and (e) Taxes imposed in relation to Luxembourg law dated 23 December 2005 introducing a final withholding tax on interest payable to Luxembourg resident individual beneficial owners of the payment, as amended from time to time.

"<u>Existing Intercompany Convertible Note Facility</u>" means the Convertible Loan Notes Facility Agreement made on October 23, 2024, and effective as of October 29, 2024, by and between the Parent and the Investment Subsidiary.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and intergovernmental agreements thereunder, similar or related non-U.S. law that corresponds to Sections 1471 to 1474 of the Code, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance, notes or practices adopted pursuant to such intergovernmental agreement.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the effective federal funds rate, <u>provided</u> that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

"<u>Fifth Amendment</u>" means the Fifth Amendment and Joinder to Amended and Restated Loan and Security Agreement, dated as of the Fifth Amendment Effective Date, by and between the

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&nbsp;&nbsp;&nbsp;&nbsp;- 15 -

Borrower, the Servicer, the Investment Subsidiary, the Collateral Agent, the Securities Intermediary, the Collateral Administrator, the Administrative Agent and the Lenders.

"<u>Fifth Amendment Effective Date</u>" means August 26, 2025.

"<u>Financing Commitment</u>" means, with respect to each Lender, the commitment of such Lender to provide Advances to the Company hereunder in an amount up to but not exceeding the amount set forth opposite such Lender's name on the Transaction Schedule or in the assignment and assumption pursuant to which such Lender became a Lender under this Agreement, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 10.06 of this Agreement.

"<u>First Amendment Effective Date Letter</u>" means the First Amendment Effective Date Letter, dated as of December 28, 2021, by and between the Administrative Agent and the Company.

"<u>First Scheduled Financing Commitment Increase</u>" means, subject to the satisfaction of the Scheduled Financing Commitment Increase Conditions, the increase in the Financing Commitment by U.S.$100,000,000 to occur on the First Scheduled Financing Commitment Increase Date.

"<u>First Scheduled Financing Commitment Increase Date</u>" means December 12, 2025 (or such earlier date as agreed to by the Administrative Agent and the Company (or the Servicer on its behalf), each in their sole discretion, upon fifteen (15) Business Days' prior notice of such proposed date from the Servicer to the Administrative Agent (with a copy to the Collateral Agent)).

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person.

"<u>Fourth Amendment Effective Date</u>" means December 12, 2024.

"<u>Fourth Amendment Effective Date Letter</u>" means the Fourth Amendment Effective Date Letter, dated as of the Fourth Amendment Effective Date, by and between the Administrative Agent and the Company.

"<u>GAAP</u>" means generally accepted accounting principles in the effect from time to time in the United States, as applied from time to time by the Company.

"<u>GBP</u>" and "£" mean British Pounds.

"<u>Governmental Authority</u>" means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"<u>Indebtedness</u>" as applied to any Person, means, without duplication, as determined in accordance with GAAP, (i) all indebtedness of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued expenses arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified as a liability of such Person on a balance sheet; (v) all non-contingent obligations of such Person to reimburse or prepay any bank or other

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&nbsp;&nbsp;&nbsp;&nbsp;- 16 -

Person in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and (vii) all debt, lease obligations or similar obligations to repay money of others guaranteed by such Person or for which such Person acts as surety and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss. Notwithstanding the foregoing, "Indebtedness" shall not include a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance with the terms of this Agreement.

"<u>Indemnified Person</u>" has the meaning specified in Section 5.03.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Loan Parties under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitee</u>" has the meaning set forth in Section 10.04(b).

"<u>Independent Dealer</u>" means any of the following (as such list may be revised from time to time by mutual agreement of the Company and the Administrative Agent): Bank of America/Merrill Lynch, Barclays Bank, BNP Paribas, Citibank, Deutsche Bank, Goldman Sachs, Morgan Stanley, UBS, Wells Fargo and any Affiliate of any of the foregoing, but in no event including the Company or any Affiliate of the Company.

"<u>Ineligible Investment</u>" means any Portfolio Investment that fails, at any time, to satisfy the Eligibility Criteria; *provided* that with respect to any Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on Schedule 3, the Eligibility Criteria in respect of such Portfolio Investment shall be deemed not to include such waived criteria at any time after such waiver and such Portfolio Investment shall not be considered an "Ineligible Investment" by reason of its failure to meet such waived criteria; *provided further* that any Portfolio Investment (other than an Initial Portfolio Investment) which has not been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its Trade Date will be deemed to be an Ineligible Investment until such later date (if any) on which such Portfolio Investment is so approved; *provided*, *further*, that any Participation Interest that has not been elevated to an absolute assignment on or prior to the 60th calendar day following the Original Effective Date shall constitute an Ineligible Investment until the date on which such elevation has occurred.

"<u>Ineligible Person</u>" has the meaning set forth in the Effective Date Letter.

"<u>Information</u>" means (i) the Loan Documents and the details of the provisions thereof and (ii) all information received from the Company or any Affiliate thereof relating to any Loan Party or its business or any obligor in respect of any Portfolio Investment in connection with the transactions contemplated by this Agreement.

"<u>Initial Portfolio Investments</u>" means the Portfolio Investments listed in Schedule 5.

"<u>Insolvency Regulation</u>" means the Regulation (EU) 2015/848 of the European Parliament and the Council of 20 May 2015 on insolvency proceedings (recast).

"<u>Intercompany Loans</u>" means one or more interest free loans or convertible loan notes granted by the Parent to the Investment Subsidiary under the Existing Intercompany Convertible Note

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&nbsp;&nbsp;&nbsp;&nbsp;- 17 -

Facility and validly assigned by the Parent to the Company on or prior to the Fifth Amendment Effective Date.

"<u>Interest Collection Account</u>" means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of Interest Proceeds denominated in USD and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. For the avoidance of doubt, the "IS Interest Collection Account" identified on the Transaction Schedule shall be an Interest Collection Account for all purposes hereunder.

"<u>Interest Payment Date</u>" has the meaning set forth in Section 4.03(b).

"<u>Interest Proceeds</u>" means all payments of interest received in respect of the Portfolio Investments and Eligible Investments acquired with the proceeds of Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds received from the sale of interest accrued after the date on which the applicable Loan Party acquired the related Portfolio Investment), all other payments on the Eligible Investments acquired with the proceeds of Portfolio Investments (for the avoidance of doubt, such other payments shall not include principal payments (including, without limitation, prepayments, repayments or sale proceeds) with respect to Eligible Investments acquired with Principal Proceeds) and all payments of fees, dividends and other similar amounts received in respect of the Portfolio Investments or deposited into any of the Collateral Accounts (including closing fees, commitment fees, facility fees, late payment fees, amendment fees, waiver fees, prepayment fees and premiums, ticking fees, delayed compensation, customary syndication or other up-front fees and customary administrative agency or similar fees); *provided*, *however*, that for the avoidance of doubt, Interest Proceeds shall not include amounts or Eligible Investments in the MV Cure Account, any Unfunded Exposure Account or any Permitted Non-USD Currency Unfunded Exposure Account or any proceeds therefrom.

"<u>Investment</u>" means (a) the purchase of any debt or equity security of any other Person, or (b) the making of any Loan or advance to any other Person, or (c) becoming obligated with respect to a contingent obligation in respect of obligations of any other Person.

"<u>Investment Subsidiary</u>" means CARS Lux Finance SPV S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of Grand Duchy of Luxembourg, having its registered office at 2, avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg Register of Commerce and Companies (*RCS Luxembourg*) under number B284543.

"<u>Investment Subsidiary Account Control Agreement</u>" means the Securities Account Control Agreement, dated as of the Luxembourg Security Effective Date, among the Investment Subsidiary, the Administrative Agent, the Collateral Agent and the Securities Intermediary, as amended from time to time.

"<u>Investment Subsidiary Accounts</u>" means each account held by the Investment Subsidiary with the Securities Intermediary as set forth on the Transaction Schedule (each of which shall, for the avoidance of doubt, be subject to the Investment Subsidiary Account Control Agreement on and after the Luxembourg Security Effective Date).

"<u>Investment Subsidiary Assets</u>" means, collectively, the Portfolio Investments, Eligible Investments and other financial assets owned by the Investment Subsidiary from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;- 18 -

"<u>Investment Subsidiary Collateral</u>" has the meaning set forth in Section 8.02(a).

"<u>Investment Subsidiary Documents</u>" means each of (a) the Investment Subsidiary Sale Agreement, (b) the Investment Subsidiary Guaranty, (c) each Luxembourg Security Document, and (d) the Luxembourg Certificate.

"<u>Investment Subsidiary Guaranty</u>" means that certain Guaranty (as amended from time to time), dated as of the Luxembourg Security Effective Date, entered into by the Investment Subsidiary in favor of the Collateral Agent on behalf of the Secured Parties, in form and substance reasonably satisfactory to the Administrative Agent.

"<u>Investment Subsidiary Sale Agreement</u>" means that certain Sale Agreement dated on or prior to the Luxembourg Security Effective Date between the Investment Subsidiary and the Parent, in form and substance reasonably satisfactory to the Administrative Agent.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>JPMCB</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Lender Participant</u>" has the meaning set forth in Section 10.06(c).

"<u>Lenders</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Liabilities</u>" has the meaning set forth in Section 5.03.

"<u>Lien</u>" means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including tax liens, mechanics' liens and any liens that attach by operation of law.

"<u>Loan</u>" means any obligation for the payment or repayment of borrowed money that is documented by a term and/or revolving loan agreement or other similar credit agreement (or a Participation Interest therein).

"<u>Loan Documents</u>" means this Agreement, the Sale Agreement, the Master Participation Agreement, the Borrower Account Control Agreement, the Investment Subsidiary Account Control Agreement, the Effective Date Letter, the First Amendment Effective Date Letter, the Third Amendment Effective Date Letter, the Fourth Amendment Effective Date Letter, the Investment Subsidiary Guaranty, the Luxembourg Security Documents, the Investment Subsidiary Sale Agreement and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the terms of this Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or modification.

"<u>Loan Party</u>" means each of the Company and the Investment Subsidiary.

"<u>Luxembourg Business Preservation Law</u>" means the Luxembourg law of 7 August 2023 on business preservation and modernisation of bankruptcy law (*loi du 7 août 2023 relative à la préservation des entreprises et portant modernisation du droit de la faillite*).

"<u>Luxembourg Certificate</u>" means a Luxembourg manager's certificate issued by an authorized signatory of the Investment Subsidiary to the Administrative Agent (or its counsel) on the

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&nbsp;&nbsp;&nbsp;&nbsp;- 19 -

Luxembourg Security Effective Date in respect of each of the following as being true, accurate, correct and up-to-date, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a copy of the articles of association of the Investment Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a copy of the board resolutions of the board of managers of the Investment Subsidiary authorizing the entry into the Fifth Amendment and any other related documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a specimen signature of each person authorised by the resolution referred to in in <u>clause (ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;an electronic excerpt (*extrait*) issued by the RCS dated on the date of this Amendment in relation to the Investment Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;a certificate as to the non registration of a court decision or administrative dissolution without liquidation (certificat de non inscription d'une décision judiciaire ou de dissolution administrative sans liquidation) issued by the insolvency register (Registre de l'insolvabilité) (Reginsol) held and maintained by the RCS, pertaining to the Investment Subsidiary and dated the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;a certificate that that the Investment Subsidiary (A) is not subject to bankruptcy (faillite), insolvency, voluntary or judicial liquidation (liquidation volontaire ou judiciaire), reprieve from payment (sursis de paiement), administrative dissolution without liquidation (dissolution administrative sans liquidation), conciliation (conciliation), general settlement with creditors including mutual agreement (accord amiable) pursuant to the the Luxembourg law of 7 August 2023 on business preservation and modernisation of bankruptcy law (loi du 7 août 2023 relative à la préservation des entreprises et portant modernisation du droit de la faillite) (Luxembourg Business Preservation Law), reorganisation or similar laws affecting the rights of creditors generally (B) it is not, on the Fifth Amendment Effective Date, and will not be, as a result of its entry into the Loan Documents to which it is a party, in a state of cessation of payments (cessation de payments) and has not lost, and will not lose as a result of its entry into the Loan Documents to which it is a party, its commercial creditworthiness (ébranlement de credit), (C) has not requested the commencement of a judicial reorganisation (réorganisation judiciaire) pursuant to the Luxembourg Business Preservation Law by virtue of collective agreement (accord collectif) or transfer by court order (transfer par decision de justice), (D) no application has been made by it or, as far as it is aware, by any other person for the appointment of a commissaire, juge commissaire, liquidateur, curateur, mandataire de justice, administrateur provisoire, concilateur d'entreprise or similar officer pursuant to any voluntary or judicial insolvency, winding up, liquidation or similar proceedings, (E) to the best of its knowledge, no petition for the opening of such proceedings has been presented by it or by any other person entitled to do so, (F) no discussion has started with the Minister of Economy (Ministre ayant l'Économie dans ses attributions) or the Minister for Small and Medium Sized Enterprises (Ministre ayant les Classes moyennes dans ses attributions) in respect of financial difficulties which could jeopardise all or part of the relevant Lender Party's business under the Luxembourg Business Preservation Law, (G) any borrowing, guaranty or security interest, as appropriate, provided under any Loan Document, as applicable, will not cause any borrowing, guarantee, security or similar limit binding on it to be exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;a copy of the shareholders' register pertaining to the Investment Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;a certification that the Investment Subsidiary is in compliance with all the requirements of the Luxembourg law of 31 May 1999 regarding the domiciliation of companies, as amended, to the extent applicable, and all related regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;- 20 -

"<u>Luxembourg Security Documents</u>" means each of the following agreements, dated on or about the Luxembourg Security Effective Date, in form and substance satisfactory to the Administrative Agent: (i) the New York law governed Investment Subsidiary Account Control Agreement whereby the Investment Subsidiary pledges in favor of the Collateral Agent each bank account located in the United States, (ii) the Luxembourg law governed receivables pledge agreement over claims owed by the Investment Subsidiary to be granted by the Company in favor of the Collateral Agent, (iii) the Luxembourg law governed share pledge agreement over the shares in the Investment Subsidiary to be granted by the Company in favor of the Collateral Agent and (iv) the Luxembourg law governed notes pledge agreement over the notes issued by the Investment Subsidiary to be granted by the Company in favor of the Collateral Agent.

"<u>Luxembourg Security Effective Date</u>" means the date on which the Administrative Agent confirms in writing to the Company and the Collateral Agent that it has received (a) each Investment Subsidiary Document, duly executed by each party thereto, (b) written opinions of counsel for the Loan Parties satisfactory in form and substance to the Administrative Agent covering certain non-consolidation, capacity and authority, security interest, and enforceability matters with respect to the Investment Subsidiary and the Luxembourg Security Documents, (c) evidence satisfactory to the Administrative Agent that (i) the Investment Subsidiary has appointed an independent manager to serve on its board of managers, (ii) the Company directly owns and controls legally and beneficially all of the equity interests of the Investment Subsidiary, (iii) the Parent has assigned all of its right, title and interest in, to and under the Existing Intercompany Convertible Note Facility to the Borrower, and (iv) the Parent has transferred all of its right, title and interest in, to and under the Intercompany Loans owed to it by the Investment Subsidiary to the Borrower.

"<u>Margin Stock</u>" has the meaning provided such term in Regulation U of the Board of Governors of the Federal Reserve Board.

"<u>Market Value</u>" means, on any date of determination, (i) with respect to any Portfolio Investment other than a Non-Traded Portfolio Investment, the average indicative bid-side price (expressed as a percentage) determined by LoanX/Markit Group Limited (or, if the Administrative Agent determines in its sole discretion that such bid price is not available or is not indicative of the actual current market value, the market value of such Portfolio Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner and (ii) with respect to any Non-Traded Portfolio Investment, the market value of such Portfolio Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner (any such market value so determined by the Administrative Agent with respect to a Non-Traded Portfolio Investment, the "<u>Designated MV</u>" of such Portfolio Investment)).

So long as no Market Value Event has occurred or Event of Default has occurred and is continuing, the Servicer shall have the right to initiate a dispute of the Market Value of Designated MV Assets as set forth below; *provided* that the Servicer provides the valuation set forth below no later than 12:00 p.m. New York City time on the Business Day immediately following the related date of determination.

If the Servicer disputes the determination of the Designated MV of any Designated MV Asset, the Servicer may engage a Nationally Recognized Valuation Provider, at the expense of the Company, to provide a valuation of the applicable Designated MV Asset(s) and submit evidence of such valuation(s) to the Administrative Agent; *provided* that the Servicer may not dispute the Designated MV of Designated MV Assets during any twelve (12) calendar month period with an aggregate principal

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&nbsp;&nbsp;&nbsp;&nbsp;- 21 -

balance of more than 35% of the average aggregate principal balance of all Designated MV Assets on each day during such period (or, if a dispute occurs prior to the twelve (12) calendar month period of the date of this Agreement, 35% of the average aggregate principal balance of all Designated MV Assets on each day since the date of this Agreement).

The market value of any Portfolio Investment determined in accordance with the immediately preceding paragraph will be the Market Value for the applicable Portfolio Investment from and after the Business Day following receipt of notice of such valuation by the Administrative Agent until the Administrative Agent has made a good faith and commercially reasonable determination that the Market Value of such Portfolio Investment has changed, in which case the Administrative Agent may determine another Market Value (in accordance with the definition of Market Value).

Notwithstanding anything to the contrary herein, (A) the Market Value for any Portfolio Investment shall not be greater than the par amount thereof, (B) the Market Value of any Ineligible Investment shall be deemed to be zero and (C) no valuation provided by a Nationally Recognized Valuation Provider shall be effective unless it is in form and substance reasonably acceptable to the Administrative Agent in its sole discretion and takes into account factors commonly used by market participants in conducting valuation processes, including without limitation (i) industry and comparable company analysis, (ii) market yield assumptions, (iii) credit fundamentals, cyclical nature, and outlook of the business of the Portfolio Investment's obligor; and (iv) historical material debt-financed acquisitions consummated by the Portfolio Investment's obligor; *provided* that any valuation that is materially consistent in form and scope with the valuations delivered to the Administrative Agent by the Company or the Servicer prior to the Original Amendment Date (or any such valuation as modified to comply with changes in applicable law, market practice or accounting guidelines), as determined by the Administrative Agent in its sole discretion, shall be deemed to be acceptable to the Administrative Agent for purposes of this clause (C).

The Administrative Agent shall notify the Company, the Servicer and the Collateral Administrator in writing of the then-current Market Value of each Portfolio Investment in the Portfolio on a monthly basis (not later than the 15th day of each calendar month, commencing in April 2019) or upon the reasonable request of the Servicer (but no more frequently than 3 requests per calendar month). Any notification from the Administrative Agent to the Company that the events set forth in clause (A)(i) of the definition of the term Market Value Event have occurred and are continuing shall be accompanied by a written statement showing the then-current Market Value of each Portfolio Investment.

"<u>Market Value Cure</u>" means, on any date of determination, (i) with the consent of the Administrative Agent, the contribution by the Parent of additional Portfolio Investments and the Delivery thereof by the applicable Loan Party to the Collateral Agent pursuant to the terms hereof, (ii) the contribution by the Parent of USD to the Company and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iii) the sale by any Loan Party of one or more Portfolio Investments in accordance with the requirements of this Agreement and the Delivery of the proceeds thereof to the Collateral Agent pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iv) the prepayment by the Company of an aggregate principal amount of Advances (together with accrued and unpaid interest thereon) or (v) any combination of the foregoing clauses (i), (ii), (iii) and (iv), in each case during the Market Value Cure Period, at the option of the Servicer, and in an amount such that immediately after giving effect to all such actions the Net Advances are less than the product of (a) the Net Asset Value and (b) the Market Value Cure Trigger; *provided* that, any Portfolio Investment contributed to a Loan Party in connection with the foregoing must meet all of the applicable Eligibility Criteria (unless otherwise

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&nbsp;&nbsp;&nbsp;&nbsp;- 22 -

consented to by the Administrative Agent) and the Concentration Limitations shall be satisfied (or, if not satisfied, maintained or improved) after such contribution. In connection with any Market Value Cure, a Portfolio Investment shall be deemed to have been contributed to a Loan Party if there has been a valid, binding and enforceable contract for the assignment of such Portfolio Investment to such Loan Party and, in the reasonable judgment of the Servicer, such assignment will settle, in the case of a Loan, within fifteen (15) Business Days thereof and, in the case of any other Portfolio Investment, within three (3) Business Days thereof. The Servicer shall use its commercially reasonable efforts to effect any such assignment within such time period.

For the purposes of any request for approval of the Administrative Agent pursuant to clause (i) in the immediately preceding paragraph, if the Company notifies the Administrative Agent upon the occurrence of a Market Value Trigger Event of the Parent's intention to contribute a Portfolio Investment to the Company to cure such event and requests the related consent thereto, the Administrative Agent shall use commercially reasonable efforts to respond to such request no later than one (1) Business Day after such notice is received; *provided* that the inability or failure of the Administrative Agent to respond to such request within such timeframe shall not be a breach of any obligation of the Administrative Agent or the Lenders under this Agreement nor excuse the Servicer or the Company from any of their respective obligations under this Agreement.

"<u>Market Value Cure Failure</u>" means the failure by the Company to effect a Market Value Cure as set forth in the definition of such term.

"<u>Market Value Cure Period</u>" means the period commencing on the Business Day on which the Servicer receives notice from the Administrative Agent (which if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding Business Day) of the occurrence of a Market Value Trigger Event and ending at the close of business in New York two (2) Business Days thereafter*; provided* that the Market Value Cure Period may be extended for a specified MV Cure Extension Period if (i) the Company has delivered to the Administrative Agent with a copy to the Collateral Agent and the Collateral Administrator an MV Cure Extension Request satisfactory to the Administrative Agent in its sole discretion to extend the Market Value Cure Period by such specified MV Cure Extension Period and (ii) upon request of the Administrative Agent (which request may be a standing request) on each Business Day in such MV Cure Extension Period, the Company has delivered an MV Cure Plan Status Confirmation to the Administrative Agent; *provided*, *further*, that, if on any date during the MV Cure Extension Period, the Administrative Agent notifies the Company or the Servicer that the Administrative Agent has a reasonable doubt that the related MV Cure Plan will be consummated during the MV Cure Extension Period (determined in its sole discretion), a Market Value Cure Failure will be deemed to have occurred on such date.

"<u>Market Value Cure Trigger</u>" has the meaning set forth in the Transaction Schedule.

"<u>Market Value Event</u>" means (A) the occurrence of both of the following events (i) a Market Value Trigger Event and (ii) a Market Value Cure Failure or (B) if in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed to the Company shall fail to settle within (i) in the case of a Loan, fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (ii) in the case of any other Portfolio Investment, three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;- 23 -

"<u>Market Value Trigger</u>" has the meaning set forth in the Transaction Schedule.

"<u>Market Value Trigger Event</u>" means an event that shall have occurred if the Administrative Agent has determined and notified the Servicer in writing as of any date that the Net Advances exceed the product of (a) the Net Asset Value and (b) the Market Value Trigger.

"<u>Master Participation Agreement</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of any Loan Party, the Seller or the Servicer, (b) the ability of any Loan Party, the Seller or the Servicer to perform its obligations under this Agreement or any of the other Loan Documents or (c) the rights of or benefits available to the Agents, the Collateral Administrator, the Securities Intermediary or the Lenders under this Agreement or any of the other Loan Documents.

"<u>Material Amendment</u>" means any amendment, modification or supplement to this Agreement that (i) increases the Financing Commitment of any Lender, (ii) reduces the principal amount of any Advance or reduces the rate of interest thereon, or reduces any fees payable to a Lender hereunder, (iii) postpones the scheduled date of payment of the principal amount of any Advance, or any interest thereon, or any other amounts payable hereunder, or reduces the amount of, waives or excuses any such payment, or postpones the scheduled date of expiration of any Financing Commitment, (iv) changes any provision in a manner that would alter the pro rata sharing of payments required hereby or (v) changes any of the provisions of this definition or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder.

"<u>Maturity Date</u>" means the date that is the earliest of (1) the Scheduled Termination Date set forth on the Transaction Schedule, (2) the date on which the Secured Obligations become due and payable upon the occurrence of an Event of Default under Article VII and the acceleration of the Secured Obligations, (3) the date on which the principal amount of the Advances is irrevocably reduced to zero as a result of one or more prepayments and the Financing Commitments are irrevocably terminated and (4) the date after a Market Value Event on which all Portfolio Investments have been sold and the proceeds therefrom have been received by the Company.

"<u>Maturity Extension Request</u>" means a written request by the Company to the Administrative Agent (with a copy to the Collateral Agent) to extend the Scheduled Termination Date to the one year anniversary of the Scheduled Termination Date in effect immediately prior to the date of such written request; *provided* that (x) the Company may not make more than one Maturity Extension Request and (y) the Maturity Extension Request may not be made if an Event of Default has occurred and is continuing, a Market Value Event has occurred or, without limitation to the foregoing, the Maturity Date has otherwise occurred.

"<u>Maximum Rate</u>" has the meaning set forth in Section 10.08.

"<u>Mezzanine Obligation</u>" means a Portfolio Investment which is unsecured, subordinated debt of the applicable obligor.

"<u>Minimum Funding Amount</u>" means, on any date of determination, the amount set forth in the table below:

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&nbsp;&nbsp;&nbsp;&nbsp;- 24 -

---

| | | |
|:---|:---|:---|
| **Period Start Date** | **Period End Date** | **Minimum Funding Amount (U.S.$ or % of Financing Commitments)** |
| October 29, 2024 | March 31, 2025 | 0.00 |
| April 1, 2025 | May 14, 2025 | 75000000 |
| May 15, 2025 | June 30, 2025 | 150000000 |
| July 1, 2025 | January 11, 2026 | 225000000 |
| January 12, 2026 | February 11, 2026 | 250000000 |
| February 12, 2026 | March 11, 2025 | 275000000 |
| March 12, 2026 | July 11, 2026 | 300000000 |
| July 12, 2026 | August 11, 2026 | 325000000 |
| August 12, 2026 | September 11, 2026 | 350000000 |
| September 12, 2026 | Last day of the Reinvestment Period | 75% |

---

"<u>MV Cure Account</u>" means the account established by the Securities Intermediary and set forth on the Transaction Schedule, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

"<u>MV Cure Extension Period</u>" means a period of up to 11 Business Days requested by the Company in an MV Cure Extension Request.

"<u>MV Cure Extension Request</u>" means a written request from the Company to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator) satisfactory to the Administrative Agent in its sole discretion requesting to extend the Market Value Cure Period by an MV Cure Extension Period and proposing a MV Cure Plan, together with any supporting documentation as may be requested by the Administrative Agent in its reasonable discretion.

"<u>MV Cure Plan</u>" means a proposal by a senior officer of the Servicer on behalf of the Company of steps which the Company, the Servicer and/or the Parent propose to take to effect a Market Value Cure, which plan may include a contribution of capital and/or one or more additional Portfolio Investments from the Parent.

"<u>MV Cure Plan Status Confirmation</u>" means a status update provided by a senior officer of the Servicer on behalf of the Company on each Business Day during the MV Cure Extension Period regarding the progress of the stated MV Cure Plan, together with any further information or supporting documentation reasonably requested by the Administrative Agent in connection with achieving a Market Value Cure.

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&nbsp;&nbsp;&nbsp;&nbsp;- 25 -

"<u>Nationally Recognized Valuation Provider</u>" means (i) Lincoln International LLC (f/k/a Lincoln Partners LLC), (ii) Valuation Research Corporation and (iii) Alvarez & Marsal; *provided* that any independent entity providing professional asset valuation services may be added to this definition by the Company (with the consent of the Administrative Agent) or added to this definition by the Administrative Agent from time to time by notice thereof to the Company and the Servicer; *provided*, *further*, that the Administrative Agent may remove any provider from this definition by written notice to the Company and the Servicer so long as, after giving effect to such removal, there are at least three providers designated pursuant to this definition.

"<u>Net Advances</u>" means the principal amount of the outstanding Advances (inclusive of Advances that have been requested for any outstanding Purchase Commitments which have traded but not settled) *minus* the amounts then on deposit in the Collateral Accounts (which, for the avoidance of doubt, excludes any amounts in the Investment Subsidiary Accounts prior to the Luxembourg Security Effective Date) (including, in each case, cash and Eligible Investments) representing Principal Proceeds, other than Principal Proceeds that have been designated to settle any outstanding Purchase Commitments which have traded but not settled.

"<u>Net Asset Value</u>" means, on any date of determination, the sum of (A) the sum of the product for each Portfolio Investment (including those in respect of which there is an outstanding Purchase Commitment that has not yet settled (except as set forth in clause (2) below)), other than, for any Loan, the unfunded commitment amount of a Delayed Funding Term Loan or a Revolving Loan of (x) the Market Value of such Portfolio Investment multiplied by (y) the funded principal amount of such Portfolio Investment *plus* (B) the amounts then on deposit in the Unfunded Exposure Account and each Permitted Non-USD Currency Unfunded Exposure Account (including, in each case, cash and Eligible Investments); *provided* that, for the avoidance of doubt, (1) the Concentration Limitation Excess, (2) any Portfolio Investment which has traded but not settled (x) in the case of a Loan, within fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (y) in the case of any other Portfolio Investment, within three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) from the related Trade Date thereof and (3) any Ineligible Investments will be excluded from the calculation of the Net Asset Value and assigned a value of zero for such purposes.

"<u>New York Collateral</u>" has the meaning set forth in the definition of Deliver.

"<u>Non-Call Period</u>" means the period beginning on, and including, the Original Effective Date and ending on, but excluding, October 15, 2028; *provided* that, if the Scheduled Termination Date is extended upon a Maturity Extension Request during such period, the "Non-Call Period" shall end on October 15, 2029.

"<u>Non-Call Termination Event</u>" means, at any time, that (i) the Company has properly delivered at least ten (10) Notices of Acquisition over the course of the prior twelve calendar month period relating to proposed Portfolio Investments having credit characteristics similar to the Initial Portfolio Investments, (ii) each Notice of Acquisition has satisfied the Eligibility Criteria and approval process set forth in this Agreement (other than any requirement to obtain the consent of the Administrative Agent), and (iii) the Administrative Agent has rejected at least five (5) of such requests (other than any request relating to the acquisition of a Specified Investment); *provided* that submissions for re-approval pursuant to clause 11 and clause 16 of the Eligibility Criteria shall be disregarded for the purposes of this definition.

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&nbsp;&nbsp;&nbsp;&nbsp;- 26 -

"<u>Non-Traded Portfolio Investment</u>" means any Portfolio Investment that, on the applicable date of determination, has less than three bids available through LoanX/Markit Group Limited.

"<u>Notice of Acquisition</u>" has the meaning set forth in Section 1.02(a).

"<u>Original Amendment Date</u>" means October 25, 2019.

"<u>Original Effective Date</u>" means April 1, 2019.

"<u>Other Connection Taxes</u>" means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except (i) any such Taxes that are Other Connection Taxes imposed with respect to an assignment and (ii) any Luxembourg registration duties (*droits d'enregistrement*) payable as a result of a registration with the *Administration de l'Enregistrement, des Domaines et de la TVA* or other action where such registration or action is not necessary to enforce the rights of the Lender under any Loan Document.

"<u>Parent</u>" means Carlyle Credit Solutions, Inc.

"<u>Participant Register</u>" has the meaning specified in Section 10.06(d).

"<u>Participating Member State</u>" means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"<u>Participation Interest</u>" means a participation interest in a Loan.

"<u>PATRIOT Act</u>" has the meaning set forth in Section 2.04(f).

"<u>Permitted Distribution</u>" means, on any Business Day, distributions of Interest Proceeds and/or Principal Proceeds (at the discretion of the Company or the Investment Subsidiary, as applicable) to the Parent or the Company (or other permitted equity holders of the Company or the Investment Subsidiary, as applicable); provided that amounts may be distributed pursuant to this definition (a) in the case of Interest Proceeds, only to the extent of available Excess Interest Proceeds and (b) in the case of Principal Proceeds, only during the Reinvestment Period unless otherwise consented to by the Administrative Agent in writing (which may be in the form of an advance consent specifying conditions to such consent)) and, in each case, only so long as (i) no Default or Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted Distribution), (ii) no Market Value Event shall have occurred (or would occur after giving effect to such Permitted Distribution), (iii) the Borrowing Base Test is satisfied (and will be satisfied after giving effect to such Permitted Distribution), (iv) the Company gives at least two (2) Business Days' prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator, (v) not more than eight (or such greater number

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&nbsp;&nbsp;&nbsp;&nbsp;- 27 -

consented to by the Administrative Agent in writing (including via email) in its sole discretion) Permitted Distributions are made in any single Calculation Period, (vi) each Permitted Distribution shall be in an amount not less than U.S.$2,000,000 and (vii) the Company and the Administrative Agent confirm in writing (which may be by email) to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted Distribution set forth herein are satisfied. Nothing in this definition shall limit the right or ability of the Company to make a Permitted RIC Distribution at any time.

"<u>Permitted Lien</u>" means any of the following: (a) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) Liens granted pursuant to or by the Loan Documents, (d) judgment Liens not constituting an Event of Default hereunder, (e) bankers' Liens, rights of setoff and other similar Liens existing solely with respect to cash, Cash Equivalents and securities on deposit in or credited to one or more accounts maintained by a custodian or bank, in each case granted in the ordinary course of business in favor of the bank or custodian with which such accounts are maintained, securing amounts owing to such bank or custodian with respect to cash management, operating account arrangements, netting arrangements or other amounts owing in connection with the maintenance or operation of any bank or securities account, (f) with respect to any collateral underlying a Portfolio Investment, the Lien in favor of the applicable Loan Party and liens permitted under the related underlying instruments, (g) as to agented Portfolio Investments, Liens in favor of the agent under the related underlying instruments and (h) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business; *provided* that such Liens (x) attach only to the securities (or proceeds) being purchased or sold and (y) secure only obligations incurred in connection with such purchase or sale, and not any obligation in connection with margin financing.

"<u>Permitted Non-USD Currency</u>" means AUD, Euros, CAD and/or GBP.

"<u>Permitted Non-USD Currency Accounts</u>" means, collectively, the Permitted Non-USD Currency Custodial Accounts, the Permitted Non-USD Currency Interest Collection Accounts, the Permitted Non-USD Currency Principal Collection Accounts and the Permitted Non-USD Currency Unfunded Exposure Accounts, established by the Securities Intermediary in respect of each Permitted Non-USD Currency as set forth on the Transaction Schedule, in each case, to which Portfolio Investments, Eligible Investments and other financial assets denominated in such Permitted Non-USD Currency may be credited, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

"<u>Permitted Non-USD Currency Collection Accounts</u>" means the Permitted Non-USD Currency Interest Collections Account and the Permitted Non-USD Currency Principal Collection Accounts, collectively.

"<u>Permitted Non-USD Currency Custodial Accounts</u>" means, collectively, the accounts established by the Securities Intermediary in respect of each Permitted Non-USD Currency as set forth on the Transaction Schedule to which Portfolio Investments, Eligible Investments and other financial assets denominated in such Permitted Non-USD Currency may be credited, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. For the avoidance of doubt, "Permitted Non-USD Currency Custodial Accounts" shall include each account of

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&nbsp;&nbsp;&nbsp;&nbsp;- 28 -

the Investment Subsidiary identified on the Transaction Schedule as being a "custodial" account for funds denominated in a Permitted Non-USD Currency.

"<u>Permitted Non-USD Currency Equivalent</u>" means, with respect to any amount in USD, the amount of any Permitted Non-USD Currency that could be purchased with such amount of USD using the reciprocal foreign exchange rate(s) obtained as described in the definition of the term Spot Rate.

"<u>Permitted Non-USD Currency Interest Collection Accounts</u>" means, collectively, the accounts established by the Securities Intermediary in respect of each Permitted Non-USD Currency as set forth on the Transaction Schedule for the deposit of Interest Proceeds denominated in such Permitted Non-USD Currency and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. For the avoidance of doubt, "Permitted Non-USD Currency Interest Collection Accounts" shall include each account of the Investment Subsidiary identified on the Transaction Schedule as being established for the deposit of Interest Proceeds denominated in a Permitted Non-USD Currency.

"<u>Permitted Non-USD Currency Principal Collection Accounts</u>" means, collectively, the accounts established by the Securities Intermediary in respect of each Permitted Non-USD Currency as set forth on the Transaction Schedule for the deposit of Principal Proceeds denominated in such Permitted Non-USD Currency and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. For the avoidance of doubt, "Permitted Non-USD Currency Principal Collection Accounts" shall include each account of the Investment Subsidiary identified on the Transaction Schedule as being established for the deposit of Principal Proceeds denominated in a Permitted Non-USD Currency.

"<u>Permitted Non-USD Currency Unfunded Exposure Accounts</u>" means, collectively, the accounts established by the Securities Intermediary in respect of each Permitted Non-USD Currency as set forth on the Transaction Schedule for the deposit of funds denominated in such Permitted Non-USD Currency used to cash collateralize the Unfunded Exposure Amount in respect of Portfolio Investments denominated in such Permitted Non-USD Currency, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. For the avoidance of doubt, "Permitted Non-USD Currency Unfunded Exposure Accounts" shall include each account of the Investment Subsidiary identified on the Transaction Schedule as being an "unfunded exposure" account for funds denominated in a Permitted Non-USD Currency.

"<u>Permitted RIC Distribution</u>" means distributions to the Parent (from the Collection Accounts and/or the Permitted Non-USD Currency Collection Accounts or otherwise) to the extent reasonably required to allow the Parent to make sufficient distributions to qualify as a regulated investment company within the meaning of Section 851 of the Code and to otherwise eliminate federal or state income or excise taxes payable by the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); *provided* that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Parent shall not exceed 115% of the amounts that the Company would have been required to distribute to the Parent to: (i) allow the Company to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Company's liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto) or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Company's liability for federal excise taxes for any such

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&nbsp;&nbsp;&nbsp;&nbsp;- 29 -

calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Company had qualified to be taxed as a RIC under the Code, (B) after the occurrence and during the continuance of an Event of Default, the amount of Permitted RIC Distributions made in any calendar quarter shall not exceed U.S.$1,500,000 (or such greater amount consented to by the Administrative Agent in its sole discretion) and (C) amounts may be distributed pursuant to this definition only to the extent of available Excess Interest Proceeds and/or Principal Proceeds and only so long as (x) the Borrowing Base Test is satisfied immediately prior to and immediately after giving effect to such Permitted RIC Distribution (unless otherwise consented to by the Administrative Agent in its sole discretion), (y) the Company gives at least one (1) Business Day's prior written notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator and (z) the Company and the Administrative Agent confirm in writing (which may be by email) to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted RIC Distribution set forth herein are satisfied.

"<u>Permitted Working Capital Lien</u>" has meaning set forth in the definition of "Senior Secured Loan".

"<u>Person</u>" means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority or unit, or any other entity, whether acting in an individual, fiduciary or other capacity.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) subject to Section 412 of the Code or Title IV of ERISA established by the Company or any ERISA Affiliate.

"<u>Plan Asset Rules</u>" means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA.

"<u>Portfolio</u>" means all Portfolio Investments Purchased hereunder and not otherwise sold or liquidated.

"<u>Portfolio Investments</u>" has the meaning set forth in the introductory section of this Agreement. Notwithstanding anything herein to the contrary, the Portfolio Investments held by the Investment Subsidiary will be deemed to not be Portfolio Investments hereunder until the Luxembourg Security Effective Date.

"<u>Prime Rate</u>" means the rate of interest *per annum* publicly announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

"<u>Principal Collection Account</u>" means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of Principal Proceeds denominated in USD, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. For the avoidance of doubt, the "IS Principal Collection Account" identified on the Transaction Schedule shall be a Principal Collection Account for all purposes hereunder.

"<u>Principal Proceeds</u>" means all amounts received with respect to the Portfolio Investments or any other Collateral, and all amounts otherwise on deposit in the Collateral Accounts (including cash contributed or deposited by the applicable Loan Party and the proceeds of Advances made

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&nbsp;&nbsp;&nbsp;&nbsp;- 30 -

in accordance herewith), in each case other than Interest Proceeds or amounts on deposit in the Unfunded Exposure Account and the Permitted Non-USD Currency Unfunded Exposure Accounts. For the avoidance of doubt, the proceeds of any payment received by the Company from the Investment Subsidiary in respect of debt owed by the Investment Subsidiary to the Company will be treated as Principal Proceeds for all purposes under this Agreement.

"<u>Priority of Payments</u>" has the meaning set forth in Section 4.05.

"<u>Proceeding</u>" has the meaning set forth in Section 10.07(b).

"<u>Purchase</u>" means each acquisition of a Portfolio Investment hereunder by way of (x) a sale, contribution or grant of a Participation Interest by the Parent to the Company pursuant to the Master Participation Agreement, (y) purchase from any other affiliated or unaffiliated party pursuant to an arms' length transaction or (z) originating any Loan.

"<u>Purchase Commitment</u>" has the meaning set forth in Section 1.02(a).

"<u>Ramp-Up Period</u>" means the period from and including the Original Effective Date to, but excluding, October 1, 2019.

"<u>Recipient</u>" means the Administrative Agent and any Lender.

"<u>Reference Rate</u>" means (i) with respect to Advances denominated in USD and related calculations, the Term SOFR Rate, (ii) with respect to Advances denominated in CAD and related calculations, Term CORRA, (iii) with respect to Advances denominated in GBP and related calculations, Daily Simple SONIA, (iv) with respect to Advances denominated in Euros and related calculations, EURIBOR and (v) with respect to Advances denominated in AUD and related calculations, the AUD Screen Rate. The Reference Rate shall be determined by the Administrative Agent (and notified to the Collateral Administrator and the Servicer), and such determination shall be conclusive absent manifest error. The Reference Rate in respect of each Advance (other than Daily Simple SONIA) shall have a tenor of three months determined pursuant to the applicable definitions related thereto.

"<u>Register</u>" has the meaning set forth in Section 3.01(c).

"<u>Reinvestment Period</u>" means the period beginning on, and including, the Original Effective Date and ending on, but excluding, the earliest of (i) October 15, 2028 (*provided* that, if the Scheduled Termination Date is extended upon a Maturity Extension Request, October 15, 2029), (ii) the date on which a Market Value Event occurs and (iii) the date on which an Event of Default occurs.

"<u>Related Parties</u>" has the meaning set forth in Section 9.01.

"<u>Request for Advance</u>" has the meaning set forth in Section 2.03(d).

"<u>Required Lenders</u>" means Lenders holding 50.1% or more of the sum of (i) the aggregate principal amount of the outstanding Advances *plus* (ii) the aggregate undrawn amount of the outstanding Financing Commitments.

"<u>Responsible Officer</u>" means with respect to the Collateral Agent or the Collateral Administrator, any officer of the Collateral Agent customarily performing functions with respect to corporate trust matters and, with respect to a particular corporate trust matter under this Agreement, any

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&nbsp;&nbsp;&nbsp;&nbsp;- 31 -

other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this Agreement.

"<u>Restricted Payment</u>" means (i) any dividend or other distribution (including, without limitation, a distribution of non-cash assets), direct or indirect, on account of any shares or other equity interests in a Loan Party now or hereafter outstanding; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by a Loan Party of any shares or other equity interests in such Loan Party now or hereafter outstanding; and (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares or other equity interests in a Loan Party now or hereafter outstanding.

"<u>Revolving Loan</u>" means any Loan (other than a Delayed Funding Term Loan, but including funded and unfunded portions of revolving credit lines) that under the underlying instruments relating thereto may require one or more future advances to be made to the obligor by a creditor, but any such Loan will be a Revolving Loan only until all commitments by the holders thereof to make advances to the obligor thereon expire or are terminated or are irrevocably reduced to zero.

"<u>Sale Agreement</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Syria and Crimea).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union, any EU member state or Her Majesty's Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of Sanctions.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any EU member state or Her Majesty's Treasury of the United Kingdom.

"<u>Scheduled Financing Commitment Increase</u>" means, the First Scheduled Financing Commitment Increase, if any, and the Second Scheduled Financing Commitment Increase, if any.

"<u>Scheduled Financing Commitment Increase Date</u>" means each of the First Scheduled Financing Commitment Increase Date and the Second Scheduled Financing Commitment Increase Date.

"<u>Scheduled Financing Commitment Increase Conditions</u>" means, with respect to any Scheduled Financing Commitment Increase, (i) the Administrative Agent (with a copy to the Collateral Agent) shall have received a certificate of an officer of the Company (which may be by email), certifying that as of the date of such Scheduled Financing Commitment Increase, each of the following conditions is satisfied:

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&nbsp;&nbsp;&nbsp;&nbsp;- 32 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;no Market Value Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default or Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the Reinvestment Period has not otherwise ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Second Scheduled Financing Commitment Increase, the First Scheduled Financing Commitment Increase has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Scheduled Financing Commitment Increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company shall have paid to the Administrative Agent (I) in connection with the First Scheduled Financing Commitment Increase, on or prior to the First Scheduled Financing Commitment Increase Date, the applicable amount set forth in the Fourth Amendment Effective Date Letter and (II) in connection with the Second Scheduled Financing Commitment Increase, on or prior to the Second Scheduled Financing Commitment Increase Date, the applicable amount set forth in the Fourth Amendment Effective Date Letter.

"<u>Second Amendment Date</u>" means March 28, 2022.

"<u>Second Effective Date Letter Amendment</u>" means that certain letter agreement, dated as of the Second Amendment Date, between the Company and the Administrative Agent.

"<u>Second Lien Loan</u>" means a Loan (i) that is secured by a pledge of collateral, which security interest is validly perfected and second priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Loans) under Applicable Law (other than a Loan that is second priority to a Permitted Working Capital Lien) and (ii) the Servicer determines in good faith that the value of the collateral securing the Loan (including based on enterprise value) on or about the time of origination or acquisition by the applicable Loan Party equals or exceeds the outstanding principal balance thereof plus the aggregate outstanding balances of all other Loans of equal or higher seniority secured by the same collateral.

"<u>Second Scheduled Financing Commitment Increase</u>" means, subject to the satisfaction of the Scheduled Financing Commitment Increase Conditions, the increase in the Financing Commitment by U.S.$100,000,000 to occur on the Second Scheduled Financing Commitment Increase Date.

"<u>Second Scheduled Financing Commitment Increase Date</u>" means June 12, 2026 (or such earlier date as agreed to by the Administrative Agent and the Company (or the Servicer on its behalf), each in their sole discretion, upon fifteen (15) Business Days' prior notice of such proposed date from the Servicer to the Administrative Agent (with a copy to the Collateral Agent)).

"<u>Secured Obligation</u>" has the meaning set forth in Section 8.02(a).

"<u>Secured Party</u>" has the meaning set forth in Section 8.02(a).

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&nbsp;&nbsp;&nbsp;&nbsp;- 33 -

"<u>Securities Intermediary</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Seller</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Senior Secured Loan</u>" means any Loan, that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable underlying instruments), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable underlying instruments that are reasonable for similar Loans, and liens accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts (as such terms are defined in the UCC) and any other assets securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a "<u>Permitted Working Capital Lien</u>") and (2) validly perfected and first priority (subject to liens permitted under the related underlying instruments that are reasonable and customary for similar Loans) in all other collateral under Applicable Law, and (iii) the Servicer determines in good faith that the value of the collateral for such Loan (including based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other Loans of equal or higher seniority secured by a first priority Lien over the same collateral.

"<u>Servicer</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>Settlement Date</u>" has the meaning set forth in Section 1.03.

"<u>SOFR</u>" means the Secured Overnight Financing Rate.

"<u>Solvent</u>" means, with respect to any Person, that as of the date of determination, (a) the sum of such Person's debt (including contingent liabilities) does not exceed the present fair value of such Person's present assets; (b) such Person's capital is not unreasonably small in relation to its business as contemplated on the date of this Agreement; and (c) such Person has not incurred debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

"<u>SONIA</u>" means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator's Website on the immediately succeeding Business Day.

"<u>SONIA Administrator</u>" means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

"<u>SONIA Administrator's Website</u>" means the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

"<u>Specified Investment</u>" has the meaning set forth in the Effective Date Letter.

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&nbsp;&nbsp;&nbsp;&nbsp;- 34 -

"<u>Specified Matter</u>" means any Amendment of a Portfolio Investment that (a) reduces the principal amount of such Portfolio Investment, (b) reduces the rate of interest payable on such Portfolio Investment, (c) postpones the due date of any scheduled payment or distribution in respect of such Portfolio Investment, (d) alters the pro rata allocation or sharing of payments or distributions required by any related underlying instrument in a manner adverse to the applicable Loan Party, (e) releases any material guarantor of such Portfolio Investment from its obligations, (f) terminates or releases any lien on a material portion on the collateral securing such Portfolio Investment, (g) changes any of the provisions of any such underlying instrument specifying the number or percentage of lenders required to effect any of the foregoing or (h) materially changes any financial maintenance covenant.

"<u>Spot Rate</u>" means, as of any date of determination and with respect to any then-current Permitted Non-USD Currency, (x) with respect to actual currency exchange between USD and CAD, Euros or GBP and the calculations made pursuant to Section 1.06(b), the applicable currency-USD rate available through the Collateral Agent's banking facilities (or, if the Collateral Agent has notified the Administrative Agent and the Company that it will no longer provide such services or if U.S. Bank Trust Company, National Association or one of its Affiliates is no longer the Collateral Agent, through such other source agreed to by the Administrative Agent in writing) at the time of such exchange or calculation and (y) with respect to all other purposes between USD and CAD, Euros or GBP, the applicable currency-USD spot rate that appeared on the BFIX page of Bloomberg Professional Service (or any successor thereto) (or such other recognized service or publication used by the Collateral Administrator for purposes of determining currency spot rates in the ordinary course of its business from time to time) for such currency at 5:00 p.m. New York City time on the immediately preceding Business Day, as determined by the Collateral Administrator. The determination of the Spot Rate shall be conclusive absent manifest error.

"<u>Subsidiary</u>" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.

"<u>TARGET2 Settlement Day</u>" means any day on which the Trans-European Automated Real Time Gross Settlement Express Transfer (TARGET2) system is open.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term CORRA</u>" means, for each Calculation Period relating to an Advance denominated in CAD, the Term CORRA Reference Rate for a tenor of three (3) months, as such rate is published by the Term CORRA Administrator on the Term CORRA Determination Date for such Calculation Period; *provided*, *however*, that if as of 1:00 p.m. (Toronto time) on the Term CORRA Determination Date the Term CORRA Reference Rate for such tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator; *provided*, *further*, that, in the event that

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&nbsp;&nbsp;&nbsp;&nbsp;- 35 -

the rate resulting from the sum of any Term CORRA shall be less than zero, such rate shall be deemed to be the zero for purposes of this Agreement.

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term CORRA Determination Date</u>" means, with respect to each Calculation Period, the day that is two (2) Business Days prior to the first day of such Calculation Period.

"<u>Term CORRA Reference Rate</u>" the forward-looking term rate based on CORRA.

"<u>Term SOFR Rate</u>" means, for each Calculation Period relating to an Advance denominated in USD, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two (2) Business Days prior to the commencement of such Calculation Period for rates with a tenor of three months, as such rate is published by the CME Term SOFR Administrator.

"<u>Term SOFR Reference Rate</u>" means, for any day and time (such day, the "<u>Term SOFR Determination Day</u>"), for each Calculation Period relating to an Advance denominated in USD, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR; *provided* that if the Term SOFR Reference Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement. If by 5:00 pm (Central Standard time) on the fifth (5th) Business Day immediately following any Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.

"<u>Third Amendment Effective Date Letter</u>" means the Third Amendment Effective Date Letter, dated as of June 4, 2024, by and between the Administrative Agent and the Company.

"<u>Trade Date</u>" has the meaning set forth in Section 1.03.

"<u>Transaction Schedule</u>" has the meaning set forth in the introductory section of this Agreement.

"<u>UCC</u>" means the Uniform Commercial Code in effect in the State of New York.

"<u>Uncertificated Security</u>" has the meaning set forth in the UCC.

"<u>Unfunded Exposure Account</u>" means the account established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of USD used to cash collateralize the Unfunded Exposure Amount in respect of Portfolio Investments denominated in USD, and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

"<u>Unfunded Exposure Amount</u>" means, on any date of determination, with respect to any Delayed Funding Term Loan or Revolving Loan, an amount equal to the aggregate amount of all unfunded commitments associated with such Delayed Funding Term Loan or Revolving Loan, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;- 36 -

"<u>Unfunded Exposure Shortfall</u>" means, on any date of determination, an amount equal to the greater of (x) 0 and (y) the aggregate Unfunded Exposure Amount for all Portfolio Investments *minus* the sum of (i) the amounts on deposit in the Unfunded Exposure Account and the Permitted Non-USD Currency Unfunded Exposure Accounts and (ii) 5% of the Collateral Principal Amount.

"<u>USD</u>" means United States dollars.

"<u>USD Collateral Accounts</u>" has the meaning set forth in Section 8.01(a).

"<u>U.S. Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning set forth in Section 3.03(f).

"<u>Withholding Agent</u>" means the Company and the Administrative Agent.

"<u>Working Capital Revolver</u>" means a revolving lending facility secured on a first lien basis solely by all or a portion of the current assets of the related obligor, which current assets subject to such security interest do not constitute a material portion of the obligor's total assets.

**<u>Luxembourg Terms</u>**

In this Agreement and any other Loan Document, where it relates to an entity established or incorporated in Luxembourg, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;winding up, administration or dissolution includes, without limitation, any procedure or proceeding in relation to an entity becoming bankrupt (*faillite*), insolvency, voluntary dissolution or liquidation (*dissolution or liquidation volontaire*), court ordered liquidation (*liquidation judiciaire*), administrative dissolution without liquidation (*dissolution administrative sans liquidation*), reorganisation by amicable agreement (*réorganisation par accord amiable*) pursuant to the Luxembourg Business Preservation Law, judicial reorganisation proceedings (*procédure de réorganisation judiciaire*), moratorium or reprieve from payment (*sursis de paiement*), general settlement with creditors ,or any other similar proceedings affecting the rights of creditors generally under Luxembourg law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;commencing negotiation in order to reschedule its indebtedness including starting discussions with the Minister of the Economy (*Ministre ayant l'Économie dans ses attributions*) or the Minister for Small and Medium-Sized Enterprises (*Ministre ayant les Classes moyennes dans ses attributions*) in respect of financial difficulties which could jeopardize all or part of its business under the Luxembourg Business Preservation Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a receiver, administrative receiver, administrator, or the like includes, without limitation, a *juge-comissaire*, *curateur*, *liquidateur*, *juge-délégué*, *conciliateur d'entreprise*, *mandataire de justice* or an *administrateur provisoire*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a matured obligation includes any *exigible*, *certaine* and *liquide* obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;a "Lien", "security" or a "security interest" includes any *hypothèque*, *nantissement*, *gage*, *privilège*, *accord de transfert de propriété à titre de garantie* or *sûreté réelle* whatsoever whether granted or arising by operation of law or agreement or arrangement having a similar effect;

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&nbsp;&nbsp;&nbsp;&nbsp;- 37 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;for the avoidance of doubt, articles 2011 et seq. of the Luxembourg Civil Code do not apply to any Loan Party guaranty (including the Investment Subsidiary Guaranty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;a person being unable to pay its debts includes that person being in a state of cessation of payments (*cessation de paiements*) or having lost of its commercial creditworthiness (*ébranlement de crédit*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;an "attachment" includes an executory attachment (*saisie exécutoire*) or conservatory attachment (*saisie conservatoire*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a reference to "governing documents" or "governing instruments" or "constituent documents" includes the up-to-date (consolidated (as applicable)) articles of association (*statuts* or *statuts coordonnés* as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"gross negligence" is a reference to *faute lourde* and "willful misconduct" is a reference to *faute dolosive*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;a "subsidiary" includes any *filiale* within the meaning of Article 1711-1 of the Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time (*loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;a director, officer or manager includes a *gérant* or an *administrateur*.

ARTICLE I<br>THE PORTFOLIO INVESTMENTS

SECTION 1.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchases of Portfolio Investments</u>. On the Original Effective Date, the Company acquired the Initial Portfolio Investments from the Seller pursuant to the Sale Agreement or the Master Participation Agreement, as applicable, subject to the conditions specified in this Agreement. From time to time during the Reinvestment Period, each Loan Party may Purchase additional Portfolio Investments, or request that Portfolio Investments be Purchased for such Loan Party's account, all on and subject to the terms and conditions set forth herein.

SECTION 1.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedures for Purchases and Related Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Notices of Acquisition</u>. No later than five (5) Agent Business Days (or such shorter period as the Administrative Agent may agree in its sole discretion) before the date on which the applicable Loan Party proposes that a binding commitment or other agreement to acquire any Portfolio Investment (other than an Initial Portfolio Investment) be made by it or for its account (a "<u>Purchase Commitment</u>"), the Servicer, on behalf of such Loan Party, shall deliver to the Administrative Agent a notice of acquisition (a "<u>Notice of Acquisition</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Contents of Notices of Acquisition</u>. Each Notice of Acquisition shall consist of one or more electronic submissions to the Administrative Agent (in such format and transmitted in such a manner as the Administrative Agent, the Servicer and the applicable Loan Party may reasonably agree (which shall initially be the format and include the information regarding such Portfolio Investment identified on Schedule 2)), and shall be accompanied by such other information as the Administrative Agent may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility of Portfolio Investments</u>. The Administrative Agent shall have the right, on behalf of all Lenders, to reasonably request additional information regarding any proposed Portfolio Investment. The Administrative Agent shall notify the Servicer and the applicable Loan Party

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(including via email) of its initial determination of approval or failure to approve each Portfolio Investment proposed to be acquired pursuant to a Notice of Acquisition no later than the third (3<sup>rd</sup>) Agent Business Day succeeding the date on which it receives such Notice of Acquisition and any information requested in connection therewith and shall notify the Servicer and the applicable Loan Party of its final approval or failure to approve each such Portfolio Investment no later than the second (2<sup>nd</sup>) Agent Business Day succeeding the date of its initial determination (and, if approved, (i) an initial Market Value for such Portfolio Investment and (ii) whether it elects to designate such Portfolio Investment as a Specified Investment); *provided* that (i) any Initial Portfolio Investment shall be deemed to be approved by the Administrative Agent and (ii) the failure of the Administrative Agent to notify the Servicer and the applicable Loan Party of its final approval in accordance with this Section 1.02(c) shall be deemed to be a disapproval of such proposed acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The failure of the Administrative Agent to approve the acquisition of a Portfolio Investment will not prohibit a Loan Party from acquiring such Portfolio Investment (subject to the conditions set forth in Section 1.03); *provided* that any Portfolio Investment not so approved prior to its Trade Date shall be deemed to be an Ineligible Investment until such later date (if any) on which such Portfolio Investment has received final approval from the Administrative Agent in accordance with Section 1.02(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, in connection with the purchase or acquisition of any Portfolio Investment, the Loan Parties (and the Servicer on their behalf) may arrange for the funding of the acquisition of such Portfolio Investment on behalf of the Loan Parties through arrangements whereby funds from the Collection Account or any Collateral Accounts from which funds for the purchase or acquisition of any Portfolio Investment may be used, as applicable, are held in escrow with a third party in order to fund the acquisition of the Portfolio Investment. The Servicer shall not release, or cause the release of, such funds from escrow for the funding of the acquisition of such Portfolio Investment until it shall have received and delivered to the Collateral Agent an executed copy of the related pre-funding letter, each assignment and assumption agreement, transfer document or other instrument (including any loan assignment) or credit agreement relating to such Portfolio Investment evidencing the acquisition of such Portfolio Investment directly by the Loan Parties. The Servicer shall cause such funds to be redeposited into the Collection Account (or such other applicable Collateral Account) if such funds are not utilized to acquire such Portfolio Investment within five (5) Business Days of their withdrawal from the Collection Account (or such other applicable Collateral Account). The Collateral Agent, U.S. Bank National Association and U.S. Bank Trust Company, National Association (in each of their other capacities) are hereby authorized to release, at the direction of the Servicer, funds from the Collection Account (or such other applicable Collateral Account) for such purposes as described in this Section 1.02 and to take such other actions as directed by the Servicer in connection therewith, and neither the Collateral Agent, U.S. Bank National Association nor U.S. Bank Trust Company, National Association (in each of their other capacities) shall be liable for any such release or action or the failure of the Servicer to cause the return or release of such funds in accordance with this Section 1.02 or delivery of such documents as are required to be delivered in connection with such release.

SECTION 1.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Purchases</u>. No Purchase Commitment or Purchase shall be entered into or made unless each of the following conditions is satisfied (or waived by the Administrative Agent to the applicable Loan Party and the Servicer in writing (including via email) in its sole discretion) as of the date on which such Purchase Commitment is entered into or such Purchase would otherwise be made (such Portfolio Investment's "<u>Trade Date</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio Investment and such Portfolio Investment satisfies the eligibility criteria set forth in Schedule 3 (the "<u>Eligibility Criteria</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;with respect to a Purchase, the proposed Settlement Date for such Portfolio Investment is not later than (i) in the case of a Loan, the date that is fifteen (15) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date or (ii) in the case of any other Portfolio Investment, the date that is three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in its sole discretion) after such Trade Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;no Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both, would constitute an Event of Default (a "<u>Default</u>"), has occurred and is continuing, and the Reinvestment Period has not otherwise ended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;after giving pro forma effect to the Purchase of such Portfolio Investment and the related Advance, the Borrowing Base Test is satisfied.

If the above conditions to a Purchase Commitment or a Purchase are satisfied or waived by the Administrative Agent, the Servicer shall determine, in consultation with the Administrative Agent and with notice to the Lenders, the Collateral Agent and the Collateral Administrator, the date on which such Purchase (if any) shall settle (the "<u>Settlement Date</u>" for such Portfolio Investment).

SECTION 1.04.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales of Portfolio Investments</u>. No Loan Party will sell, transfer or otherwise dispose of any Portfolio Investment or any other asset without the prior consent of the Administrative Agent, except that, subject to Section 6.02(w), a Loan Party may sell any Portfolio Investment (including any Ineligible Investment) or other asset without consent from, or prior notice to, the Administrative Agent so long as, (x) immediately prior to such sale or other disposition, no Market Value Event has occurred and no Default or Event of Default has occurred and is continuing, (y) after giving effect thereto, no Market Value Trigger Event and no Default or Event of Default will occur and (z) the sale of such asset by the applicable Loan Party shall be on an arm's-length basis at fair market value and in accordance with the Servicer's standard market practices. In addition, (a) within two (2) Business Days of any Delayed Funding Term Loan or Revolving Loan with an unfunded commitment becoming an Ineligible Investment, the applicable Loan Party, subject to clauses (x), (y) and (z) in the immediately preceding sentence, shall sell such Delayed Funding Term Loan or Revolving Loan and shall pay any amount payable in connection with such sale and (b) upon the request of the Administrative Agent within two (2) Business Days of any other Portfolio Investment becoming an Ineligible Investment, the applicable Loan Party shall, subject to clauses (x), (y) and (z) in the immediately preceding sentence, sell such Portfolio Investment.

Notwithstanding anything in this Agreement to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the continuance of an Event of Default, neither any Loan Party nor the Servicer on its behalf shall have any right to cause the sale, transfer or other disposition of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in the Collateral Accounts) without the prior written consent of the Administrative Agent (which consent may be granted or withheld in the sole discretion of the Administrative Agent), (ii) following the occurrence of a Market Value Event, each Loan Party shall use commercially reasonable efforts to sell Portfolio Investments (individually or in lots, including a lot comprised of all of the Portfolio Investments) at the sole direction of, and in the manner (including, without limitation, the time of sale, sale price, principal amount to be sold and purchaser) required by the Administrative Agent (*provided* that

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the Administrative Agent shall only require sales at the direction of the Required Lenders and at least equal to the then-current fair market value and in accordance with the Administrative Agent's standard market practices) and the proceeds from such sales shall be used to prepay the Advances outstanding hereunder and (iii) following the occurrence of a Market Value Event, the Servicer shall have no right to act on behalf of, or otherwise direct, any Loan Party, the Administrative Agent, the Collateral Agent or any other Person in connection with a sale of Portfolio Investments pursuant to any provision of this Agreement except with the prior written consent of the Administrative Agent. Following the occurrence of a Market Value Event and in connection with the sale of any Portfolio Investment by or at the direction of the Administrative Agent, the Servicer shall take such actions as the Administrative Agent may reasonably request in writing (including via email) to facilitate the consummation of such sale including, without limitation and if so requested, using commercially reasonable efforts to cause any of its Affiliates acting as administrative agent with respect to such Portfolio Investment to execute and deliver an assignment agreement in respect of such Portfolio Investment naming the Administrative Agent or such other Person designated by it as assignee.

Any prepayments made pursuant to this paragraph shall automatically reduce the Financing Commitments as provided in Section 4.07(c).

In connection with any sale of Portfolio Investments required by the Administrative Agent following the occurrence of a Market Value Event, the Administrative Agent or a designee of the Administrative Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;notify the Company at the Designated Email Notification Address promptly upon distribution of bid solicitations regarding the sale of such Portfolio Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;direct the applicable Loan Party to sell such Portfolio Investments to the Designated Independent Dealer if the Designated Independent Dealer provides the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments, it being understood that if the Designated Independent Dealer provides a bid to the Administrative Agent that is the highest bona fide bid to purchase a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio Investments for which there is a bona fide bid on a pool basis proposed to be accepted by the Administrative Agent (in its sole discretion), then the Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other line-item bids by the Designated Independent Dealer or any other bidder for other Portfolio Investments in such pool) is greater than the bid on a pool basis.

For purposes of this paragraph, the Administrative Agent shall be entitled to disregard as invalid any bid submitted by the Designated Independent Dealer if, in the Administrative Agent's judgment (acting reasonably):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the Designated Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the relevant Portfolio Investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;the Designated Independent Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments to the assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to it; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;such bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Dealer or (y) the inability, failure or refusal of the Designated Independent Dealer to settle the purchase of the relevant Portfolio Investments or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations generally.

For the avoidance of doubt, the bid(s) provided by the Designated Independent Dealer may be provided on behalf of the applicable Loan Party, the Servicer, any Affiliate of the Servicer or any account or fund serviced or managed by the Servicer or an Affiliate of the Servicer if so agreed between the Designated Independent Dealer and any such Person.

In connection with any sale of a Portfolio Investment directed by the Administrative Agent pursuant to this Section 1.04 and the application of the net proceeds thereof, each Loan Party hereby appoints the Administrative Agent as its attorney-in-fact (it being understood that the Administrative Agent shall not be deemed to have assumed any of the obligations of such Loan Party by this appointment), with full authority in the place and stead of such Loan Party and in the name of such Loan Party to effectuate the provisions of this Section 1.04 (including, without limitation, the power to execute any instrument which the Administrative Agent may deem necessary or advisable to accomplish the purposes of this Section 1.04 or any direction or notice to the Collateral Agent in respect of the application of net proceeds of any such sales). None of the Administrative Agent, the Lenders, the Collateral Administrator, the Securities Intermediary, the Collateral Agent or any Affiliate of any thereof shall incur any liability to any Loan Party, the Servicer, any Lender or any other Person in connection with any sale effected at the direction of the Administrative Agent in accordance with this Section 1.04, including, without limitation, as a result of the price obtained for any Portfolio Investment, the timing of any sale or sales of Portfolio Investments or the notice or lack of notice provided to any Person in connection with any such sale, so long as, in the case of the Administrative Agent only, any such sale does not violate Applicable Law.

SECTION 1.05.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Assumptions relating to Portfolio Investments and the Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of all calculations and related reports hereunder, any Portfolio Investment for which the trade date in respect of a sale thereof by the applicable Loan Party has occurred, but the settlement date for such sale has not occurred, shall be considered to be owned by such Loan Party until such settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

SECTION 1.06.&nbsp;&nbsp;&nbsp;&nbsp;<u>Currency Equivalents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in clause (b) and Section 4.06(b), for purposes of all valuations and calculations under the Loan Documents, (i) the principal amount of all Portfolio Investments denominated in a Permitted Non-USD Currency, (ii) proceeds denominated in a Permitted Non-USD Currency on deposit in any Permitted Non-USD Currency Account and (iii) for the purposes of Net Advances and the Borrowing Base Test, the outstanding aggregate principal amount of Advances denominated in a Permitted Non-USD Currency shall be converted to USD at the Spot Rate in accordance with the definition of such term in consultation with the Administrative Agent on the applicable date of valuation or calculation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 4.06(b), for purposes of determining (i) whether the amount of any Advance, together with all other Advances then outstanding or to be made at the same time as such Advances, would exceed the aggregate amount of the Financing Commitments, (ii) the

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aggregate unutilized amount of the Financing Commitments and (iii) the limitations on the portion of the Financing Limit and the Financing Commitment that may be utilized in a Permitted Non-USD Currency shall be deemed to be the Dollar Equivalent of the amount of the Permitted Non-USD Currency of such Advances determined as of the date such Advances were made. Wherever in this Agreement in connection with an Advance, an amount, such as a required minimum or multiple amount, is expressed in USD, but such Advance is denominated in a Permitted Non-USD Currency, such amount shall be the Permitted Non-USD Currency Equivalent of such USD amount (rounded to the nearest 1,000 units of the applicable Permitted Non-USD Currency).

ARTICLE II<br>THE ADVANCES

SECTION 2.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Financing Commitments</u>. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each Lender hereby severally agrees to make available to the Company Advances, in a Currency, in an aggregate amount outstanding not exceeding the amount of such Lender's Financing Commitment (or such Lender's Financing Commitment related to the Permitted Non-USD Currencies, as applicable). The Financing Commitments shall terminate on the earliest of (a) the close of business on the last day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event.

SECTION 2.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 2.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances; Use of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 and/or an Advance set forth in Section 2.05 as of (i) both the related Trade Date and Settlement Date and/or (ii) the Advance date, as applicable, the Lenders will (ratably in accordance with their respective Financing Commitments) make the applicable Advance available to the Company on the related Settlement Date (or otherwise on the related Advance date if no Portfolio Investment is being acquired on such date) as provided herein. If the Company requests an Advance for application to a Permitted Distribution, the Lenders will (ratably in accordance with their respective Financing Commitments) make the applicable Advance available to the Company on the date requested by the Company subject to the satisfaction or waiver of the conditions to Advance set forth in Section 2.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, the failure of any Lender to make any Advance required hereunder shall not relieve any other Lender of its obligations hereunder. If any Lender shall fail to provide any Advance to the Company required hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations hereunder until all such unsatisfied obligations are fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 2.03(f), the Company shall use the proceeds of the Advances received by it hereunder to (w) purchase for its account or the account of the Investment Subsidiary the Portfolio Investments identified in the related Notice of Acquisition, (x) make advances to the obligors of Delayed Funding Term Loans or Revolving Loans that it owns in accordance with the underlying instruments relating thereto, (y) on and after the Luxembourg Security Effective Date, deposit into the Principal Collection Account of the Investment Subsidiary in order for the Investment Subsidiary to pay costs, fees and expenses related to owning and holding its Portfolio Investments (including to purchase any approved Portfolio Investment or to make advances to the obligors of Delayed Funding Term Loans or Revolving Loans owned by the Investment Subsidiary in accordance with the underlying instruments relating thereto); *provided* that any amount transferred to the Investment Subsidiary pursuant to this

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clause (y) shall be in an amount such that, after giving effect thereto and the related purchase (if any) of the applicable Portfolio Investment(s) or any other application of proceeds thereof, the Borrowing Base Test is satisfied, or (z) make a Permitted Distribution specified in the related Request for Advance; *provided* that, if the proceeds of an Advance are deposited in a Principal Collection Account or an applicable Permitted Non-USD Currency Principal Collection Account as provided in Section 3.01 prior to or on the Settlement Date for any Portfolio Investment but the applicable Loan Party is unable to Purchase such Portfolio Investment on the related Settlement Date, or if there are proceeds of such Advance remaining after such Purchase, then, subject to Section 3.01(a), upon written notice from the Servicer the Collateral Agent shall apply such proceeds (x) subject to the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03, to purchase Portfolio Investments (including to fund unfunded Delayed Funding Term Loans) prior to the next date on which funds must be applied pursuant to Section 4.05 or (y) if such purchase is not made pursuant to the immediately preceding subclause (x), then as provided in Section 4.05 (for the avoidance of doubt, without any premium or penalty). The proceeds of the Advances shall not be used for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Advance, the Servicer shall, on behalf of the Company, submit a request substantially in the form of Exhibit A (a "<u>Request for Advance</u>") to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator, not later than 2:00 p.m. New York City time, one (1) Business Day prior to the Business Day specified as the date on which such Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set forth in Section 3.01. Any requested Advance shall be in an amount such that, after giving effect thereto and the related purchase (if any) of the applicable Portfolio Investment(s), the Borrowing Base Test is satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If, on any date of determination prior to the last day of the Reinvestment Period, there exists an Unfunded Exposure Shortfall, the Company shall (i) request an Advance and, if the conditions to such Advance are satisfied and such Advance is made in accordance with this Agreement, deposit the proceeds thereof in the Unfunded Exposure Account (or, with respect to any portion of the Unfunded Exposure Shortfall relating to Portfolio Investments denominated in a Permitted Non-USD Currency, in the related Permitted Non-USD Currency Unfunded Exposure Account) and/or (ii) deposit cash from other sources into the Unfunded Exposure Account (or, with respect to any portion of the Unfunded Exposure Shortfall relating to Portfolio Investments denominated in a Permitted Non-USD Currency, in the related Permitted Non-USD Currency Unfunded Exposure Account), in an aggregate amount at least equal to the aggregate Unfunded Exposure Shortfall. If two Business Days prior to the end of the Reinvestment Period there exists any Unfunded Exposure Amount, then the Servicer, on behalf of the Company, shall be deemed to have requested one or more Advances on such date, and the Lenders shall make a corresponding Advance(s) on the last day of the Reinvestment Period (with written notice to the Collateral Administrator and the Collateral Agent by the Administrative Agent) in accordance with Article III in an amount, to be deposited in the Unfunded Exposure Account (or, with respect to any portion of the Unfunded Exposure Amount relating to Portfolio Investments denominated in a Permitted Non-USD Currency, in the related Permitted Non-USD Currency Unfunded Exposure Account), equal in the aggregate to the least of (i) the aggregate Unfunded Exposure Amount, (ii) the Financing Commitments in excess of the aggregate principal amount of the outstanding Advances and (iii) an amount such that the Borrowing Base Test is satisfied after giving effect to such Advance; *provided* that, if the Company provides evidence to the Administrative Agent that it has cash from other sources that is available in accordance with the terms of this Agreement to make any such future advances in respect of any Delayed Funding Term Loan or Revolving Loan, then, so long as such cash is deposited in

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accordance with the next succeeding sentence, the amount of any such Advance shall be reduced by the amount of such funds. The Company shall cause (x) the proceeds of each such Advance to be deposited into the Unfunded Exposure Account (or, with respect to any portion of the Unfunded Exposure Amount relating to Portfolio Investments denominated in a Permitted Non-USD Currency, in the related Permitted Non-USD Currency Unfunded Exposure Account) on the last day of the Reinvestment Period and (y) cash from other sources that are available in accordance with the terms of this Agreement referred to in the immediately preceding sentence to be deposited into the Unfunded Exposure Account (or, with respect to any portion of the Unfunded Exposure Amount relating to Portfolio Investments denominated in a Permitted Non-USD Currency, in the related Permitted Non-USD Currency Unfunded Exposure Account) not later than one Business Day prior to the last day of the Reinvestment Period, such that the aggregate amount under clauses (x) and (y) above (together with amounts already on deposit in the Unfunded Exposure Account) is at least equal to the aggregate Unfunded Exposure Amount.

SECTION 2.04.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Amended and Restated Effective Date</u>. Notwithstanding anything to the contrary herein, this Agreement shall not become effective until the date (the "<u>Amended and Restated Effective Date</u>") on which each of the following conditions is satisfied (or waived by the Administrative Agent in its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Executed Counterparts</u>. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Opinions</u>. The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written opinions of counsel for the Company and the Servicer, covering such matters relating to the transactions contemplated hereby and by the other Loan Documents as the Administrative Agent shall reasonably request in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Documents</u>. The Administrative Agent (or its counsel) shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of officers of the Company and the Servicer as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof or other Person authorized to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Company and the Servicer and any other legal matters relating to the Company, the Servicer, this Agreement or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Fees, Etc</u>. The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable by the Company in connection herewith on or prior to the Amended and Restated Effective Date, including the fee payable pursuant to Section 4.03(e) and, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket expenses (including legal fees and expenses) required to be reimbursed or paid by the Company hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>PATRIOT Act</u>, <u>Etc.</u> (i) To the extent requested by the Administrative Agent, the Collateral Agent or any Lender, the Administrative Agent, Collateral Agent or such Lender, as the case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>PATRIOT Act</u>") and other applicable "know your customer" and anti-money laundering rules and regulations and (ii) to the extent the Company qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, at least five days prior to the Amended and Restated Effective Date, any Lender that has requested, in a written notice to the Company at least 10 days prior to the Amended and Restated Effective Date, a Beneficial Ownership Certification in relation to the Company shall have received such Beneficial Ownership Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Filings</u>. Copies of proper financing statements, as may be necessary or, in the opinion of the Administrative Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Acknowledgements</u>. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is organized and (ii) such other searches that the Administrative Agent deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Officer's Certificate</u>. The Administrative Agent (or its counsel) shall have received a certificate of an officer of the Company, certifying that (x) the conditions set forth in Sections 2.05(3), 2.05(4) and 2.05(6) have been satisfied and (y) the Borrowing Base Test is satisfied, in each case, on and as of the Amended and Restated Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Documents</u>. Such other documents as the Administrative Agent may reasonably require.

SECTION 2.05.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Advances</u>. No Advance shall be made unless each of the following conditions is satisfied as of the proposed date of such Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Amended and Restated Effective Date shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall have delivered a Request for Advance in accordance with Section 2.03(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;no Market Value Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default or Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the Reinvestment Period has not ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Advance, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true

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and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;after giving pro forma effect to such Advance (and any related Purchase) hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the Borrowing Base Test is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (y)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal balance of Advances then outstanding will not exceed the limit for Advances set forth in the Transaction Schedule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an Advance made in connection with a Purchase, the amount of such Advance shall be not less than U.S.$2,000,000.

If the above conditions to an Advance are satisfied or waived by the Administrative Agent, the Servicer shall determine, in consultation with the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which any Advance shall be provided.

ARTICLE III<br>ADDITIONAL TERMS APPLICABLE TO THE ADVANCES

SECTION 3.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>The Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Making the Advances</u>. If the Lenders are required to make an Advance to the Company as provided in Section 2.03, then each Lender shall make such Advance in USD (or, in the case of Advances made to purchase Portfolio Investments denominated in a Permitted Non-USD Currency, in such Permitted Non-USD Currency) on the proposed date thereof by wire transfer of immediately available funds to the Collateral Agent for deposit to the Company's Principal Collection Account (or, in the case of Advances denominated in a Permitted Non-USD Currency, the applicable Permitted Non-USD Currency Principal Collection Account of the Company). Each Lender at its option may make any Advance by causing any domestic or foreign branch or Affiliate of such Lender to make such Advance; *provided* that any exercise of such option shall not affect the obligation of the Company to repay such Advance in accordance with the terms of this Agreement. Subject to the terms and conditions set forth herein, the Company may borrow and prepay Advances. The Company may, during the Reinvestment Period, reborrow Advances in an amount up to the aggregate unused Financing Commitments of the Lenders on such date, subject to the terms and conditions set forth herein. Except as set forth in the immediately preceding sentence, once prepaid, Advances may not be reborrowed. For the avoidance of doubt, all proceeds of Advances made hereunder shall be initially deposited in the Principal Collection Account of the Company (or, in the case of Advances denominated in a Permitted Non-USD Currency, the applicable Permitted Non-USD Currency Collection Account of the Company) and not in any Investment Subsidiary Account but, on and after the Luxembourg Security Effective Date, may subsequently be transferred to an Investment Subsidiary Account in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest on the Advances</u>. Subject to Section 3.02, all outstanding Advances shall bear interest (from and including the date on which such Advance is made to and including the date on which such Advance is repaid) at a per annum rate equal to the applicable Reference Rate for each Calculation Period in effect *plus* the Applicable Margin for Advances set forth on the Transaction Schedule; *provided* that, following the occurrence and during the continuance of an Event of Default, all outstanding Advances and any unpaid interest thereon shall bear interest (from and including the date of such Event of Default to and including the applicable date on which each such Advance is repaid) at a per

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annum rate equal to the applicable Reference Rate for each Calculation Period in effect *plus* the Adjusted Applicable Margin ; *provided further* that, for purposes of this Section 3.01(b), if the aggregate amount of outstanding Advances at any time is less than the Minimum Funding Amount (including due to the prepayment of outstanding Advances pursuant to Section 4.03(c) following the last day of the Non-Call Period), the amount of such difference shall bear interest at a per annum rate equal to the Applicable Margin for Advances set forth on the Transaction Schedule. Notwithstanding anything else herein, interest due and payable pursuant to Section 4.05(b) with respect to an Advance for which the One Month SONIA Adjustment has been selected shall be payable on the fifteenth (15th) calendar day of each month during which an Interest Payment Date does not occur and the related Calculation Period Start Date and Calculation Period shall each be monthly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of the Advances</u>. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Lender resulting from each Advance made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder and the applicable Currency thereof. The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a register (the "<u>Register</u>") in which it shall record (1) the amount of each Advance made hereunder, (2) the amount of any principal or interest due and payable or to become due and payable from the Company to each Lender hereunder and (3) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof. The entries made in the Register maintained pursuant to this paragraph (c) shall be conclusive absent manifest error; *provided* that the failure of any Lender or the Administrative Agent to maintain such Register or any error therein shall not in any manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement.

Any Lender may request that Advances made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if a registered note is requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed). Thereafter, the Advances evidenced by such promissory note and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Pro Rata Treatment</u>. Except as otherwise provided herein, all borrowings of, and payments in respect of, the Advances shall be made on a *pro rata* basis by or to the Lenders in accordance with their respective portions of the Financing Commitments in respect of Advances held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Illegality</u>. Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the Company that the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, makes it unlawful, or any Governmental Authority asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations hereunder to fund or maintain Advances hereunder (in the aggregate or in any applicable Currency), then (1) the obligation of such Lender or the Administrative Agent hereunder shall immediately be suspended (in the aggregate or with respect to the applicable Currency) until such time as such Lender or the Administrative Agent determines (in its sole discretion) that such performance is again lawful, (2) at the request of the Company, such Lender or the Administrative Agent, as applicable, shall use reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental

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expenses), until such time as the Advances are required to be prepaid as required under clause (3) below, to transfer all of its rights and obligations under this Agreement (in the aggregate or with respect to the applicable Currency) to another of its offices, branches or Affiliates with respect to which such performance would not be unlawful, and (3) if such Lender or the Administrative Agent is unable to effect a transfer under clause (2), then any outstanding Advances of such Lender (in the aggregate or with respect to such Currency, as applicable) shall be promptly paid in full by the Company (together with all accrued interest and other amounts owing hereunder) but not later than the earlier of (x) if the Company requests such Lender or the Administrative Agent to take the actions set forth in clause (2) above, 20 calendar days after the date on which such Lender or the Administrative Agent notifies the Company in writing that it is unable to transfer its rights and obligations under this Agreement as specified in such clause (2) and (y) such date as shall be mandated by law; *provided* that, to the extent that any such adoption or change makes it unlawful for the Advances to bear interest by reference to a particular Reference Rate, then the foregoing clauses (1) through (3) shall not apply and the Advances subject to such Reference Rate shall bear interest (from and after the last day of the Calculation Period ending immediately after such adoption or change) at a per annum rate equal to the applicable Base Rate *plus* the related Applicable Margin for Advances set forth on the Transaction Schedule; *provided*, *further*, that no breakage costs resulting from the repayment of Advances on a date other than an Interest Payment Date shall be payable in connection with a repayment of Advances in accordance with this Section 3.01(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;impose on any Lender or the applicable interest rate market any other condition, cost or expense (other than Taxes) affecting this Agreement or Advances made by such Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;subject any Lender or the Administrative Agent to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (z) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

and the result of any of the foregoing shall be to increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining any Advance or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether of principal, interest or otherwise), then, upon request by such Lender or the Administrative Agent, the Company will pay to such Lender or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such Lender or the Administrative Agent, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital

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or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Advances made by such Lender to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy and liquidity) by an amount deemed by such Lender to be material (which demand shall be accompanied by a statement setting forth the basis for such demand; *provided* that in no event shall any Lender be required to provide any information or documentation to the extent such Lender reasonably determines providing the same would constitute a breach by such Lender of confidentiality obligations), then from time to time the Company will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;A certificate of a Lender setting forth the amount or amounts necessary to compensate, and the basis for such compensation of, such Lender or its holding company, as the case may be, as specified in paragraph (i) or (ii) of this Section shall be delivered to the Company and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Failure or delay on the part of any Lender or the Administrative Agent to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Administrative Agent's right to demand such compensation; *provided* that the Company shall not be required to compensate a Lender or the Administrative Agent pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Administrative Agent's intention to claim compensation therefor; *provided further* that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the Company may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section 3.01(f); provided that no Lender or the Administrative Agent shall be obligated to take any actions that would, in the reasonable opinion of such Lender or the Administrative Agent, be disadvantageous to such Lender or the Administrative Agent (including, without limitation, due to a loss of money). In no event will the Company be responsible for increased amounts referred to in this Section 3.01(f) which relates to any other entities to which any Lender provides financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender (A) provides notice of unlawfulness or requests compensation under clause (e) above, this clause (f) or Section 3.03(c) or (B) is a Defaulting Lender under clause (i) of the definition of such term (or, in the case of a requirement to assign or delegate interests, rights and obligations as set forth below, is otherwise a Defaulting Lender), then the Company may, at its sole expense and effort, upon written notice to such Lender and the Administrative Agent, prepay the Advances of such Lender or require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related transaction documents to an assignee identified by the Company that shall assume such obligations (whereupon such Lender shall be obligated to so assign), provided that, (x) such Lender shall have received payment of an amount equal to the outstanding principal

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of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder through the date of such assignment and (y) a Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. No prepayment fee that may otherwise be due hereunder shall be payable to such Lender in connection with any such prepayment or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Set-off or counterclaim</u>. Subject to Section 3.03, all payments to be made hereunder by the Company in respect of the Advances shall be made without set-off or counterclaim and in such amounts as may be necessary in order that every such payment (after deduction or withholding for or on account of any present or future Taxes imposed by the jurisdiction in which the Company is organized or any political subdivision or taxing authority therein or thereof) shall not be less than the amounts otherwise specified to be paid under this Agreement.

SECTION 3.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Unascertainable, Inadequate or Unfair</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If prior to the commencement of any Calculation Period for an Advance, (x) the Administrative Agent (in its commercially reasonable judgment) determines that adequate and reasonable means do not exist for ascertaining a Reference Rate (including, without limitation, because such Reference Rate is not available or published on a current basis) for the applicable Currency and such Calculation Period or (y) the Administrative Agent is advised by the Required Lenders that the applicable Reference Rate for the applicable Currency and such Calculation Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Advances (or its Advance) included in such Advance for such Calculation Period (determined in their commercially reasonable judgment), then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, any Advance denominated in such Currency made by the Lenders or requested to be made by the Lenders shall thereupon constitute a Base Rate Advance.

SECTION 3.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Free of Taxes</u>. All payments to be made hereunder by the Loan Parties in respect of the Advances shall be made without deduction or withholding for any Taxes, except as required by Applicable Law (including FATCA). If any Applicable Law requires the deduction or withholding of any Tax from any such payment by the Company, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Other Taxes by the Company</u>. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by the Company</u>. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such

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Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by the Lenders</u>. Each Lender shall indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section10.06(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 3.03, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Secured Parties</u>. (i) Any Secured Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.03(f) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the

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Administrative Agent), an executed IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Lender shall deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, an IRS Form W-8BEN or IRS Form W-8BEN-E or any applicable successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;an executed IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, is not a "10 percent shareholder" of the Company or the Parent within the meaning of Section 881(c)(3)(B) of the Code, and is not a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;if a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative

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Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall deliver to the Company an electronic copy of an IRS Form W-9 upon becoming a party under this Agreement. The Administrative Agent represents to the Company that it is a "U.S. person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1 and a "U.S. financial institution" within the meaning of Treasury Regulations Section 1.1471-3 and that it will comply with its obligations to withhold under Section 1441 and FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.03 (including by the payment of additional amounts pursuant to this Section 3.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. Each party's obligations under this Section 3.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Financing Commitments, and the repayment, satisfaction or discharge of all obligations under any Loan Document.

ARTICLE IV<br>COLLECTIONS AND PAYMENTS

SECTION 4.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Proceeds</u>. Each Loan Party, as applicable, shall notify the obligor with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds to the applicable Interest Collection Account; *provided* that Interest Proceeds denominated in a Permitted Non-USD Currency shall be deposited into the applicable Permitted Non-USD Currency Interest

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Collection Account. To the extent Interest Proceeds are received other than by deposit into the applicable Interest Collection Account or the applicable Permitted Non-USD Currency Interest Collection Account, the applicable Loan Party shall cause all Interest Proceeds received on the Portfolio Investments to be deposited in the applicable Interest Collection Account or the applicable Permitted Non-USD Currency Interest Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the applicable Interest Collection Account or the applicable Permitted Non-USD Currency Interest Collection Account all Interest Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Servicer.

Interest Proceeds shall be retained in the applicable Interest Collection Account or the applicable Permitted Non-USD Currency Interest Collection Account and held in cash and/or (other than in the case of the Permitted Non-USD Interest Collection Account in respect of AUD and Euros) invested (and reinvested) at the written direction of the applicable Loan Party (or the Servicer on its behalf) delivered to the Collateral Agent in Cash Equivalents denominated in the applicable Currency selected by the Servicer (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent) ("<u>Eligible Investments</u>"). Eligible Investments shall mature no later than the end of the then-current Calculation Period.

Interest Proceeds on deposit in the Interest Collection Account and the Permitted Non-USD Currency Interest Collection Accounts shall be withdrawn by the Collateral Agent (at the written direction of the Company or the Servicer on its behalf (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement or (ii) to make Permitted Distributions or Permitted RIC Distributions in accordance with this Agreement.

SECTION 4.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Principal Proceeds</u>. Each Loan Party, as applicable, shall notify the obligor with respect to each Portfolio Investment to remit all amounts that constitute Principal Proceeds to the applicable Principal Collection Account; *provided* that Principal Proceeds denominated in a Permitted Non-USD Currency shall be deposited into the applicable Permitted Non-USD Currency Principal Collection Account. To the extent Principal Proceeds are received other than by deposit into the applicable Principal Collection Account or the applicable Permitted Non-USD Currency Principal Collection Account, the applicable Loan Party shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the applicable Principal Collection Account or the applicable Permitted Non-USD Currency Principal Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the applicable Principal Collection Account or the applicable Permitted Non-USD Currency Principal Collection Account all Principal Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the Servicer.

All Principal Proceeds shall be retained in the Principal Collection Account or the applicable Permitted Non-USD Currency Principal Collection Account and held in cash and/or (other than in the case of the Permitted Non-USD Principal Collection Account in respect of AUD and Euros) invested (and reinvested) at the written direction of the Administrative Agent in Eligible Investments selected by the Servicer (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent). All investment income on such Eligible Investments shall constitute Interest Proceeds.

Principal Proceeds on deposit in the Principal Collection Account or an applicable Permitted Non-USD Currency Principal Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the applicable Loan Party or the Servicer on its behalf (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and applied (i) to make payments in accordance with this

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Agreement, (ii) towards the purchase price of Portfolio Investments purchased in accordance with this Agreement or to be deposited into the Unfunded Exposure Account or the applicable Permitted Non-USD Currency Unfunded Exposure Account or (iii) to make Permitted Distributions or Permitted RIC Distributions in accordance with this Agreement, in each case with prior notice to the Administrative Agent. For the avoidance of doubt, Principal Proceeds received in connection with the sale of any Portfolio Investment pursuant to Section 1.04 following a Market Value Event shall be used to prepay Advances as set forth therein at the written direction of the Administrative Agent.

SECTION 4.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Principal and Interest Payments; Prepayments; Commitment Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay the unpaid principal amount of the Advances (together with accrued interest thereon) to the Administrative Agent for the account of each Lender on the Maturity Date in accordance with the Priority of Payments and any and all cash in the Collateral Accounts shall be applied to the satisfaction of the Secured Obligations on the Maturity Date and on each Additional Distribution Date in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest on the Advances shall be payable in arrears on each Interest Payment Date, each Additional Distribution Date and on the Maturity Date in accordance with the Priority of Payments; *provided* that (i) interest accrued pursuant to the first proviso to Section 3.01(b) shall be payable on demand and (ii) in the event of any repayment or prepayment of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. "<u>Interest Payment Date</u>" means the fifteenth (15th) calendar day of the month in which each Calculation Period ends (or, if any such date is not a Business Day, the immediately succeeding Business Day); *provided* that for the purposes of determining Interest Payment Dates, "Calculation Period" shall not include modifications for an Advance for which the One Month SONIA Adjustment has been selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the requirements of this Section 4.03(c), the Company shall have the right from time to time to prepay outstanding Advances in whole or in part (A) on any Business Day (x) following any date that JPMorgan Chase Bank, National Association ceases to act as Administrative Agent, (y) following the date of a Non-Call Termination Event or (z) on which the Company prepays the Advances in whole and terminates the outstanding Financing Commitments using the proceeds of another similar asset based credit facility with respect to which JPMorgan Chase Bank, National Association or any Affiliate thereof is the administrative agent and the lender, (B) in connection with a Market Value Cure or (C) otherwise up to but not more than eight times (or such greater number of times as the Administrative Agent consents to in writing (including via email) in its sole discretion) during any Calculation Period. The Company shall notify the Administrative Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of any prepayment pursuant to Section 4.03(c)(i)(A) or Section 4.03(c)(i)(C) not later than 5:00 p.m., New York City time, two (2) Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of the Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Except in connection with a Market Value Cure, each partial prepayment of outstanding Advances shall be in an amount not less than U.S.$2,000,000. Prepayments shall be accompanied by accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay to the Administrative Agent, for the account of each Lender (other than a Defaulting Lender), a commitment fee in accordance with the Priority of Payments which shall accrue at 0.75% per annum (or, with respect to any specified period of time, such lesser percentage agreed to by the Administrative Agent in writing in its sole discretion) on the average daily

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unused amount of the Financing Commitment of such Lender (excluding any portion of such unused amount with respect to which interest is payable in accordance with Section 3.01(b)) during the period from and including the Original Effective Date to but excluding the last day of the Reinvestment Period. Accrued commitment fees shall be payable in arrears on each Interest Payment Date, and on the date on which the Financing Commitments terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay the Administrative Agent on the date of this Agreement, for the account of each Lender, an upfront fee on the date hereof in an aggregate amount specified in the Effective Date Letter Amendment. The Company agrees to pay the Administrative Agent an upfront fee in accordance with and in an amount specified in the Third Amendment Effective Date Letter. The Company agrees to pay the Administrative Agent an upfront fee in accordance with and in an amount specified in the Fifth Amendment. Once paid, such fees or any part thereof shall not be refundable under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay the Administrative Agent on the date on which a Maturity Extension Request is consented to by the Administrative Agent, for the account of each Lender, a fee equal to the percentage of the Financing Commitment as of the date of such Maturity Extension Request specified in the Effective Date Letter. The payment of such fee on such date shall be a condition precedent to the effectiveness of the extension of the Scheduled Termination Date pursuant to such Maturity Extension Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting Section 4.03(c), the Company shall have the obligation from time to time to prepay outstanding Advances in whole or in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent pursuant to Section 1.04 and as set forth in Section 8.01(c). All such prepayments shall be accompanied by accrued and unpaid interest.

SECTION 4.04.&nbsp;&nbsp;&nbsp;&nbsp;<u>MV Cure Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause all cash received by it in connection with a Market Value Cure to be deposited in the MV Cure Account or remitted to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and identified in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the MV Cure Account shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent. All amounts contributed to the Company by Parent in connection with a Market Value Cure shall be paid free and clear of any right of chargeback or other equitable claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Amounts on deposit in the MV Cure Account may be withdrawn by the Collateral Agent (at the written direction of the Company or the Servicer on its behalf (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and remitted to the Company with prior notice to the Administrative Agent (or, following the occurrence of an Event of Default and the declaration of the Advances then outstanding to be due and payable pursuant to <u>Article VII</u> or following the occurrence of a Market Value Event, and at the written direction of the Administrative Agent, to the Lenders for prepayment of Advances and reduction of Financing Commitment); *provided* that the Company may not direct any withdrawal from the MV Cure Account if the Borrowing Base Test is not satisfied (or would not be satisfied after such withdrawal).

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SECTION 4.05.&nbsp;&nbsp;&nbsp;&nbsp;<u>Priority of Payments</u>. On (w) each Interest Payment Date, (x) the Maturity Date (subject to Section 4.03(a)), (y) each Agent Business Day after the occurrence of a Market Value Event and (z) each Agent Business Day after the occurrence of an Event of Default and the declaration of the Secured Obligations as due and payable (each date set forth in clauses (y) and (z) above, an "<u>Additional Distribution Date</u>"), the Collateral Agent shall distribute all amounts in the Collection Accounts and the Permitted Non-USD Currency Collection Accounts in the following order of priority (the "<u>Priority of Payments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to pay (i) *first*, amounts due or payable to the Collateral Agent, the Collateral Administrator and the Securities Intermediary hereunder and under the Account Control Agreement (including fees, out-of-pocket expenses and indemnities) up to a maximum amount under this subclause (i) of U.S.$50,000 on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter)and (ii) *second*, any other accrued and unpaid fees (other than the commitment fee payable to the Lenders) and out-of pocket expenses. including indemnities due hereunder or payable to any Governmental Authority in respect of Taxes payable by the Company or, on and after the Luxembourg Effective Date, the Investment Subsidiary, or filing, registration or similar fees, up to a maximum amount under this clause (a) of U.S.$100,000 on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of any Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to pay interest due in respect of the Advances and any increased costs and commitment fees payable to the Lenders (pro rata based on amounts due);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to pay (i) on each Interest Payment Date, all prepayments of the Advances permitted or required under this Agreement (including any applicable premium) and (ii) on the Maturity Date (and, if applicable, any Additional Distribution Date), principal of the Advances until the Advances are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the end of the Reinvestment Period, at the direction of the Servicer, to fund the Unfunded Exposure Account and each applicable Permitted Non-USD Currency Unfunded Exposure Account up to the Unfunded Exposure Amount in respect of each Currency and (ii) after the Reinvestment Period, to fund the Unfunded Exposure Account and each applicable Permitted Non-USD Currency Unfunded Exposure Account up to the aggregate Unfunded Exposure Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to pay all amounts set forth in clause (a) above not paid due to the limitation set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;to make any Permitted Distributions or Permitted RIC Distributions directed pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;(i) on any Interest Payment Date, to deposit any remaining amounts into the applicable Principal Collection Account or the applicable Permitted Non-USD Currency Principal Collection Account, as Principal Proceeds (or, in the case of remaining Interest Proceeds, at the election of the Servicer on behalf of the Company, deposit such remaining amounts into the applicable Interest Collection Account or the applicable Permitted Non-USD Currency Interest Collection Account, as Interest Proceeds) and (ii) on the Maturity Date and any Additional Distribution Date, any remaining

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amounts to the Company or the Investment Subsidiary (as directed by the Company (or the Servicer on its behalf)).

Subject to Section 4.06(b), with respect to any amounts payable under Sections 4.05(a) through (g) above resulting from an Advance denominated in a Permitted Non-USD Currency, such amounts shall be paid using Interest Proceeds and/or Principal Proceeds denominated in such Currency from the applicable Permitted Non-USD Currency Collection Account.

SECTION 4.06.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Generally</u>. (a) All payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account designated in writing to the Loan Parties and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The Administrative Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral Agent and the Collateral Administrator may conclusively rely) and the Servicer of the calculation of amounts payable to the Lenders in respect of the Advances and the amounts payable to the Servicer. At least two (2) Business Days prior to each Interest Payment Date, the Administrative Agent shall deliver an invoice to the Servicer, the Collateral Agent and the Collateral Administrator in respect of the interest due on such Interest Payment Date. All payments not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to Section 3.03 hereof, all payments by the Company hereunder shall be made without setoff or counterclaim. All payments hereunder shall be made in USD, other than payments of interest and principal made in respect of Advances denominated in a Permitted Non-USD Currency, which shall be made in such Permitted Non-USD Currency. All interest calculated using the Reference Rate (other than Term CORRA) hereunder shall be computed on the basis of a year of 360 days and all interest calculated using the Base Rate and Term CORRA hereunder shall be computed on the basis of a year of 365 days in each case, payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If, at least four (4) Business Days prior to any Interest Payment Date or the Maturity Date or an Additional Distribution Date, the Collateral Administrator shall have notified the Company, the Collateral Agent and the Administrative Agent that the Company does not have a sufficient amount of funds in a Currency on deposit in the Collection Account or the Permitted Non-USD Currency Collection Account in respect of the applicable Currency, as applicable, that will be needed (1) to pay to the Lenders all of the amounts required to be paid on such date and/or (2) to pay any expenses required to be paid in accordance with the Priority of Payments, in each case, in such Currency as required for such payment (a "<u>Currency Shortfall</u>"), then, so long as no Event of Default shall have occurred and be continuing and no Market Value Event has occurred, the Company shall exchange (or shall direct the Collateral Agent to exchange) amounts in another Currency in any Permitted Non-USD Currency Collection Account or the Collection Account, as applicable, for the Currency in respect of which there is a Currency Shortfall in an amount necessary to cure such Currency Shortfall. Each such exchange shall occur no later than one Business Day prior to such Interest Payment Date or Additional Distribution Date or the Maturity Date, as applicable, and shall be made at the Spot Rate at the time of conversion. If for any reason the Company shall have failed to effect any such currency exchange by such date, then the Administrative Agent shall be entitled to (but shall not be obligated to) direct such currency exchange on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;At any time following the occurrence of a Market Value Event or if an Event of Default has occurred and is continuing, the Administrative Agent may in its sole discretion direct the Collateral Agent to exchange amounts attributable to the Company held in any Permitted Non-USD Currency Account for USD, or exchange amounts in the Collection Account for any Permitted Non-USD Currency, in each case, at the Spot Rate for application hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Investment Subsidiary hereby (i) agrees that on and after the Luxembourg Security Effective Date, it shall be obligated on each Interest Payment Date, each Additional Distribution Date and the Maturity Date to remit funds in the applicable Investment Subsidiary Accounts to be applied as set forth in Article IV (including to repay Advances made in connection with the Investment Subsidiary Assets) and (ii) acknowledges that it has received (directly or indirectly) amounts borrowed by the Company in respect of the Investment Subsidiary Assets.

SECTION 4.07.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination or Reduction of Financing Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;After the Non-Call Period (or any other date set forth in Section 4.03(c)(i)(A)), the Company shall be entitled at its option and upon three (3) Business Days' prior written notice to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator) to either (i) terminate the Financing Commitments in whole upon payment in full of all Advances, all accrued and unpaid interest, all applicable premium and all other Secured Obligations (other than unmatured contingent indemnification and reimbursement obligations) or (ii) reduce in part the portion of the Financing Commitments that exceeds the sum of the outstanding Advances. In addition, there shall be no premium or penalty for any prepayment of Advances following a Non-Call Termination Event); *provided* that, for the avoidance of doubt, the Financing Commitments may not be reduced to an amount less than the then-current aggregate Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Financing Commitments shall be automatically and irrevocably reduced on the date of any prepayment made in accordance with the definition of "Market Value Cure" in an amount equal to the amount of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Financing Commitments shall be automatically and irrevocably reduced by all amounts that are used to prepay or repay Advances following the occurrence of a Market Value Event or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All unused Financing Commitments as of the last day of the Reinvestment Period shall automatically be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Financing Commitments shall be irrevocably reduced by the amount of any repayment or prepayment of Advances following the last day of the Reinvestment Period.

ARTICLE V<br>THE SERVICER

SECTION 5.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment and Duties of the Servicer</u>. Each Loan Party hereby appoints the Servicer as its servicer under this Agreement to perform the investment management functions of such Loan Party set forth herein, and the Servicer hereby accepts such appointment. For so long as no Market Value Event has occurred and no Event of Default has occurred and is continuing and subject to Section 1.04, the services to be provided by the Servicer shall consist of (x) supervising the Portfolio, including communicating with obligors, executing amendments, providing consents and waivers, enforcing and collecting on the Portfolio and otherwise managing the Portfolio on behalf of the Loan Parties, delivering Notices of Acquisition on behalf of and in the name of the Loan Parties and (y) acting on behalf of the Loan Parties for all other purposes hereof and the transactions contemplated hereby. The Servicer agrees to comply with all covenants and restrictions imposed on the Loan Parties herein and in each other Loan Document and not to act in contravention of this Agreement. Each Loan Party hereby irrevocably appoints the Servicer its true and lawful agent and attorney-in-fact (with full

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power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for herein. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall perform its obligations hereunder with reasonable care and in good faith, using a degree of skill not less than that which the Servicer exercises with respect to assets of the nature of the Portfolio Investments that it manages for itself and others having similar investment objectives and policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall not (and shall not cause either Loan Party to) take any action that it knows or reasonably should know would (1) violate the constituent documents of such Loan Party, (2) violate any law, rule or regulation applicable to such Loan Party, (3) require registration of such Loan Party as an "investment company" under the Investment Company Act of 1940, or (4) cause such Loan Party to violate the terms of this Agreement, any other Loan Document or any instruments relating to the Portfolio Investments.

The Servicer may employ third parties (including its Affiliates) to render advice (including investment advice) and assistance to the Loan Parties and to perform any of the Servicer's duties hereunder, *provided* that the Servicer shall not be relieved of any of its duties or liabilities hereunder regardless of the performance of any services by third parties. For the avoidance of doubt, neither the Administrative Agent nor any Lender shall have the right to remove or replace the Servicer as servicer hereunder.

SECTION 5.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicer Representations as to Eligibility Criteria; Etc</u>. The Servicer represents to the other parties hereto that (a) as of the Trade Date and Settlement Date for each Portfolio Investment purchased, such Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except as otherwise permitted hereunder, the Concentration Limitations shall be satisfied (unless otherwise consented to by the Administrative Agent) and (b) all of the information contained in the related Notice of Acquisition is true, correct and complete in all material respects; *provided* that, to the extent any such information was furnished to the applicable Loan Party by any third party, such information is as of its delivery date true, complete and correct in all material respects to the knowledge of the Servicer.

SECTION 5.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification; Limitation of Liability</u>. The Servicer shall indemnify and hold harmless the Loan Parties, the Agents, the Collateral Administrator, the Securities Intermediary and the Lenders and their respective affiliates, directors, officers, stockholders, partners, agents, employees and controlling persons (each, an "<u>Indemnified Person</u>") from and against any and all losses, claims, demands, damages or liabilities of any kind, including legal fees and disbursements (collectively, "<u>Liabilities</u>"), and shall reimburse each such Indemnified Person on a current basis for all reasonable and documented expenses (including reasonable and documented fees and disbursements of counsel), incurred by such Indemnified Person in connection with investigating, preparing, responding to or defending any investigative, administrative, judicial or regulatory action, suit, claim or proceeding, relating to or arising out of (a) any breach by the Servicer of any of its obligations hereunder and (b) the failure of any of the representations or warranties of the Servicer set forth herein to be true when made or when deemed made or repeated, except to the extent that such Liabilities or expenses are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person. Except as set forth in the immediately preceding sentence to the extent such Indemnified Person incurs such Liabilities from a third party, in no event shall the Servicer be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if the Servicer has been advised of such loss or damage and regardless of the form of action. For the avoidance of doubt, without limiting clauses (a) or (b) of this Section 5.03, in no event shall the Servicer be liable for any Liabilities arising solely from the

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performance of the Portfolio Investments (including Liabilities that represent losses from Portfolio Investments due to the related obligor's financial inability to pay).

This Section 5.03 shall survive the termination of this Agreement and the repayment of all amounts owing to the Secured Parties hereunder.

ARTICLE VI<br>REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 6.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Each Loan Party (and, with respect to clauses (a) through (e), (l), (n), (o), (t) through (w) and (aa), the Servicer) represents to the other parties hereto solely with respect to itself that as of the date hereof, the Fifth Amendment Effective Date, the Luxembourg Security Effective Date and each Trade Date (or as of such other date as maybe expressly set forth below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;it is duly organized or incorporated, as the case may be, and validly existing under the laws of the jurisdiction of its organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan Document to which it is or may become a party and to consummate the transactions herein and therein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the transactions contemplated herein and therein have been duly authorized by it and this Agreement and each other Loan Document to which it is or may become a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms (subject to (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights generally and (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party and the consummation of the transactions contemplated herein and therein do not conflict with the provisions of its governing instruments and will not violate in any material way any provisions of Applicable Law or regulation or any applicable order of any court or regulatory body and will not result in the material breach of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is a party or by which it or any of its property may be bound or affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;it is not subject to any Adverse Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;it has obtained all consents and authorizations (including all required consents and authorizations of any Governmental Authority) that are necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement and each other Loan Document to which it is or may become a party and each such consent and authorization is in full force and effect except where the failure to do so would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;it is not required to register as an "investment company" as defined in the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;it has not issued any securities that are or are required to be registered under the Securities Act of 1933, as amended, and it is not a reporting company under the Securities Exchange Act of 1934, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;it has no Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred under the terms of the Intercompany Loans, (iii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iv) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(x) it does not have underlying assets which constitute "plan assets" within the meaning of the Plan Asset Rules; and (y) it has not within the last six years sponsored, maintained, contributed to, or been required to contribute to and does not have any liability with respect to any Plan (including, in the case of contribution or liability with respect to a Plan, on behalf of an ERISA Affiliate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;as of the date of this Agreement it is, and after giving effect to any Advance it will be, Solvent and it is not entering into this Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any intent to hinder, delay or defraud any of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;it is not in default under any other contract to which it is a party except where such default would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;it has complied in all material respects with all Applicable Laws, judgments, agreements with governmental authorities, decrees and orders with respect to its business and properties and the Portfolio, except where noncompliance would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;it does not have any Subsidiaries or own any Investments in any Person other than the Portfolio Investments or Investments (i) constituting Eligible Investments (as measured at their time of acquisition), (ii) acquired by it with the approval of the Administrative Agent, or (iii) those it shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(x) it has disclosed to the Administrative Agent all material agreements, instruments and corporate or other restrictions to which it is subject, and all other matters actually known to it that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, (y) no information (other than projections, forward-looking information, general economic data or industry information) heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender in connection with this Agreement or any transaction contemplated hereby (after taking into account all updates, modifications and supplements to such information) contains (or, to the extent any such information was furnished by a third party or relates to a third party, to the Company's knowledge contains), when taken as a whole, as of its delivery date, any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (z) as of the Amended and Restated Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior to the Amended and Restated Effective Date to any Lender in connection with this Agreement is true and correct in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;all of the conditions to the acquisition of the Portfolio Investments specified in Section 1.03 have been satisfied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true and correct in all material respects; and has paid or withheld (as

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applicable) all Taxes owing or required to be withheld by it (if any) shown on such Tax returns, except, in each case (x) any such Taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside in accordance with GAAP on its books and records or (y) to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;it is and will be treated as a disregarded entity for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company is and will be wholly owned by the Parent, which is a U.S. Person, and (2) the Investment Subsidiary is and will be (i) prior to the Fifth Amendment Effective Date, wholly owned directly by the Parent, which is a U.S. Person and (ii) on and after the Fifth Amendment Effective Date, wholly owned directly by the Company, which is a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;prior to the date hereof, no Loan Party has engaged in any business operations or activities other than as an ownership entity for Portfolio Investments and similar Loan or debt obligations and activities incidental thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;neither it nor any of its Affiliates is (i) the subject or target of Sanctions; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a "Non-Cooperative Jurisdiction" by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a "Foreign Shell Bank" within the meaning of the PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns. It is in compliance with all applicable Sanctions and also in compliance with all applicable provisions of the PATRIOT Act. This representation is not made or sought by any party hereto that is subject to Council Regulation (EC) No 2271/96 of November 22, 1996 (as amended, the "Blocking Regulation") if and to the extent that such representation would constitute or give rise to a violation by such party of the Blocking Regulation (or any law or regulation implementing such Blocking Regulation in any member state of the European Union);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;the Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its agents and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable Sanctions, and the Company and its officers and directors and, to its knowledge, its employees, members and agents are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in the Company being designated as a Sanctioned Person. None of (i) the Company or its directors, officers or managers or (ii) to the knowledge of the Company, any director, manager, employee or agent of the Company that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. This representation is not made or sought by any party hereto that is subject to the Blocking Regulation if and to the extent that such representation would constitute or give rise to a violation by such party of the Blocking Regulation (or any law or regulation implementing such Blocking Regulation in any member state of the European Union);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Loan Documents represent all of the material agreements between the Servicer, the Parent and the Seller, on the one hand, and the Loan Parties, on the other. The Company has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than Permitted Liens) and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Company or the Seller as debtor and covering all or any part of the Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent as "Secured Party" pursuant hereto, as necessary or advisable in connection with the Sale Agreement, the Investment Subsidiary Sale Agreement, the Master Participation Agreement, or which has been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;the Company is not relying on any advice (whether written or oral) of any Lender, Agent or any of their respective Affiliates in connection with the Loan Documents or the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;there are no judgments for Taxes with respect to the Company and no claim is being asserted with respect to the Taxes of the Company, except to the extent that any such claim is being contested in compliance with clause (p) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;upon the making of each Advance, the Collateral Agent, for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest under United States and Luxembourg law, as applicable (except, as to priority, for any Permitted Liens) in the Collateral acquired with the proceeds of such Advance, free and clear of any adverse claim (other than Permitted Liens) or restrictions on transferability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;the Parent (i) is not required to register as an investment company under the Investment Company Act of 1940, as amended and (ii) has elected to be treated as a business development company for purposes of the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;no ERISA Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;all proceeds of the Advances will be used by the Company only in accordance with the provisions of this Agreement. No part of the proceeds of any Advance will be used by the Company to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock. Neither the making of any Advance nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve Board. No Advance is secured, directly or indirectly, by Margin Stock, and the Collateral does not include Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;the Investment Subsidiary has its place of central administration (*siège de l'administration centrale*) in the Grand Duchy of Luxembourg and the center of its main interests (*centre des intérêts principaux*) (as such term is used in Article 3(1) of the Insolvency Regulation) is situated at the place of its registered office (*siège statutaire*) in the Grand Duchy of Luxembourg and has no "establishment" (as such term is used in Article 2(10) of the Insolvency Regulation) outside the Grand Duchy of Luxembourg; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;the Investment Subsidiary is in full compliance with the amended law of 31 May 1999 on the domiciliation of companies, to the extent applicable.

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SECTION 6.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants of the Loan Parties and the Servicer</u>. Each of (I) the Company, (II) with respect to clauses (e), (g), (h), (k), (o), (r), (gg), (hh) and (ii), the Servicer) and (III) with respect to clauses (a) through (o), (q) through (w) and (aa) through (hh), the Investment Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;shall at all times: (i) maintain at least one independent director; (ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from Parent and any other Person (although, in connection with certain advertising and marketing, it may be identified as a subsidiary of Parent); (iv) have a board of directors separate from that of Parent and any other Person; (v) file its own Tax returns, if any, as may be required under Applicable Law, to the extent that the Company and/or the Investment Subsidiary is (1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a division or disregarded entity for tax purposes of another taxpayer, and pay any Taxes so required to be paid under Applicable Law; (vi) not commingle its assets with the assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence (although, in connection with certain regulatory filings, advertising and marketing, it may be identified as a subsidiary of Parent); (viii) maintain separate financial statements except to the extent that its financial and operating results are consolidated with those of Parent in consolidated financial statements; *provided* that all audited financial statements of Parent that are consolidated to include the Company (and the Investment Subsidiary, if applicable), will contain detailed notes clearly stating that (x) all of the Company's and Investment Subsidiary's assets are owned by the Company and the Investment Subsidiary, respectively, and (y) the Company and the Investment Subsidiary are separate legal entities; (ix) pay its own liabilities only out of its own funds; (x) not hold out its credit or assets as being available to satisfy the obligations of others; (xi) allocate fairly and reasonably any overhead for shared office space; (xii) use separate stationery, invoices and checks; (xiii) not pledge its assets to secure the obligations of any other Person except as otherwise permitted by the Loan Documents; (xiv) correct any known misunderstanding regarding its separate identity; (xv) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and (except as permitted by this Agreement, the Effective Date Letter and the other Loan Documents) pay its operating expenses and liabilities from its own assets; (xvi) (A) with respect to the Company, cause its Board of Directors to meet or act pursuant to written consent and keep minutes of such meetings and actions, in each case in accordance with Delaware limited liability company formalities, and observe in all material respects all other Delaware limited liability company formalities and (B) with respect to the Investment Subsidiary, cause its governing body to comply in all material respects with all corporate formalities required under Luxembourg law; (xvii) not acquire the obligations or any securities of its Affiliates except as otherwise permitted by the Loan Documents; (xviii) cause its directors, officers, agents and other representatives to act at all times with respect to it consistently and in furtherance of the foregoing and in the best interests of the Company and the Investment Subsidiary, as applicable, and (xix) with respect to the Company, maintain at least one special member, who, upon the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the Company, shall immediately become the member of the Company in accordance with its organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;shall not (i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the preceding clause (a), including, other than with respect to any warrants received in connection with a Portfolio Investment, controlling the decisions or actions respecting the daily business or affairs of any other Person except as otherwise permitted hereunder (which, for the avoidance of doubt, shall not prohibit any Loan Party from taking, or refraining to take, any action under or with respect to a Portfolio Investment); (ii) fail to be Solvent; (iii) release, sell, transfer, convey or assign any Portfolio Investment unless in accordance with the Loan Documents; (iv) except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the applicable Loan Party, enter into any

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transaction with an Affiliate of any Loan Party except on commercially reasonable terms similar to those available to unaffiliated parties in an arm's-length transaction; (v) identify itself as a department or division of any other Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental personal property necessary for the ownership or operation of these assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;shall take all actions consistent with and shall not take any action contrary to the "Facts and Assumptions" sections in (i) with respect to the Company, the opinions of Latham & Watkins LLP, dated the Original Effective Date, relating to certain true sale and non-consolidation matters, and (ii) with respect to the Investment Subsidiary, the opinions of Latham & Watkins LLP, dated the Luxembourg Security Effective Date, relating to certain non-consolidation matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;shall not create, incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred under the terms of the Intercompany Loans, (iii) to pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iv) if applicable, the obligation to make future payments under any Delayed Funding Term Loan or Revolving Loan; *provided* that no Loan Party shall acquire any Delayed Funding Term Loan or Revolving Loan if such acquisition would cause the Unfunded Exposure Amount, collateralized or uncollateralized, to exceed 10% of the Collateral Principal Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;shall comply in all material respects with all Anti-Corruption Laws and applicable Sanctions and shall maintain in effect and enforce policies and procedures designed to ensure compliance, in all material respects, by such Loan Party and its directors, managers, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. This undertaking is not made or sought by any party hereto that is subject to the Blocking Regulation if and to the extent that such undertaking would constitute or give rise to a violation by such party of the Blocking Regulation (or any law or regulation implementing such Blocking Regulation in any member state of the European Union);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;shall not amend (1) any of its constituent documents or (2) any document to which it is a party in any manner that would reasonably be expected to adversely affect the Lenders in any material respect, without, in each case, the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;shall not (A) permit the validity or effectiveness of this Agreement or any grant hereunder to be impaired, or permit the Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement, any other Loan Document or the Advances, except as may be expressly permitted hereby, (B) permit any Lien to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or the proceeds thereof, in each case, other than Permitted Liens or (C) take any action that would cause the Lien of this Agreement not to constitute a valid perfected security interest in the Collateral that is of first priority, free of any adverse claim or the legal equivalent thereof, as applicable, except for Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;shall not, without the prior consent of the Administrative Agent, which consent may be withheld in the sole and absolute discretion of the Administrative Agent, enter into any hedge agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;shall not change its name, identity or corporate structure in any manner that would make any financing statement or continuation statement filed by the Company (or by the Collateral Agent on behalf of the Company) in accordance with subsection (a) above materially misleading or

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change its jurisdiction of organization, unless the Company shall have given the Administrative Agent and the Collateral Agent at least 30 days (or such shorter period as agreed to by the Administrative Agent in its sole discretion) prior written notice thereof, and shall promptly file, or authorize the filing of, appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent and Administrative Agent together with written confirmation to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;shall do or cause to be done all things reasonably necessary to (i) preserve and keep in full force and effect its existence as a limited liability company and take all reasonable action to maintain its rights, franchises, licenses and permits material to its business in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability company in good standing in each jurisdiction in which such qualification is necessary to protect the validity and enforceability of the Loan Documents or any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;shall comply with all Applicable Law (whether statutory, regulatory or otherwise), except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;shall not merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, in each case, without the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;except for Investments permitted by Section 6.02(u)(C) and without the prior written consent of the Administrative Agent, shall not form, or cause to be formed, any Subsidiaries; or make or suffer to exist any Loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) shall conduct its affairs so that its underlying assets do not constitute "plan assets" within the meaning of the Plan Asset Rules, and (ii) shall not sponsor, maintain, contribute to, or become required to contribute, or have any liability with respect to any Plan (including, in the case of contribution or liability with respect to a Plan, on behalf of an ERISA Affiliate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;except for the security interest granted hereunder and as otherwise permitted hereunder, shall not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and each Loan Party shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders in and to the Collateral against all claims of third parties claiming through or under such Loan Party (other than Permitted Liens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;shall promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of the following financial statements, reports and information: (A) as soon as available, but in any event within 120 days after the end of each fiscal year of the Parent, a copy of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries as at the end of such year, the related consolidated statements of income for such year and the related consolidated statements of changes in net assets and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year; *provided*,

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that the financial statements required to be delivered pursuant to this clause (A) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in the Parent's annual report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; (B) as soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries as of the end of such fiscal quarter and including the prior comparable period (if any), and the unaudited consolidated statements of income of the Parent and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and the unaudited consolidated statements of cash flows of the Parent and its consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter; *provided*, that the financial statements required to be delivered pursuant to this clause (B) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in Parent's quarterly report on Form 10-Q, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; and (C) from time to time, such other information or documents (financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;shall promptly furnish to the Administrative Agent as soon as available, but no later than the date any financial statements are due pursuant to Section 6.02(p)(i) or (ii), a compliance certificate, certified by a Responsible Officer of the Company to be true and correct, (A) stating whether any Default or Event of Default exists; (B) stating that the Company is in compliance with the covenants set forth in this Agreement, including a certification that the Collateral has been Delivered to the Collateral Agent; (C) stating that the representations and warranties of the Company contained in Article IV, or in any other Loan Document, or which are contained in any document furnished at any time or in connection herewith or therewith, are true and correct in all material respects on and as of the date thereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date; and (D) certifying that such financial statements fairly present in all material respects, the financial condition and the results of operations of the Company on the dates and for the periods indicated, on the basis of GAAP, subject, in the case of interim financial statements, to normally recurring year-end adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or imposed upon it or upon its income, profits or property; *provided* that it shall not be required to pay or discharge or cause to be paid or discharged any such Tax (i) the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP have been made or (ii) the failure of which to pay or discharge could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;shall permit representatives of the Administrative Agent at any time and from time to time as the Administrative Agent shall reasonably request, and at the Company's expense (subject to a cap of $50,000 in any 12-month period for so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred), (A) to inspect and make copies of and abstracts from its records relating to the Portfolio Investments and (B) to visit its properties in connection with the collection, processing or managing of the Portfolio Investments for the purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person's performance under this Agreement and the other Loan Documents with any officer or employee or auditor (if any) of such

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Person having knowledge of such matters (including, if requested by the Administrative Agent, quarterly telephone conferences with representatives of the Loan Parties with respect to review of the Portfolio Investments). Each Loan Party agrees to render to the Administrative Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing; *provided* that such assistance shall not interfere in any material respect with any Loan Party's or the Servicer's business and operations. So long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, such visits and inspections shall occur only (i) upon five (5) Business Days' prior written notice, (ii) during normal business hours and (iii) no more than once in any calendar year. Following the occurrence of a Market Value Event or following the occurrence and during the continuance of an Event of Default, there shall be no limit on the timing or number of such inspections and only one (1) Business Day' prior notice will be required before any inspection, which shall occur during normal business hours. Notwithstanding anything to the contrary in this clause (r), neither the Loan Parties nor the Servicer will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (x) constitutes non-financial trade secrets or non-financial proprietary information, (y) in respect of which access or inspection by, or disclosure to, the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Applicable Law (or any binding confidentiality agreement or (z) is subject to attorney-client or similar privilege or constitutes attorney work product; *provided* that, (I) in the event the Servicer or any Loan Party withholds information from the Administrative Agent or the Lenders in reliance on this sentence, each Loan Party shall provide (to the extent possible without violation of such Applicable Law, any binding confidentiality agreement, attorney-client or attorney work product privilege) notice to the Administrative Agent or such applicable Lender that such information is being withheld and shall use commercially reasonable efforts to communicate the applicable information in a way that would not violate the Applicable Law or binding confidentiality agreement or risk waiver of such attorney-client or attorney work product privilege and (II) no such information withheld pursuant to a binding confidentiality agreement shall be withheld if such information would be customary and necessary (in the reasonable determination of the Administrative Agent) in order for the Administrative Agent to effectuate a sale of Portfolio Investments pursuant to Section 1.04 or an assignment of the Financing Commitments pursuant to Section 10.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;shall not use any part of the proceeds of any Advance, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Board of Governors of the Federal Reserve System of the United States of America, including Regulations T, U and X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;shall not make any Restricted Payments without the prior written consent of the Administrative Agent; *provided* that (x) such Loan party may make Permitted Distributions or Permitted RIC Distributions subject to the other requirements of this Agreement and (y) the Investment Subsidiary may make distributions of Interest Proceeds and Principal Proceeds to the Company by deposit thereof to the applicable Collateral Account of the Company, provided that any such amounts so distributed shall be deemed to constitute Interest Proceeds or Principal Proceeds, as applicable, of the Company for all purposes of this Agreement, as if received directly by the Company from the applicable Portfolio Investment(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;shall not make or hold any Investments, except (A) the Portfolio Investments or Investments constituting Eligible Investments (measured at the time of acquisition), (B) those that have been consented to by the Administrative Agent or (C) those Investments such Loan Party shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;shall not request any Advance, and no Loan Party shall directly or, to the knowledge of such loan Party, indirectly, use, and shall procure that its directors, officers, employees and agents shall not directly or indirectly use, the proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in a material violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (C) in any manner that would result in the material violation of any Sanctions applicable to any party hereto. This undertaking is not made or sought by any party hereto that is subject to the Blocking Regulation if and to the extent that such undertaking would constitute or give rise to a violation by such party of the Blocking Regulation (or any law or regulation implementing such Blocking Regulation in any member state of the European Union);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;other than pursuant to the Sale Agreement, the Master Participation Agreement and the Investment Subsidiary Sale Agreement, shall not transfer to any of its Affiliates any Portfolio Investment purchased from any of its Affiliates (other than sales to Affiliates conducted on terms and conditions consistent with those of an arm's length transaction and at fair market value);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;shall post on a password protected website maintained by the Administrative Agent to which the Servicer will have access or deliver via email to the Administrative Agent, with respect to each obligor in respect of a Portfolio Investment, without duplication of any other reporting requirements set forth in this Agreement or any other Loan Document, any management discussion and analysis provided by such obligor and any financial reporting packages and notifications of credit events with respect to such obligor and with respect to each Portfolio Investment for such obligor (including any attached or included information, statements and calculations, including compliance certificates with corresponding calculations), in each case within five (5) Business Days of the receipt thereof by the Company or the Servicer; *provided* that the Company shall post on a password protected website maintained by the Administrative Agent to which the Servicer will have access and deliver via email to the Administrative Agent notice of any credit event relating to an obligor promptly upon (and in no event later than two (2) Business Days after) obtaining knowledge thereof. The Company shall cause the Servicer to provide such other information as the Administrative Agent may reasonably request with respect to any Portfolio Investment or obligor (to the extent reasonably available to the Servicer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;shall not elect to be classified as other than a disregarded entity or partnership for U.S. federal income tax purposes, nor shall the Company take any other action or actions that would cause it to be classified, taxed or treated as a corporation or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes (including transferring interests in the Company on or through an established securities market or secondary market (or the substantial equivalent thereof), within the meaning of Section 7704(b) of the Code (and Treasury regulations thereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;shall only have partners or owners that are treated as U.S. Persons or that are disregarded entities owned by a U.S. Person and shall not recognize the transfer of any interest in the Company that constitutes equity for U.S. federal income tax purposes to a Person that is not a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;shall from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably necessary to secure the rights and remedies of the Secured Parties hereunder and to grant more effectively all or any

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portion of the Collateral, maintain or preserve the security interest (and the priority thereof) of this Agreement or to carry out more effectively the purposes hereof, perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement, preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral and the Collateral Agent against the claims of all Persons and parties, pay any and all Taxes levied or assessed upon all or any part of the Collateral and use its commercially reasonable efforts to minimize Taxes and any other costs arising in connection with its activities or give, execute, deliver, file and/or record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable to create, preserve, perfect or validate the security interest granted pursuant to this Agreement or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such pledge and security interest, and hereby authorizes the Collateral Agent (without obligation and without limiting the duties of any Loan Party pursuant to this Section 6.02(aa)) to file a UCC financing statement listing 'all assets of the debtor' (or substantially similar language) in the collateral description of such financing statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;shall use all commercially reasonable efforts to elevate all Participation Interests granted under the Master Participation Agreement to absolute assignments within the applicable then-current standard settlement timeframes set forth in LSTA guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;shall not hire any employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;shall not maintain any bank accounts or securities accounts other than the Collateral Accounts or the Excluded Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly permitted herein, shall not cancel or terminate any of the underlying instruments in respect of a Portfolio Investment to which it is party or beneficiary (in any capacity), or consent to or accept any cancellation or termination other than by the terms of such Portfolio Investment of any of such agreements (in each case) without payment in full of such Portfolio Investment or the applicable portion thereof so cancelled or terminated unless (in each case) the Administrative Agent shall have consented thereto in writing in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;shall not make or incur any capital expenditures except as reasonably required to perform its functions in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;shall provide to the Administrative Agent (with a copy to the Collateral Agent) (x) as soon as available and in any event within ten (10) Business Days after the end of each fiscal quarter, the identity of each Portfolio Investment that is a Partial Deferrable Obligation and the portion of interest payable under such Partial Deferrable Obligation that is actually being paid in kind rather than in cash (with such update to be substantially in the form of <u>Schedule 7</u> and which may be delivered via email) and (y) from time to time, such other information or documents (financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request with respect to any Partial Deferrable Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;shall not act on behalf of a Sanctioned Country or a Sanctioned Person. No Loan Party owns or will acquire, and the Servicer will not cause any Loan Party to own or acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership would be or is prohibited under Sanctions for a natural person or entity required to comply with Sanctions. This undertaking is not made or sought by any party hereto that is subject to the Blocking Regulation if and to the extent that such undertaking would constitute or give rise to a violation by such party of the Blocking Regulation (or any

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&nbsp;&nbsp;&nbsp;&nbsp;- 72 -

law or regulation implementing such Blocking Regulation in any member state of the European Union); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;shall give notice to the Administrative Agent in writing promptly upon (and in no event later than three (3) Business Days (or, in the case of an Event of Default, one (1) Business Day) after) the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any Adverse Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any Loan Party or the Servicer obtaining actual knowledge of any material adverse claim asserted against any of the Portfolio Investments, the Collateral Accounts or any other Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any change in the information provided in the Beneficial Ownership Certification delivered to any Lender that would result in a change to the list of beneficial owners identified in such certification.

SECTION 6.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments of Portfolio Investments, Etc</u>. If any Loan Party or the Servicer receives any notice or other communication concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related underlying instrument or rights thereunder (each, an "<u>Amendment</u>") with respect to any Portfolio Investment or any related underlying instrument, or makes any affirmative determination to exercise or refrain from exercising any rights or remedies thereunder, it will give prompt (and in any event, not later than three (3) Business Days') notice thereof to the Administrative Agent; *provided* that the applicable Loan Party or the Servicer, as applicable, shall not be required to give prior notice of an Amendment to the Administrative Agent if such Amendment relates solely to administrative matters. In any such event, the applicable Loan Party shall exercise all voting and other powers of ownership relating to such Amendment or the exercise of such rights or remedies as the Servicer shall deem appropriate under the circumstances; *provided* that if an Event of Default has occurred and is continuing or a Market Value Event has occurred, the applicable Loan Party will exercise all voting and other powers of ownership as the Administrative Agent shall instruct (it being understood that if the terms of the related underlying instrument expressly prohibit or restrict any such rights given to the Administrative Agent, then such right shall be limited to the extent necessary so that such prohibition or restriction is not violated). In any such case, following a Loan Party's receipt thereof, such Loan Party shall promptly provide to the Administrative Agent copies of all executed amendments to underlying instruments, executed waiver or consent forms or other documents executed or delivered in connection with any Amendment.

ARTICLE VII<br>EVENTS OF DEFAULT

If any of the following events ("<u>Events of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall fail to pay any amount owing by it in respect of the Secured Obligations (whether for principal, interest, fees or other amounts) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise and solely in the case of amounts other than principal and interest, such failure continues for a period of two (2) Business Days following the earlier of (x) the Company or the Servicer becoming aware of such failure and (y) receipt of written notice by the Company or the Servicer of such failure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made or deemed made by or on behalf of any Loan Party, the Servicer or the Seller (collectively, the "<u>Credit Risk Parties</u>") herein or in any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, or other document (other than projections, forward-looking information, general economic data or industry information) furnished pursuant hereto or in connection herewith or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute a failure) and, other than in the case of any representation or warranty set forth in clauses (a), (b), (c), (f), (h), (j), (m), (v), (y) or (cc) of Section 6.01, if such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party of written notice of such inaccuracy from the Administrative Agent and (ii) an officer of such Credit Risk Party becoming aware of such inaccuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(A) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02(a)(i) through (vii), (xi), (xiv) or (xix), (b)(i) through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v), (w), (cc), (hh) or (ii), Section 8.02(b) or the last sentence of the first paragraph of Section 1.04 or (B) any Credit Risk Party shall fail to observe or perform any other covenant, condition or agreement contained herein (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute such a failure) or in any other Loan Document and, in the case of this clause (B), if such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party of written notice of such failure from the Administrative Agent and (ii) an officer of such Credit Risk Party becoming aware of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Credit Risk Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Risk Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any Credit Risk Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (d) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Credit Risk Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any Credit Risk Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the passing of a resolution by the equity holders of any Loan Party in respect of the winding up on a voluntary basis of such Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;any final judgments or orders (not subject to appeal or otherwise non-appealable) by one or more courts of competent jurisdiction for the payment of money in an aggregate amount in excess of U.S.$1,000,000 (after giving effect to insurance, if any, available with respect thereto) shall be rendered against any Loan Party, and the same shall remain unsatisfied, unvacated, unbonded or unstayed for a period of sixty (60) days after the date on which the right to appeal has expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;an ERISA Event occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;a Change of Control occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;any Loan Party or the pool of Collateral shall become required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Servicer (i) resigns as Servicer under this Agreement, (ii) assigns any of its obligations or duties as Servicer in contravention of the terms of this Agreement or (iii) otherwise ceases to act as Servicer in accordance with the terms of this Agreement and, in each case, an Affiliate of the Servicer is not appointed (and has accepted such appointment) with the prior written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;the Net Advances are greater than the product of (1) the Net Asset Value multiplied by (2) 80%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) failure of the Loan Parties to fund the Unfunded Exposure Account and/or any applicable Permitted Non-USD Currency Unfunded Exposure Account when required in accordance with <u>Section 2.03(f)</u> other than in the case that any Lender fails to make the Advance required in accordance with <u>Section 2.03(f)</u> or (ii) failure of any Loan Party to satisfy its obligations in respect of unfunded obligations with respect to any Delayed Funding Term Loan or Revolving Loan (including the payment of any amount in connection with the sale thereof to the extent required under this Agreement); *provided* that the failure of a Loan Party to undertake any action set forth in this clause (n) is not remedied within two (2) Business Days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;any Loan Document (or material provision thereof) shall (except in accordance with its terms) cease to be the legally valid, binding and enforceable obligation of the Credit Risk Parties;

then, and in every such event (other than an event with respect to a Loan Party described in clause (d) or (e) of this Article), and at any time thereafter in each case during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or both of the following actions, at the same or different times: (i) terminate the Financing Commitments, and thereupon the Financing Commitments shall terminate immediately, and (ii) declare all of the Secured Obligations then outstanding to be due and payable in whole (or in part, in which case any Secured Obligations not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the Secured Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Loan Parties accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; and in case of any event with respect to the Company

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described in clause (d) or (e) of this Article, the Financing Commitments shall automatically terminate and all Secured Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company.

ARTICLE VIII<br>COLLATERAL ACCOUNTS; COLLATERAL SECURITY

SECTION 8.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>The Collateral Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Establishment and Maintenance of Collateral Accounts</u>. Each Loan Party hereby appoints the Securities Intermediary to establish, and the Securities Intermediary has established each Custodial Account, each Principal Collection Account, each Interest Collection Account, the MV Cure Account and each Unfunded Exposure Account (collectively, the "<u>USD Collateral Accounts</u>", together with the Permitted Non-USD Currency Accounts, the "<u>Collateral Accounts</u>"). In addition, each Loan Party hereby direct the Securities Intermediary to establish, and the Securities Intermediary has established the Permitted Non-USD Currency Accounts for the purposes of holding cash and Portfolio Investments denominated in a Permitted Non-USD Currency pursuant to the terms hereof. Promptly upon establishment of any new Permitted Non-USD Currency Account, the Securities Intermediary shall provide a written notice to each of the Loan Parties, the Collateral Agent, the Collateral Administrator and the Administrative Agent setting forth, with respect to such Permitted Non-USD Currency Account, the applicable Currency, the account name (as set forth in the Transaction Schedule) and number of such Permitted Non-USD Currency Account.

The Collateral Accounts shall (i) with respect to Collateral Accounts held by the Company, at all times be subject to the Borrower Account Control Agreement and (ii) with respect to Collateral Accounts held by the Investment Subsidiary, at all times on and after the Luxembourg Security Effective Date, be subject to the Investment Subsidiary Account Control Agreement. The Securities Intermediary agrees to maintain the Collateral Accounts of the applicable Loan Party in accordance with each Account Control Agreement as a "securities intermediary" (within the meaning of Section 8-102(a)(14) of the UCC), in the name of the applicable Loan Party subject to the lien of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment of Funds on Deposit in the Unfunded Exposure Account and the Permitted Non-USD Currency Unfunded Exposure Accounts</u>. All amounts on deposit in the Unfunded Exposure Account and (other than the Permitted Non-USD Currency Unfunded Exposure Account in respect of AUD and Euros) the Permitted Non-USD Currency Unfunded Exposure Accounts shall be invested (and reinvested) at the written direction of the Company (or the Servicer on its behalf) delivered to the Collateral Agent in Eligible Investments; *provided* that, following the occurrence and during the continuance of an Event of Default or following a Market Value Event, all amounts on deposit in the Unfunded Exposure Account and such Permitted Non-USD Currency Unfunded Exposure Accounts shall be invested, reinvested and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral Agent. Amounts on deposit in the Permitted Non-USD Currency Unfunded Exposure Account in respect of AUD and Euros shall remain uninvested and if no direction is delivered to the Collateral Agent, amounts in the Unfunded Exposure Account and the other Permitted Non-USD Currency Unfunded Exposure Accounts will remain uninvested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Unfunded Exposure Account and Permitted Non-USD Currency Unfunded Exposure Accounts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Amounts may be deposited into the Unfunded Exposure Account and/or any Permitted Non-USD Currency Unfunded Exposure Account from time to time in accordance with <u>Section 4.05</u>. Amounts shall also be deposited into the Unfunded Exposure Account and each applicable Permitted Non-USD Currency Unfunded Exposure Account as set forth in <u>Section 2.03(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;While no Event of Default has occurred and is continuing and no Market Value Event has occurred and subject to satisfaction of the Borrowing Base Test (after giving effect to such release), the Servicer may direct, by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator), the release of funds on deposit in an Unfunded Exposure Account or any Permitted Non-USD Currency Unfunded Exposure Account (i) for the purpose of funding a Loan Party's unfunded commitments with respect to Delayed Funding Term Loans and Revolving Loans in the related Currency, for deposit into the applicable Principal Collection Account or the applicable Permitted Non-USD Currency Principal Collection Account and (ii) so long as no Unfunded Exposure Shortfall exists or would exist after giving effect to the withdrawal. Following the occurrence of an Event of Default and the declaration of the Advances then outstanding to be due and payable in accordance with <u>Article VII</u> or following the occurrence of a Market Value Event, at the written direction of the Administrative Agent (with a copy to the Collateral Administrator), the Securities Intermediary shall transfer all amounts in each Unfunded Exposure Account to the related Principal Collection Account and all amounts in each Permitted Non-USD Currency Unfunded Exposure Account to the related Permitted Non-USD Currency Principal Collection Account, in each case, to be applied pursuant to <u>Section 4.05</u>. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any amounts on deposit in any Unfunded Exposure Account in excess of outstanding funding obligations of the applicable Loan Party in respect of USD denominated Delayed Funding Term Loans and Revolving Loans shall be released to the applicable Principal Collection Account and any amounts on deposit in any Permitted Non-USD Currency Unfunded Exposure Account in excess of outstanding funding obligations of the Company or the Investment Subsidiary, as applicable, in respect of Delayed Funding Term Loans and Revolving Loans in the related currency shall be released to the applicable Permitted Non-USD Currency Principal Collection Account, in each case, to prepay the outstanding Advances.

SECTION 8.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Security; Pledge; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Security Interest</u>. As collateral security for the prompt payment in full when due of all the Company's obligations to the Agents, the Securities Intermediary, the Collateral Administrator and the Lenders (collectively, the "<u>Secured Parties</u>") under this Agreement (collectively, the "<u>Secured Obligations</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the Company has granted on the Original Effective Date, and herby confirms the grant and pledge to the Collateral Agent and grants a continuing security interest in favor of the Collateral Agent in all of the Company's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all accounts, payment intangibles, general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment property, and any and all other property of any type or nature owned by it (all of the property described in this clause (a)(i) being collectively referred to herein as "<u>Company Collateral</u>"), including, without limitation: (1) each Portfolio Investment, (2) all of the Company's interests in the Collateral Accounts and all investments, obligations and

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other property from time to time credited thereto, (3) the Sale Agreement, the Master Participation Agreement and any other Loan Document and all rights related to each such agreement (4) all other property of the Company and (5) all proceeds thereof, all accessions to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Investment Subsidiary hereby hypothecates, charges, mortgages, assigns, collaterally assigns, grants and pledges to the Collateral Agent on and effective as of the Luxembourg Security Effective Date, a continuing security interest in favor of the Collateral Agent in all of the Investment Subsidiary's right, title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or arising) all accounts (other than any accounts subject to a pledge (*gage*) under the relevant Luxembourg law governed Luxembourg Security Documents), payment intangibles, general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts, letter-of-credit rights, investment property, and any and all other property of any type or nature owned by it (all of the property described in this clause (a)(ii) being collectively referred to herein as the "<u>Investment Subsidiary Collateral</u>" and, together with the Company Collateral, the "<u>Collateral</u>"; provided that the Collateral shall not include the Excluded Account), including, without limitation: (1) each Portfolio Investment, (2) all of the Investment Subsidiary's interests in the Collateral Accounts and all investments, obligations and other property from time to time credited thereto, (3) the Investment Subsidiary Sale Agreement and any other Loan Document and all rights related to each such agreement (4) all other property of the Investment Subsidiary and (5) all proceeds thereof, all accessions to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof. Notwithstanding the foregoing, solely to the extent validly and effectively pledged pursuant to the terms of the Luxembourg Security Documents, the Pledged Assets (as defined in the Luxembourg Security Documents) shall only be pledged in accordance with the terms of the Luxembourg Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery and Other Perfection</u>. In furtherance of the collateral arrangements contemplated herein, each Loan Party shall (1) Deliver to the Collateral Agent the Collateral hereunder as and when acquired by such Loan Party; (2) if any of the securities, monies or other property pledged by such Loan Party hereunder are received by such Loan Party, forthwith take such action as is necessary to ensure the Collateral Agent's continuing perfected security interest in such Collateral (including Delivering such securities, monies or other property to the Collateral Agent); and (3) upon the reasonable request of the Administrative Agent, deliver to the Administrative Agent, the Lenders and the Collateral Agent, at the expense of the Company, legal opinions from Latham & Watkins LLP or other counsel reasonably acceptable to the Administrative Agent and the Lenders, as to the perfection and priority of the Collateral Agent's security interest in any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies, Etc</u>. Following the declaration of the Secured Obligations then outstanding to be due and payable pursuant to Article VII, the Collateral Agent shall (but only if and to the extent directed in writing by the Administrative Agent) do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and also may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent's or its designee's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent or a

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designee of the Collateral Agent (acting at the direction of the Administrative Agent) may deem commercially reasonable. Each Loan Party agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days' prior notice to such Loan Party of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of the Collateral regardless of notice of sale having been given. The Collateral Agent or its designee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Transfer all or any part of the Collateral into the name of the Collateral Agent or a nominee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Endorse any checks, drafts, or other writings in any Loan Party's name to allow collection of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Take control of any proceeds of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Execute (in the name, place and stead of any of the Loan Parties) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Collateral; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Perform such other acts as may be reasonably required to do to protect the Collateral Agent's rights and interest hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Restrictions</u>. Each Loan Party and the Servicer agree that in any sale of any of the Collateral whenever an Event of Default shall have occurred and be continuing, the Collateral Agent or its designee are hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel in writing is necessary in order to avoid any violation of Applicable Law (including compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority or official, and each Loan Party and the Servicer further agree that such compliance shall not, in and of itself, result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Collateral Agent be liable or accountable to any Loan Party or the Servicer for any discount allowed by the reason of the fact that such Collateral is sold in good faith compliance with any such limitation or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Private Sale</u>. The Collateral Agent shall incur no liability as a result of a sale of the Collateral, or any part thereof, at any private sale pursuant to clause (c) above conducted in a commercially reasonable manner. Each Loan Party and the Servicer hereby waive any claims against each Agent and Lender arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent Appointed Attorney-in-Fact</u>. Each Loan Party hereby appoints the Collateral Agent as the Company's attorney-in-fact (it being understood that the Collateral Agent shall not be deemed to have assumed any of the obligations of such Loan Party by this appointment), with full authority in the place and stead of such Loan Party and in the name of such Loan Party, from time to time in the Collateral Agent's discretion (exercised at the written direction of the Administrative Agent), after the occurrence and during the continuation of an Event of Default, to take any action and to execute any instrument which the Administrative Agent or the Required Lenders may deem necessary or advisable to accomplish the purposes of this Agreement. Each Loan Party hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is irrevocable during the term of this Agreement and is coupled with an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. Each Loan Party covenants and agrees that, from time to time upon the request of the Collateral Agent (as directed by the Administrative Agent), such Loan Party will execute and deliver such further documents, and do such other acts and things as the Collateral Agent (as directed by the Administrative Agent) may reasonably request in order fully to effect the purposes of this Agreement and to protect and preserve the priority and validity of the security interest granted hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral; *provided* that no such document may alter the rights and protections afforded to the Loan Parties or the Servicer herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Security Interest upon Disposition of Collateral</u>. Upon any sale, transfer or other disposition of any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or other disposition of such Portfolio Investment or other Collateral (or such portion) and without any further action on the part of the Collateral Agent or any other Secured Party, be released. Upon any such release, the Collateral Agent will, at the Company's sole expense and upon receipt of a certification of the applicable Loan Party (or the Servicer on its behalf) that all conditions to such sale, transfer or disposition have been complied with, deliver to the applicable Loan Party, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the applicable Loan Party or its nominee such documents as the applicable Loan Party shall reasonably request to evidence such release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. Upon the payment in full of all Secured Obligations and termination of the Financing Commitments, the security interests granted herein shall automatically (and without further action by any party) terminate and all rights to the Collateral shall revert to the applicable Loan Party. Upon any such termination, the Collateral Agent will, at the Company's sole expense, deliver to the applicable Loan Party, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the applicable Loan Party or its nominee such documents as the applicable Loan Party shall reasonably request to evidence such termination.

SECTION 8.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>Subordination</u>.

Notwithstanding any other provision of this Agreement, the Company, the Parent and the Investment Subsidiary hereby agree that all Indebtedness and other payment obligations owed by the Investment Subsidiary to (a) the Parent (including under any Intercompany Loans) prior to the Fifth Amendment Effective Date, and (b) the Company (including under any Intercompany Loans) from and

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after the Fifth Amendment Effective Date shall be subordinate and junior in right of payment to (and not subject to setoff, netting or recoupment prior to) the prior payment in full in cash of all the Secured Obligations (including interest accruing on and after the filing of any petition in bankruptcy or of reorganization of an obligor whether or not post filing interest is allowed in such proceeding).

To the fullest extent permitted by Applicable Law, none of the Administrative Agent, the Collateral Agent, any Lender or any other Secured Party shall be prejudiced in its right to enforce the subordination of any Indebtedness or other obligations owed to the Parent or the Company by the Investment Subsidiary by any act or failure to act on the part of any party hereto.

Neither the Parent nor the Company shall, until the Secured Obligations have been paid in full in cash, exercise any remedies with respect to, or commence legal proceedings to enforce or collect on obligations of the Investment Subsidiary or any rights in respect thereof.

ARTICLE IX<br>THE AGENTS

SECTION 9.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Administrative Agent and Collateral Agent</u>. Each of the Lenders hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (each, an "<u>Agent</u>" and collectively, the "<u>Agents</u>") as its agent and authorizes such Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Anything contained herein to the contrary notwithstanding, each Agent and each Lender hereby agree that no Lender shall have any right individually to realize upon any of the Collateral hereunder, it being understood and agreed that all powers, rights and remedies hereunder with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the Secured Parties at the direction of the Administrative Agent.

Each financial institution serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender (if applicable) as any other Lender and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company as if it were not an Agent hereunder.

No Agent or the Collateral Administrator shall have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except that the foregoing shall not limit any duty of the Administrative Agent expressly set forth in this Agreement to include such rights and powers or that such Agent is required to exercise as directed in writing by (i) in the case of the Collateral Agent, the Administrative Agent or (ii) in the case of any Agent, the Required Lenders (or such other number or percentage of Lenders as shall be necessary under the circumstances as provided herein), and (c) except as expressly set forth herein, no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company that is communicated to or obtained by the financial institution serving in the capacity of such Agent (except insofar as provided to it as Agent hereunder) or any of its Affiliates in any capacity. No Agent shall be liable for any action taken or not taken by it in the absence of its own gross negligence or willful misconduct or with the consent or at the request or direction of the Administrative Agent (in the case of the Collateral Administrator and the Collateral Agent only) or the Required Lenders (or such other number or percentage of Lenders that shall be permitted herein to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be deemed

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to have knowledge of any Default, Event of Default, Market Value Event or satisfaction or failure of the Borrowing Base Test unless and until a Responsible Officer has received written notice thereof from the Company, a Lender or the Administrative Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness, genuineness, value or sufficiency of this Agreement, any other agreement, instrument or document or the Collateral, or (v) the satisfaction of any condition set forth herein, other than to confirm receipt of items expressly required to be delivered to such Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be required to risk or expend its own funds in connection with the performance of its obligations hereunder if it reasonably believes it will not receive reimbursement therefor hereunder. Without limitation to the immediately preceding sentence, none of the Collateral Agent, the Collateral Administrator, the Securities Intermediary nor the Administrative Agent shall be required to take any action under this Agreement or any other Loan Document if taking such action (A) would subject such Person to Tax in any jurisdiction where it is not then subject to Tax, or (B) would require such person to qualify to do business in any jurisdiction where it is not then so qualified.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, direction, opinion, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it in good faith, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

In the event the Collateral Agent or the Collateral Administrator shall receive conflicting instruction from the Administrative Agent and the Required Lenders, the instruction of the Required Lenders shall govern. Neither the Collateral Administrator nor the Collateral Agent shall have any duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which it is not a party. The grant of any permissive right or power to the Collateral Agent hereunder shall not be construed to impose a duty to act.

It is expressly acknowledged and agreed that neither the Collateral Administrator nor the Collateral Agent shall be responsible for, and shall not be under any duty to monitor or determine, compliance with the Eligibility Criteria or the Concentration Limitations in any instance, to determine any characteristic of any Portfolio Investment, to determine if the conditions of "Deliver" have been satisfied or otherwise to monitor or determine compliance by any other Person with the requirements of this Agreement.

Each of the Collateral Administrator, the Securities Intermediary and each Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents, sub-custodians or bailees appointed by it. None of the Collateral Administrator, the Securities Intermediary or any Agent shall be responsible for any misconduct or negligence on the part of any sub-agent, sub-custodian, bailee or attorney appointed by such Person with due care. Each of the Collateral Administrator, the Securities Intermediary and each Agent and any such sub-agent, sub-custodian or

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bailee may perform any and all its duties and exercise its rights and powers through their respective Affiliates and the respective directors, officers, employees, agents and advisors of such Person and its Affiliates (the "<u>Related Parties</u>") for such Agent. The exculpatory provisions in this Article 9 shall apply to any such sub-agent, sub-custodian or bailee and to the Related Parties of the Collateral Administrator, the Securities Intermediary and each Agent and any such sub-agent, sub-custodian or bailee and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent, as the case may be.

Subject to the appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent, the Securities Intermediary and the Administrative Agent may resign at any time upon 30 days' notice to each Agent, the Lenders, the Servicer, the Securities Intermediary and the Company. Upon any such resignation, the Required Lenders shall have the right to appoint a successor (a) in the case of the Collateral Administrator, the Collateral Agent and the Securities Intermediary, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, with the consent of the Servicer and (b) in the case of the Administrative Agent, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred (i) following consultation with the Servicer and (ii) if the proposed successor is an Ineligible Person, with the prior written consent of the Servicer. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Collateral Administrator, Collateral Agent, Securities Intermediary or Administrative Agent, as applicable, gives notice of its resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor (a) in the case of the Collateral Administrator, the Collateral Agent and the Securities Intermediary, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, with the consent of the Servicer and (b) in the case of the Administrative Agent, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred (i) following consultation with the Servicer and (ii) if the proposed successor is an Ineligible Person, with the prior written consent of the Servicer, which successor shall be a financial institution with an office in New York, New York, or an Affiliate of any such financial institution. If no successor shall have been so appointed and shall have accepted such appointment within sixty (60) days after the retiring Agent, Collateral Administrator or Securities Intermediary gives notice of its resignation, such Agent, Collateral Administrator or Securities Intermediary may petition a court of competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be, hereunder (and, if applicable, under the Account Control Agreements) by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, Collateral Administrator or Securities Intermediary, as applicable, hereunder and under the Account Control Agreements, and the retiring Agent, Collateral Administrator or Securities Intermediary, as applicable, shall be discharged from its duties and obligations hereunder and under the Account Control Agreements. After the retiring Agent's, Collateral Administrator's or Securities Intermediary's resignation hereunder, the provisions of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such retiring Agent, Collateral Administrator or Securities Intermediary, as applicable, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be.

Subject to the appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Securities Intermediary and the Collateral Agent may be removed at any time with 30 days' notice by the Company (with the written consent of the Administrative Agent), with notice to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the

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Lenders and the Servicer (which removal of the Collateral Agent or the Securities Intermediary will also be effective as removal under the Account Control Agreements). Upon any such removal, the Company shall have the right (with the written consent of the Administrative Agent) to appoint a successor to the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable. If no successor to any such Person shall have been so appointed by the Company and shall have accepted such appointment within thirty (30) days after such notice of removal, then the Administrative Agent may (with, so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, the consent of the Company) appoint a successor which shall be a financial institution with an office in New York, New York, or an Affiliate of any such financial institution. If no successor shall have been so appointed and shall have accepted such appointment within sixty (60) days after the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary receives notice of removal, the Collateral Agent, the Collateral Administrator and/or the Securities Intermediary, as applicable, may petition a court of competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the removed Collateral Agent, the Collateral Administrator and/or the Securities Intermediary hereunder and under the Account Control Agreements, and the removed Collateral Agent, the Collateral Administrator and/or the Securities Intermediary shall be discharged from its duties and obligations hereunder (and, if applicable, under the Borrower Account Control Agreement and/or the Investment Subsidiary Account Control Agreement). After the removed Collateral Agent's, the Collateral Administrator's and/or the Securities Intermediary's removal hereunder, the provisions of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed Collateral Agent, Collateral Administrator and/or Securities Intermediary, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be.

Upon the request of the Company or the Administrative Agent or the successor Agent, Collateral Administrator or Securities Intermediary, any such retiring or removed Agent, Collateral Administrator or Securities Intermediary shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor party all the rights, powers and trusts of the retiring or removed Agent, Collateral Administrator or Securities Intermediary, and shall duly assign, transfer and deliver (or cause its sub-custodian or bailee to so assign, transfer and deliver) to such successor agent all property and money held by such retiring or removed Agent, Collateral Administrator or Securities Intermediary hereunder (and under the Borrower Account Control Agreement and/or the Investment Subsidiary Account Control Agreement, if applicable). Upon request of any such successor, the Company and the Administrative Agent shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor agent all such rights, powers and trusts.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, any corporation into which the Collateral Agent, the Securities Intermediary or the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent, the Securities Intermediary or the Collateral Administrator shall be a party, or any corporation succeeding to the business of the Collateral Agent, the Securities Intermediary or the Collateral Administrator shall be the successor of the Collateral Agent, the Securities Intermediary or the Collateral Administrator hereunder (and, if applicable, under the Borrower Account Control Agreement and/or the Investment Subsidiary Account Control Agreement) without the execution or filing of any paper with any Person or any further act on the part of any Person.

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Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

Anything in this Agreement notwithstanding, in no event shall any Agent, the Collateral Administrator or the Securities Intermediary be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator or the Securities Intermediary, as the case may be, has been advised of such loss or damage and regardless of the form of action.

Each Agent and the Collateral Administrator shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent or the Collateral Administrator, unless it shall be conclusively determined by a court of competent jurisdiction that such Agent or the Collateral Administrator was grossly negligent in ascertaining the pertinent facts.

Each Agent and the Collateral Administrator shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement.

Each Agent and the Collateral Administrator shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion, report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder.

In the absence of gross negligence or willful misconduct on the part of the Agents, the Agents may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document furnished to the Agents, reasonably believed by the Agents to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Agreement but, in the case of a request, instruction, document or certificate which by any provision hereof is specifically required to be furnished to the Agents, the Agents shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that it conforms to the form required by such provision.

No Agent shall be responsible for delays or failures in performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the Collateral Administrator are entitled to rely conclusively on any instructions provided to them by the Administrative Agent.

Before the Collateral Agent or Collateral Administrator acts or refrains from acting, it may require, and may conclusively rely on, a certificate (which may be constituted by written directions provided in accordance with this Agreement) of an officer of the Company, the Servicer or Administrative Agent. The Collateral Agent or Collateral Administrator shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate.

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The Collateral Agent or Collateral Administrator may, from time to time, request that the parties hereto deliver a certificate (upon which the Collateral Agent or Collateral Administrator may conclusively rely) setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement or any related document together with a specimen signature of such authorized officers and the Collateral Agent or Collateral Administrator shall be entitled to conclusively rely on the then current certificate until receipt of a superseding certificate.

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering ("<u>Applicable Bank Law</u>"), the entity serving as Collateral Agent, Securities Intermediary or Collateral Administrator is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with such entity. Accordingly, each of the parties agrees to provide to the Collateral Agent, the Securities Intermediary or the Collateral Administrator upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent, the Securities Intermediary or the Collateral Administrator to comply with Applicable Bank Law.

The rights, protections and immunities given to the Collateral Agent in this Section 9.01 and the second paragraph of Section 9.02(a), the last sentence of Section 9.02(b), Section 9.02(c) and Section 9.02(h) shall likewise be available and applicable in all respects to the Securities Intermediary and the Collateral Administrator regardless of whether such Person is expressly mentioned in such provision.

SECTION 9.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Provisions Relating to the Collateral Agent and the Collateral Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent May Perform</u>. The Collateral Agent shall from time to time take such action (at the written direction of the Administrative Agent) for the maintenance, preservation or protection of any of the Collateral or of its security interest therein and the Administrative Agent may direct the Collateral Agent in writing to take any action incidental thereto; *provided* that in each case the Collateral Agent shall have no obligation to take any such action in the absence of such direction and shall have no obligation to comply with any such direction if it reasonably believes that the same (1) is contrary to Applicable Law or this Agreement or (2) is reasonably likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required Lenders, as the case may be, make provision reasonably satisfactory to the Collateral Agent for payment of same (which provision may be payment of such cost or expense by the Company in accordance with the Priority of Payments if such arrangement is reasonably satisfactory to the Collateral Agent). With respect to other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the written direction of the Administrative Agent.

If, in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the Collateral Agent shall request written instructions from the Administrative Agent as to the course of action desired by it and shall not be liable for any action taken or omitted to be taken prior to receipt of such instruction. If the Collateral Agent does not receive such instructions within five (5) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such five (5) Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent

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accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Custody and Preservation</u>. The Collateral Agent is required to hold in custody and preserve any of the Collateral in its possession pursuant to the terms of this Agreement and the standard of care set forth herein, *provided* that the Collateral Agent shall be deemed to have complied with the terms of this Agreement with respect to the custody and preservation of any of the Collateral if it takes such action for that purpose as the Company reasonably requests (or, following the occurrence of a Market Value Event or following the occurrence and during the continuance of an Event of Default, as the Administrative Agent reasonably requests), but failure of the Collateral Agent to comply with any such request at any time shall not in itself be deemed a failure to comply with the terms of this Agreement. The Collateral Agent will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any liens thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent Not Liable</u>. Except to the extent arising from the gross negligence or willful misconduct of the Collateral Agent, the Collateral Agent shall not be liable by reason of its compliance with the terms of this Agreement with respect to (1) the investment of funds held thereunder in Eligible Investments (other than for losses attributable to the Collateral Agent's failure to make payments on investments issued by the Collateral Agent, in its commercial capacity as principal obligor and not as collateral agent, in accordance with their terms) or (2) losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity. It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming liability for the obligations of the other parties hereto or any parties to the Portfolio Investments or other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Rights and Obligations of the Collateral Agent</u>. Without further consent or authorization from any Lenders, the Collateral Agent may execute any documents or instruments necessary to release any lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted by this Agreement or as otherwise permitted or required hereunder or to which the Required Lenders have otherwise consented. Anything contained herein to the contrary notwithstanding, in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, any Agent or Lender may be the purchaser of any or all of such Collateral at any such sale and the Collateral Agent, as agent for and representative of the Lenders (but not any Lender in its individual capacity unless the Required Lenders shall otherwise agree), shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the purchaser at such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent, Securities Intermediary and Collateral Administrator Fees and Expenses</u>. The Company agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator such fees as the Administrative Agent, the Collateral Agent, the Securities Intermediary, the Collateral Administrator and the Servicer, may agree in writing, subject to the Priority of Payments. The Company further agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator, or reimburse the Collateral Agent, the Securities Intermediary and the Collateral Administrator for paying, reasonable and documented out-of-pocket expenses, including attorney's fees and, in the case of the Securities Intermediary, expenses incurred by any sub-agent, sub-custodian or bailee of the Securities Intermediary, in connection with this Agreement and the transactions contemplated hereby, subject to the Priority of Payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution by the Collateral Agent, the Securities Intermediary and the Collateral Administrator</u>. The Collateral Agent, the Securities Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral Agent, Securities Intermediary and Collateral Administrator, respectively, hereunder and in no event shall have any obligation to make any Advance, provide any Advance or perform any obligation of the Administrative Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reports by the Collateral Administrator</u>. Each Loan Party hereby appoints U.S. Bank Trust Company, National Association as Collateral Administrator and directs the Collateral Administrator to prepare the reports substantially in the form reasonably agreed by the Loan Parties, the Collateral Administrator and the Administrative Agent. The Loan Parties and the Servicer shall cooperate with the Collateral Administrator in connection with the matters described herein, including calculations relating to the reports contemplated herein or as otherwise reasonably requested hereunder. Without limiting the generality of the foregoing, the Servicer shall supply in a timely fashion any determinations, designations, classifications or selections made by it relating to a Portfolio Investment, including in connection with the acquisition or disposition thereof, and any information maintained by it that the Collateral Administrator may from time to time reasonably request with respect to the Portfolio Investment and reasonably need to complete the reports required to be prepared by the Collateral Administrator hereunder or reasonably required to permit the Collateral Administrator to perform its obligations hereunder. The Collateral Administrator shall endeavor to deliver a draft of each such report to the Servicer and the Servicer shall review, verify and approve the contents of the aforesaid reports. To the extent any of the information in such reports conflicts with data or calculations in the records of the Servicer, the Servicer shall notify the Collateral Administrator of such discrepancy and use reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. Upon reasonable request by the Collateral Administrator, the Servicer further agrees to provide to the Collateral Administrator from time to time during the term of this Agreement, on a timely basis, any information relating to the Portfolio Investments and any proposed purchases, sales or other dispositions thereof as to enable the Collateral Administrator to perform its duties hereunder. For the avoidance of doubt, (i) prior to the Luxembourg Security Effective Date, all reports prepared by the Collateral Administrator pursuant to this Agreement shall be produced for each Loan Party individually in respect of the Portfolio Investments held by such Loan Party from time to time and (ii) on and after the Luxembourg Security Effective Date all reports prepared by the Collateral Agent pursuant to this Agreement shall be produced on a single aggregated basis in respect of the Portfolio Investments held collectively by the Loan Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information Provided to Collateral Agent and Collateral Administrator</u>. Without limiting the generality of any terms of this Section, neither the Collateral Agent nor the Collateral Administrator shall have liability for any failure, inability or unwillingness on the part of the Servicer, the Administrative Agent, any Loan Party or the Required Lenders to provide accurate and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, as applicable, or otherwise on the part of any such party to comply with the terms of this Agreement, and, absent gross negligence or willful misconduct of the Collateral Agent or the Collateral Administrator, as applicable, shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent's or Collateral Administrator's, as applicable, part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely information received by it, or other failure on the part of any such other party to comply with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Luxembourg Security Documents</u>. On the Luxembourg Security Effective Date, the Collateral Agent is hereby authorized and directed to enter into each Luxembourg Security Document to which it is a party on behalf of the Secured Parties. The Collateral Agent shall act thereunder pursuant to the direction of the Administrative Agent in accordance with the terms of the relevant Luxembourg

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Security Document. In accepting and performing its obligations under this Section 9.02(i) and each Luxembourg Security Document, the Collateral Agent shall (i) be entitled to all of the rights, protections, benefits, immunities and indemnities provided to the Collateral Agent hereunder, *mutatis mutandis*, (ii) only be responsible for the express duties set forth herein and in the applicable Luxembourg Security Document and shall have no implied covenants or obligations (fiduciary or otherwise), and (iii) not be liable for any action taken or not taken by it with the consent or at the direction of the Administrative Agent or in the absence of its own gross negligence or willful misconduct. It is understood and agreed that any rights granted to the Collateral Agent on behalf of the Secured Parties under any Luxembourg Security Document are solely for purposes of protecting the rights of the Secured Parties, and, without limiting any rights of the Secured Parties, the Collateral Agent shall not have any obligation to take enforcement actions outside of the United States in respect thereof; *provided* that for the purpose of any such enforcement, the Administrative Agent shall be entitled to appoint (or direct the Collateral Agent to appoint) a sub-agent or sub-custodian pursuant to Section 9.01 hereof (or other agent) in the relevant jurisdiction for any such purpose. The Collateral Agent shall not have any (i) obligation to monitor or supervise any such sub-agent or agent or provide any instruction to such party except to the extent directed to provide an instruction by the Administrative Agent or (ii) liability for any failure or delay in the exercise or enforcement of such rights resulting from the acts or omissions of any such sub-agent, sub-custodian or agent.

ARTICLE X<br>MISCELLANEOUS

SECTION 10.01.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Petition; Limited Recourse</u>. Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator, the Servicer and the other parties hereto (other than the Administrative Agent) hereby agrees not to commence, or join in the commencement of, any proceedings in any jurisdiction for the bankruptcy, winding-up or liquidation of the Company or any similar proceedings, in each case prior to the date that is one year and one day (or if longer, any applicable preference period plus one day) after the payment in full of all amounts owing to the parties hereto. The foregoing restrictions are a material inducement for the parties hereto to enter into this Agreement and are an essential term of this Agreement. The Administrative Agent or the Company may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, winding-up, liquidation or similar proceedings. The Company shall promptly object to the institution of any bankruptcy, winding-up, liquidation or similar proceedings against it and take all necessary or advisable steps to cause the dismissal of any such proceeding; provided that such obligation shall be subject to the availability of funds therefor. Nothing in this Section 10.01 shall limit the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described in this Section that was instituted by the Company or against the Company by any Person other than a party hereto.

Notwithstanding any other provision of this Agreement or any other Loan Document, no recourse under any obligation, covenant or agreement of the Company or the Servicer contained in this Agreement shall be had against any incorporator, stockholder, partner, officer, director, member, manager, employee or agent of the Company, the Servicer or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of the Company and (with respect to the express obligations of the Servicer under the Loan Documents) the Servicer and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of the Company, the Servicer or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of the Company or the Servicer contained in

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this Agreement or any other Loan Document, or implied therefrom, and that any and all personal liability for breaches by the Company or the Servicer of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

SECTION 10.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices and other communications in respect hereof (including, without limitation, any modifications hereof, or requests, waivers or consents hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other electronic messaging system of .pdf or other similar files) to the other parties hereto at the addresses for notices specified on the Transaction Schedule (or, as to any such party, at such other address as shall be designated by such party in a notice to each other party hereto). All such notices and other communications shall be deemed to have been duly given when (a) transmitted by facsimile, (b) personally delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications transmitted by electronic mail or any other electronic messaging system, upon delivery, in each case given or addressed as aforesaid.

SECTION 10.03.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver</u>. No failure on the part of any party hereto to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

SECTION 10.04.&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses; Indemnity; Damage Waiver; Right of Setoff</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay (1) all fees and reasonable and documented out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and their Related Parties, including the reasonable and documented fees, charges and disbursements of outside counsel for each Agent and the Collateral Administrator, and such other local counsel as required for the Agents and the Collateral Administrator, collectively, in connection with the preparation and administration of this Agreement, each Account Control Agreement or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (2) all reasonable and documented out-of-pocket expenses incurred by the Agents, the Collateral Administrator and the Lenders, including the fees, charges and disbursements of outside counsel for each Agent, the Collateral Administrator, the Securities Intermediary and such other local counsel as required for all of them and, in the case of the Securities Intermediary, expenses incurred by any sub-agent, sub-custodian or bailee of the Securities Intermediary, in connection herewith, including the enforcement or protection of their rights in connection with this Agreement and each Account Control Agreement, including their rights under this Section, or in connection with the Advances provided by them hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the Lenders and their Related Parties (each such Person being called an "<u>Indemnitee</u>"), against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of outside counsel for each Indemnitee and such other local counsel as required for any Indemnitees, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (1) the execution or delivery of this Agreement or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations (including, without limitation, any breach of any representation or warranty made by the Company or the Servicer hereunder (for the avoidance of doubt, after giving effect to any

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limitation included in any such representation or warranty relating to materiality or causing a Material Adverse Effect)) or the exercise of the parties thereto of their respective rights (including, without limitation, the approval or disapproval by the Administrative Agent of the acquisition of any Portfolio Investment in accordance with the terms of this Agreement) or the consummation of the transactions contemplated hereby, (2) any Advance or the use of the proceeds therefrom, or (3) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or is pursuing or defending any such action; *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted (i) from the gross negligence or willful misconduct of such Indemnitee or (ii) solely from the failure of the Portfolio Investments to perform. This Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by Applicable Law, neither the Company nor any Indemnitee shall assert, and each hereby waives, any claim against the Company or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement, instrument or transaction contemplated hereby or thereby, any Advance or the use of the proceeds thereof; <u>provided</u> that (i) the Collateral Agent, the Collateral Administrator and the Securities Intermediary shall not be prohibited from asserting consequential damages against the Company and (ii) if the Collateral Agent, the Collateral Administrator or the Securities Intermediary is assessed special, indirect, consequential or punitive damages by a court of competent jurisdiction in connection with a third party claim for which the Collateral Agent, the Collateral Administrator or the Securities Intermediary, as applicable, is entitled to indemnity pursuant to clause (b) above, such special, indirect, consequential or punitive damages so assessed shall constitute actual damages for purposes of this clause (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default shall have occurred and the Advances then outstanding shall have been declared due and payable in accordance with <u>Article VII</u>, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Company against any of and all the obligations of the Company now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this clause (d) are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;This Section 10.04 shall survive the termination of this Agreement for any reason and, if applicable, the earlier resignation or removal any Indemnitee.

SECTION 10.05.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the Administrative Agent, the Required Lenders, the Loan Parties and the Servicer; *provided*, *however*, that any amendment to this Agreement that the Administrative Agent determines in its commercially reasonable judgment is necessary to effectuate the purposes of Section 1.04 hereof following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event and which

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would not result in an increase or decrease in the rights, duties or liabilities of the Servicer or either Loan Party shall not be required to be executed by the Servicer or either Loan Party; *provided further* that the Administrative Agent may waive any of the Eligibility Criteria and the requirements set forth in Schedule 3 or Schedule 4 in its sole discretion; *provided further* that the consent of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be required for any amendment that affects its rights, duties, protections or immunities; *provided further* that any Material Amendment shall require the prior written consent of each Lender affected thereby.

SECTION 10.06.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors; Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Servicer, the Administrative Agent and each Lender (and any attempted assignment or transfer by any Loan Party without such consent shall be null and void) and (except with respect to any delegation set forth in Section 5.01) the Servicer may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent. Except as expressly set forth herein, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the conditions set forth below, any Lender may assign all or a portion of its rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances at the time owing to it) to a bank, a broker-dealer or an insurance company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, any other Person) (x) with the prior written consent (such consent not to be unreasonably withheld) of the Administrative Agent and upon reasonable prior written notice (including via email) to the Company, the Collateral Agent and the Servicer and (y) so long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, if the assignee is an Ineligible Person, with the prior written consent (such consent not to be unreasonably withheld) of the Servicer; *provided* that no consent of the Administrative Agent (or, for the avoidance of doubt, the Servicer) shall be required for an assignment of any Financing Commitment (x) to an assignee that is a Lender (or any Affiliate thereof) immediately prior to giving effect to such assignment or (y) following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event.

Assignments shall be subject to the following additional conditions: (A) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; and (B) the parties to each assignment shall execute and deliver to the Administrative Agent an assignment and assumption agreement in form and substance acceptable to the Administrative Agent.

Subject to acceptance and recording thereof below, from and after the effective date specified in each assignment and assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such assignment and assumption, be released from its obligations under this Agreement (and, in the case of an assignment and assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender but shall continue to be entitled to the benefits of Sections 5.03 and 10.04).

The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each assignment and assumption delivered to it and the

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Register. The entries in the Register shall be conclusive absent manifest error, and the parties hereto shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, any Lender and the Servicer, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed assignment and assumption executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment and assumption and record the information contained therein in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender may sell participations to one or more banks or other entities (a "<u>Lender Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances owing to it); *provided* that (1) such Lender's obligations under this Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (3) the Company, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Lender Participant, agree to any Material Amendment that affects such Lender Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender Participant's interest in the Advances or other obligations under this Agreement (the "<u>Participant Register</u>"); *provided* that, subject to clause (c) above, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Lender Participant or any information relating to a Lender Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. The Company agrees that each Lender Participant shall be entitled to the benefits of Sections 3.01(e) and 3.03 (subject to the requirements and limitations therein, including the requirements under Section 3.03(f) (it being understood that the documentation required under Section 3.03(f) shall be delivered to the Lender that sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; *provided* that such Lender Participant (A) agrees to be subject to the provisions of Section 3.01(f) relating to replacement of Lenders as if it were an assignee under paragraph (b) of this Section 10.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01(e) and 3.03, with respect to any participation, than the Lender that sells the participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Lender Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Company's request and expense, to use reasonable efforts to cooperate with the Company to effectuate the replacement of Lenders provisions set forth in Section 3.01(f) with respect to any Lender Participant.

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SECTION 10.07.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction; Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement will be governed by and construed in accordance with the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Submission to Jurisdiction</u>. Any suit, action or proceedings relating to this Agreement (collectively, "<u>Proceedings</u>") shall be tried and litigated in the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City. With respect to any Proceedings, each party hereto irrevocably (i) submits to the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party hereto from bringing Proceedings to enforce any judgment against any such party arising out of or relating to this Agreement in the courts of any place where such party or any of its assets may be found or located, nor will the bringing of such Proceedings in any one or more jurisdictions preclude the bringing of such Proceedings in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO AND THE ADMINISTRATIVE AGENT ON BEHALF OF THE LENDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 10.08.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Advance, together with all fees, charges and other amounts which are treated as interest on such Advance under Applicable Law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Advance in accordance with Applicable Law, the rate of interest payable in respect of such Advance hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Advance but were not payable as a result of the operation of this Section 10.08 shall be cumulated and the interest and Charges payable to such Lender in respect of other Advances or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

SECTION 10.09.&nbsp;&nbsp;&nbsp;&nbsp;<u>PATRIOT Act</u>. Each Lender and Agent that is subject to the requirements of the PATRIOT Act hereby notifies the Company that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow such Lender or Agent to identify the Company in accordance with the PATRIOT Act.

SECTION 10.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument. The words "delivery," "execution," "execute," "signed," "signature," and words of like import in or related to this Agreement or any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures which shall be of the same legal effect, validity or enforceability as a manually executed signature, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global

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&nbsp;&nbsp;&nbsp;&nbsp;- 94 -

and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 10.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 10.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions.</u>. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under this Agreement may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any Affected Resolution Authority.

As used herein:

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>EEA Financial Institution</u>" means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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&nbsp;&nbsp;&nbsp;&nbsp;- 95 -

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Write-Down and Conversion Powers</u>" means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

SECTION 10.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality.</u>

Each Agent, the Collateral Administrator, the Securities Intermediary and each Lender agrees to maintain the confidentiality of the Information until the date that is two (2) years after receipt of such Information (or, with respect to Information relating to the financial and other material terms of this Agreement, until the date that is one (1) year after the Maturity Date), except that Information may be disclosed (i) to its and its Affiliates' directors, officers, employees and agents, including accountants, legal counsel and other advisors and, in the case of the Securities Intermediary, any sub-agent, sub-custodian or bailee of the Securities Intermediary (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority (including any self-regulatory authority), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder, the sale of any Portfolio Investment following the occurrence of a Market Value Event or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 10.13, to (x) any assignee of or Lender Participant in, or any prospective assignee

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&nbsp;&nbsp;&nbsp;&nbsp;- 96 -

of or Lender Participant in, any of its rights or obligations under this Agreement (in each case, pursuant to an assumption or participation agreement meeting the requirements of Section 10.06), or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations, (vii) with the consent of the Company (or the Administrative Agent, in the case of a disclosure by the Company), (viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.13 by the delivering party or its Affiliates or (y) becomes available to any Agent, the Collateral Administrator, the Securities Intermediary or any Lender on a nonconfidential basis from a source other than the Company or (ix) to the extent permitted or required under this Agreement or the applicable Account Control Agreement. For the purposes of this Section 10.13, any Person required to maintain the confidentiality of Information as provided in this Section 10.13 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. The provisions of this Section 10.13 shall supersede any prior confidentiality agreement among any of the parties hereto or their respective Affiliates relating to this Agreement and the transactions contemplated hereby.

[remainder of page intentionally blank]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

CARLYLE CREDIT SOLUTIONS SPV LLC,<br>as Company

By__________________________________<br>Name:<br>Title:

CARLYLE CREDIT SOLUTIONS, INC.,<br>as Servicer

By__________________________________<br>Name:<br>Title:

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U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Agent

By__________________________________<br>Name:<br>Title:

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Administrator

By__________________________________<br>Name:<br>Title:

U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary

By__________________________________<br>Name:<br>Title:

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JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent

By__________________________________<br>Name: James Greenfield<br>Title: Managing Director

<u>The Lenders</u>

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender

By__________________________________<br>Name: James Greenfield<br>Title: Managing Director

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SCHEDULE 1

**Transaction Schedule**

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| | | | |
|:---|:---|:---|:---|
| **1.** | **Types of Financing** | **Available** | **Financing Limit** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;- 2 -

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| | | | | |
|:---|:---|:---|:---|:---|
| Advances | Advances | yes | yes | U.S.$300,000,000; *plus*, (i) on and after the First Scheduled Financing Commitment Increase Date, subject to satisfaction of the Scheduled Financing Commitment Increase Conditions, the principal amount of the First Scheduled Financing Commitment Increase (which equals U.S.$100,000,000) and (ii) on and after the Second Scheduled Financing Commitment Increase Date, subject to satisfaction of the Scheduled Financing Commitment Increase Conditions, the principal amount of the Second Scheduled Financing Commitment Increase (which equals U.S.$100,000,000), as reduced from time to time in conjunction with the reduction of the Financing Commitments pursuant to Section 4.07. <br>Notwithstanding anything in this Agreement to the contrary, (x) not more than 30% of the Financing Limit may be utilized in Permitted Non-USD Currencies, (y) not more than 30% of the Financing Limit may be utilized in GBP and (z) not more than 5% of the Financing Limit may be utilized in AUD. |
| **2.** | **Lenders** | **Lenders** | **Financing Commitment** | **Financing Commitment** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 -

---

| | | |
|:---|:---|:---|
|  | JPMorgan Chase Bank, National Association | U.S.$300,000,000; *plus*, (i) subject to satisfaction of the Scheduled Financing Commitment Increase Conditions, the principal amount of the First Scheduled Financing Commitment Increase (which equals U.S.$100,000,000) and (ii) subject to satisfaction of the Scheduled Financing Commitment Increase Conditions, the principal amount of the Second Scheduled Financing Commitment Increase (which equals U.S.$100,000,000), as reduced from time to time pursuant to Section 4.07. <br>Notwithstanding anything in this Agreement to the contrary, (x) not more than 30% of such Financing Commitment may be utilized in Permitted Non-USD Currencies, (y) not more than 30% of such Financing Commitment may be utilized in GBP and (z) not more than 5% of the Financing Commitment may be utilized in AUD. |
| **3.** | **Scheduled Termination Date**: | April 3, 2030 (or, if a Maturity Extension Request is consented to by the Administrative Agent in its sole discretion, one calendar year anniversary of the Scheduled Termination Date in effect immediately prior to the Maturity Extension Request). |
| **4.** | **Interest Rates** |  |

---

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&nbsp;&nbsp;&nbsp;&nbsp;- 4 -

---

| | | |
|:---|:---|:---|
|  | Applicable Margin for Advances: | With respect to Advances denominated in USD:<br>With respect to interest based on the applicable Reference Rate, 2.06% per annum (subject to increase in accordance with Section 3.01(b)).<br>With respect to interest based on the applicable Base Rate, 2.06% per annum (subject to increase in accordance with Section 3.01(b)).<br>With respect to Advances denominated in a Permitted Non-USD Currency:<br>With respect to interest based on the applicable Reference Rate, 2.06% per annum; *provided* that, in the case of Advances denominated in GBP, the Applicable Margin for Advances shall be 2.06% *plus* the Applicable SONIA Adjustment per annum; *provided further* that, in the case of Advances denominated in CAD, the Applicable Margin for Advances shall be 2.06% *plus* 0.32138% per annum (in each case, subject to increase in accordance with Section 3.01(b)).<br>With respect to interest based on the applicable Base Rate, 2.06% per annum (in each case, subject to increase in accordance with Section 3.01(b)). |
| **5.** | **Account Numbers** |  |
|  | <u>Company Accounts</u> | <u>Company Accounts</u> |
|  | <u>Company Accounts</u> | <u>Company Accounts</u> |
|  | Custodial Account: | 191202-700 |
|  | Interest Collection Account: | 191202-201 |
|  | Principal Collection Account: | 191202-202 |
|  | MV Cure Account: | 191202-701 |
|  | Unfunded Exposure Account: | 191202-203 |
|  | <u>Permitted Non-USD Currency Accounts</u> |  |
|  | <u>CAD:</u> |  |
|  | CAD Custodial Account: | 191202-206 |
|  | CAD Interest Collection Account: | 191202-204 |
|  | CAD Principal Collection Account: | 191202-205 |
|  | CAD Unfunded Exposure Account: | 191202-207 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;- 5 -

---

| | | |
|:---|:---|:---|
| <u>GBP:</u> | <u>GBP:</u> |  |
| GBP Custodial Account: | GBP Custodial Account: | 191202-222 |
| GBP Interest Collection Account: | GBP Interest Collection Account: | 191202-220 |
| GBP Principal Collection Account: | GBP Principal Collection Account: | 191202-221 |
| GBP Unfunded Exposure Account: | GBP Unfunded Exposure Account: | 191202-223 |
| <u>Euro</u>: | <u>Euro</u>: |  |
| Euro Custodial Account: | Euro Custodial Account: | 191202-212 |
| Euro Interest Collection Account: | Euro Interest Collection Account: | 191202-210 |
| Euro Principal Collection Account: | Euro Principal Collection Account: | 191202-211 |
| Euro Unfunded Exposure Account: | Euro Unfunded Exposure Account: | 191202-213 |
| <u>AUD</u>: | <u>AUD</u>: |  |
| AUD Custodial Account: | AUD Custodial Account: | 191202-232 |
| AUD Interest Collection Account: | AUD Interest Collection Account: | 191202-230 |
| AUD Principal Collection Account: | AUD Principal Collection Account: | 191202-231 |
| AUD Unfunded Exposure Account: | AUD Unfunded Exposure Account: | 191202-233 |
| <u>Investment Subsidiary Accounts:</u> | <u>Investment Subsidiary Accounts:</u> | <u>Investment Subsidiary Accounts:</u> |
| <u>Investment Subsidiary Accounts:</u> | <u>Investment Subsidiary Accounts:</u> | <u>Investment Subsidiary Accounts:</u> |
| IS Custodial Account: | 119375-700 | 119375-700 |
| IS Interest Collection Account: | 119375-201 | 119375-201 |
| IS Principal Collection Account: | 119375-202 | 119375-202 |
| IS Unfunded Exposure Account: | 119375-203 | 119375-203 |
| <u>CAD:</u> |  |  |
| IS CAD Custodial Account: |  |  |
| IS CAD Interest Collection Account: | 119375-206 | 119375-206 |
| IS CAD Principal Collection Account: | 119375-204 | 119375-204 |
| IS CAD Unfunded Exposure Account: | 119375-205 | 119375-205 |
| <br><u>GBP:</u> | 119375-207 | 119375-207 |
| IS GBP Custodial Account: |  |  |
| IS GBP Interest Collection Account: | 119375-222 | 119375-222 |
| IS GBP Principal Collection Account: | 119375-220 | 119375-220 |
| IS GBP Unfunded Exposure Account: | 119375-221 | 119375-221 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;- 6 -

---

| | |
|:---|:---|
| <u>Euro</u>: | 119375-223 |
| IS Euro Custodial Account: |  |
| IS Euro Interest Collection Account: | 119375-212 |
| IS Euro Principal Collection Account: | 119375-210 |
| IS Euro Unfunded Exposure Account: | 119375-211 |
| <u>AUD</u>: | 119375-213 |
| IS Custodial Account: |  |
| IS Interest Collection Account: | 119375-232 |
| IS Principal Collection Account: | 119375-230 |
| IS Unfunded Exposure Account: | 119375-231 |

---

---

| | | |
|:---|:---|:---|
| **6.** | **Market Value Trigger**: | 67% |
| **7.** | **Market Value Cure Trigger**: | 57% |
| **8**. | **Purchases of Restricted Securities** |  |
|  | Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial purchase, a Restricted Security. As used herein, "<u>Restricted Security</u>" means any security that forms part of a new issue of publicly issued securities (a) with respect to which an Affiliate of any Lender that is a "broker" or a "dealer", within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Lender.  | Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of initial purchase, a Restricted Security. As used herein, "<u>Restricted Security</u>" means any security that forms part of a new issue of publicly issued securities (a) with respect to which an Affiliate of any Lender that is a "broker" or a "dealer", within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and (b) which the Company proposes to purchase from any such Affiliate of any Lender.  |

---

---

| | | |
|:---|:---|:---|
| <u>Addresses for Notices</u> | <u>Addresses for Notices</u> | <u>Addresses for Notices</u> |
| **The Company**: | Carlyle Credit Solutions SPV LLC<br>c/o Carlyle Credit Solutions, Inc.<br>One Vanderbilt Avenue<br>New York, New York 10017 | Attn: Tom Hennigan<br>Telephone: (212) 813-4827<br>Electronic Mail Address: tom.hennigan@carlyle.com |
| **The Investment Subsidiary**: | CARS Lux Finance SPV S.à r.l. 2, avenue Charles de Gaulle, L 1653 Luxembourg, Grand Duchy of Luxembourg | Attn: Tim Fetter<br>Telephone:(352) 26 86 24 13<br>Electronic Mail Address: Luxembourg-Credit@carlyle.com |
| **The Servicer**: | Carlyle Credit Solutions, Inc.<br>One Vanderbilt Avenue<br>New York, NY 10017 | Attn: Tom Hennigan<br>Telephone: (212) 813-4827<br>Electronic Mail Address: tom.hennigan@carlyle.com |

---

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&nbsp;&nbsp;&nbsp;&nbsp;- 7 -

---

| | | |
|:---|:---|:---|
| **The Administrative Agent**: | JPMorgan Chase Bank, National Association<br>c/o JPMorgan Services Inc.<br>500 Stanton Christiana Rd.,<br>3rd Floor<br>Newark, Delaware 19713 | Attention: Nicholas Rapak<br>Telephone: (302) 634-4961 |
|  | <u>with a copy to</u> |  |
|  | JPMorgan Chase Bank, National Association<br>383 Madison Ave.<br>New York, New York 10179 | Attention: James Greenfield<br>Telephone: 212-834-9340<br>Email:<br>james.r.greenfield@jpmorgan.com<br>With a copy to:<br>de_custom_business@jpmorgan.com<br>brian.m.larocca@jpmorgan.com |
| **The Collateral Agent**: | U.S. Bank Trust Company, National Association<br>8 Greenway Plaza <br>Suite 1100<br>Houston, Texas 77046 | Attention: Global Corporate Trust – Carlyle Credit Solutions SPV LLC<br>Email: carlyle.team@usbank.com |
| **The Securities Intermediary**: | U.S. Bank National Association<br>8 Greenway Plaza <br>Suite 1100<br>Houston, Texas 77046 | Attention: Global Corporate Trust – Carlyle Credit Solutions SPV LLC <br>Email: carlyle.team@usbank.com |
| **The Collateral Administrator**: | U.S. Bank Trust Company, National Association<br>8 Greenway Plaza <br>Suite 1100<br>Houston, Texas 77046 | Attention: Global Corporate Trust – Carlyle Credit Solutions SPV LLC<br>Email: carlyle.team@usbank.com |
| **JPMCB**: | JPMorgan Chase Bank, National Association<br>c/o JPMorgan Services Inc.<br>500 Stanton Christiana Rd.,<br>3rd Floor<br>Newark, Delaware 19713 | Attention: Robert Nichols<br>Facsimile: (302) 634-1092 |
|  | <u>with a copy to</u>:<br>JPMorgan Chase Bank, National Association<br>383 Madison Ave.<br>New York, New York 10179 | <br>Attention: James Greenfield<br>Telephone: 212-622-9340 |
| **Each other Lender**: | The address (or facsimile number or electronic mail address) provided by it to the Administrative Agent. |  |

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SCHEDULE 2

**Contents of Notices of Acquisition**

Each Notice of Acquisition shall include the following information for the related Portfolio Investment(s):

JPMorgan Chase Bank, National Association,<br>as Administrative Agent<br>c/o JPMorgan Services Inc.<br>500 Stanton Christiana Rd., 3rd Floor<br>Attention: Nicholas Rapak<br>Email: de_custom_business@jpmorgan.com

JPMorgan Chase Bank, National Association,<br>as Administrative Agent<br>383 Madison Avenue<br>New York, New York 10179<br>Attention: Burton Chirinos

Email:&nbsp;&nbsp;&nbsp;&nbsp;NA_Private_Financing_Diligence@jpmorgan.com

(cc: brian.m.larocca@jpmorgan.com)

JPMorgan Chase Bank, National Association,<br>as Lender<br>c/o JPMorgan Services Inc.<br>500 Stanton Christiana Rd., 3rd Floor<br>Newark, Delaware 19713<br>Attention: Nicholas Rapak

cc:

U.S. Bank Trust Company, National Association, as Collateral Agent and Collateral Administrator

8 Greenway Plaza

Suite 1100

Houston, Texas 77046

Attention: Global Corporate Trust – Carlyle Credit Solutions SPV LLC

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&nbsp;&nbsp;&nbsp;&nbsp;- 2 -

Ladies and Gentlemen:

Reference is hereby made to the Amended and Restated Loan and Security Agreement, dated as of June 2, 2021 (as amended, the "<u>Agreement</u>"), among Carlyle Credit Solutions SPV LLC, as borrower (the "<u>Company</u>"), JPMorgan Chase Bank, National Association, as administrative agent (the "<u>Administrative Agent</u>"), Carlyle Credit Solutions, Inc., as Servicer (the "<u>Servicer</u>"), the lenders party thereto and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

Pursuant to the Agreement, the Servicer hereby [requests approval for the Company to acquire][notifies the Administrative Agent of the Company's intention to acquire] the following Portfolio Investment(s):<sup>1</sup>

<sup>1</sup> Company to complete as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 -

---

| |
|:---|
| Fund |
| Issuer / Obligor |
| Jurisdiction |
| Identifier (LoanX; CUSIP) |
| Requested Notional Amount |
| Currency |
| Asset Class |
| Current Pay (Y/N) |
| Syndication Type |
| Lien |
| Tranche Size |
| Price |
| Spread / Coupon (if Partial Deferrable Obligation, payment-in-kind component) |
| Reference Rate |
| Payment Frequency |
| Reference Rate Floor |
| Maturity |
| Moody's Industry |
| LTM EBITDA (In Millions) |
| LTM Capital Expenditures (in Millions) |
| Leverage Through Tranche (Net) |
| Interest Coverage |
| Financial Covenants |
| Security Identifier |
| Security Description |
| Quantity |
| Partial Deferrable Obligation (Y/N) |

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To the extent available, we have included herewith (1) the material underlying instruments (including the final credit agreement and collateral and security documents) relating to each such Portfolio Investment, (2) an audited financial statement for the previous most

------

&nbsp;&nbsp;&nbsp;&nbsp;- 4 -

recently ended three years of the obligor of each such Portfolio Investment, (3) quarterly statements for the previous most recently ended four fiscal quarters of the obligor of each such Portfolio Investment, (4) any appraisal or valuation reports conducted by third parties in connection with the proposed investment by the Company, (5) applicable "proof of existence" details (if requested by the Administrative Agent), and (6) investment committee memo. The Servicer acknowledges that it will provide such other information from time to time reasonably requested by the Administrative Agent.

We hereby certify that all conditions to the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement are satisfied.

Very truly yours,

Carlyle Credit Solutions, Inc.,<br>as Servicer

By_________________________________<br>Name:<br>Title:

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SCHEDULE 3

**<u>Eligibility Criteria</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation is a Loan and is not a Synthetic Security, a Zero-Coupon Security, a Structured Finance Obligation, a Participation Interest (other than Initial Portfolio Investments), a Mezzanine Obligation (or, for the avoidance of doubt, any other unsecured obligation of an obligor) or a Letter of Credit or an interest therein.

2.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation does not require the making of any future advance or payment by the applicable Loan Party to the issuer thereof or any related counterparty except in connection with a Delayed Funding Term Loan or a Revolving Loan.

3.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation is eligible to be entered into by, sold or assigned to the applicable Loan Party and pledged to the Collateral Agent.

4.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation is denominated and payable in USD or a Permitted Non-USD Currency and purchased at a price that is at least 80% of the par amount of such obligation.

5.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation is issued by a company organized in an Eligible Jurisdiction.

6.&nbsp;&nbsp;&nbsp;&nbsp;It is an obligation upon which no payments are subject to deduction or withholding for or on account of any withholding Taxes imposed by any jurisdiction unless the related obligor is required to make "gross-up" payments that cover the full amount of any such withholding Taxes (subject to customary conditions to such payments which the applicable Loan Party (or the Servicer on behalf of such Loan Party) in its good faith reasonable judgment expects to be satisfied).

7.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation is not subject to an event of default (as defined in the underlying instruments for such obligation) in accordance with its terms (including the terms of its underlying instruments after giving effect to any grace and/or cure period set forth in the related loan agreement, but not to exceed five (5) days) and no Indebtedness of the obligor thereon ranking *pari passu* with or senior to such obligation is in default with respect to the payment of principal or interest or is subject to any other event of default that would trigger a default under the related loan agreement (after giving effect to any grace and/or cure period set forth in the related loan agreement, but not to exceed five (5) days) (a "<u>Defaulted Obligation</u>").

8.&nbsp;&nbsp;&nbsp;&nbsp;The timely repayment of such obligation is not subject to non-credit-related risk as determined by the Servicer in its good faith and reasonable judgment.

9.&nbsp;&nbsp;&nbsp;&nbsp;It is not at the time of purchase or commitment to purchase the subject of an offer other than an offer pursuant to the terms of which the offeror offers to acquire a debt obligation in exchange for consideration consisting solely of cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid interest.

10.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation is not an equity security and does not provide, on the date of acquisition, for conversion or exchange at any time over its life into an equity security.

11.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation provides for periodic payments of interest thereon in cash at least semi-annually and, if such obligation is a Partial Deferrable Obligation, the portion of interest payable thereon

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&nbsp;&nbsp;&nbsp;&nbsp;- 2 -

on each payment or distribution date that is required to be paid in cash shall be not less than the applicable Reference Rate plus 2.25% per annum.

12.&nbsp;&nbsp;&nbsp;&nbsp;Such obligation will not cause the applicable Loan Party or the pool of Collateral to be required to register as an investment company under the Investment Company Act of 1940, as amended.

13.&nbsp;&nbsp;&nbsp;&nbsp;The Portfolio Investment has been Delivered to the Collateral Agent.

14.&nbsp;&nbsp;&nbsp;&nbsp;Without limitation to clause 7 above, in the case of a Specified Investment, (i) the obligor on such obligation has not violated any financial covenant contained in such obligation's underlying instruments and (ii) no such financial covenant has been amended, modified or waived and, without limitation to the foregoing, no amendment to the underlying instruments with respect to such Portfolio Investment that relates to a Specified Matter has been entered into, in each case, since the date of the Purchase Commitment for such obligation (in the case of this subclause (ii), unless otherwise consented to by the Administrative Agent in its sole discretion).

15.&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Portfolio Investment that is a Loan, (i) the Administrative Agent is an "Eligible Assignee" (as such term, or comparable term, is defined in the documents evidencing such Portfolio Investment) and such Portfolio Investment is otherwise permitted to be entered into by, sold or assigned to the Administrative Agent and (ii) if the administrative agent with respect to such Portfolio Investment is an affiliate of the Servicer, the applicable Loan Party shall have delivered to the Administrative Agent an assignment agreement duly executed by the administrative agent and/or obligor in respect of such Portfolio Investment, naming the Administrative Agent as assignee.

16.&nbsp;&nbsp;&nbsp;&nbsp;Following the relevant Trade Date, such Portfolio Investment has not been amended to (a) reduce the principal amount of such Portfolio Investment, (b) postpone the maturity date or any scheduled prepayment date in respect of such Portfolio Investment, in either case, for a period of time exceeding six calendar months, (c) alter the pro rata allocation or sharing of payments or distributions required by any related underlying instruments in a manner materially adverse to the applicable Loan Party (as determined by the Administrative Agent in its commercially reasonable judgment), (d) release any guarantor of such Portfolio Investment from its obligations, which release has a material adverse effect on the credit quality of such Portfolio Investment (as determined by the Administrative Agent in its commercially reasonable judgment), or (e) terminate or release any lien on any portion on the collateral securing such Portfolio Investment, which termination or release has a material adverse effect on the credit quality of such Portfolio Investment (as determined by the Administrative Agent in its commercially reasonable judgment), in each case without the re-approval of such Portfolio Investment by the Administrative Agent in the manner set forth in Section 1.02 of the Agreement following receipt of a request therefor from the Servicer and subject to satisfaction of the conditions set forth in clauses (1), (3) and (4) of Section 1.03 of the Agreement; *provided* that this clause 16 shall not be applicable for purposes of Section 1.03 of the Agreement in connection with the initial acquisition of such Portfolio Investment by the applicable Loan Party.

The following capitalized terms used in this Schedule 3 shall have the meanings set forth below:

"<u>Eligible Jurisdictions</u>" means the United States and any State therein, Australia, Canada, the United Kingdom, any country within the European Economic Area and any other jurisdiction

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 -

consented to by the Administrative Agent in writing (including via email) to the Servicer (with a copy to the applicable Loan Party and the Collateral Agent) in its sole discretion.

"<u>Letter of Credit</u>" means a facility whereby (i) a fronting bank ("LOC Agent Bank") issues or will issue a letter of credit ("LC") for or on behalf of a borrower pursuant to an underlying instrument, (ii) if the LC is drawn upon, and the borrower does not reimburse the LOC Agent Bank, the lender/participant is obligated to fund its portion of the facility and (iii) the LOC Agent Bank passes on (in whole or in part) the fees and any other amounts it receives for providing the LC to the lender/participant.

"<u>Partial Deferrable Obligation</u>" means any obligation the underlying instruments of which permit a portion of interest payable thereon on any payment or distribution date to be deferred and/or capitalized.

"<u>Structured Finance Obligation</u>" means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities.

"<u>Synthetic Security</u>" means a security or swap transaction, other than a participation interest or a letter of credit, that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

"<u>Zero-Coupon Security</u>" means any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding or (b) pays interest only at its stated maturity.

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SCHEDULE 4

**<u>Concentration Limitations</u>**

The "<u>Concentration Limitations</u>" shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio Investment, proposed to be owned) by the Loan Parties comply with all the requirements set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Investments issued by a single obligor and its Affiliates may not exceed an aggregate principal balance equal to 5% of the Collateral Principal Amount; *provided* that Portfolio Investments issued by two (2) obligors and their respective Affiliates may each constitute up to an aggregate principal balance equal to 7.5% of the Collateral Principal Amount so long as any Portfolio Investment (or portion thereof) that causes the aggregate principal balance of the Portfolio Investments issued by either such obligor or its Affiliates to exceed 5% of the Collateral Principal Amount is a Senior Secured Loan; *provided*, *further*, that Specified Investments issued by a single obligor and its Affiliates may not exceed an aggregate principal balance equal to 3% of the Collateral Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Not less than 75% of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Eligible Investments on deposit in the Principal Collection Account and the Permitted Non-USD Currency Principal Collection Accounts as Principal Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Not more than 25% of the Collateral Principal Amount may consist of Second Lien Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Not more than an aggregate of 20% of the Collateral Principal Amount may consist of Specified Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;100% of the Portfolio Investments must be issued by obligors that belong to an Industry Classification and not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Industry Classification; *provided* that 30% of the Collateral Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to one Industry Classification. As used herein, (x) "Industry Classifications" means the Moody's Industry Classifications and up to three additional industry group classifications agreed to in writing (including via email) by the Servicer and the Administrative Agent, such agreement not to be unreasonably withheld, conditioned or delayed and (y) "<u>Moody's Industry Classifications</u>" means the industry classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Servicer (with the consent of the Administrative Agent) if Moody's publishes revised industry classifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Not more than an aggregate of 35% of the Collateral Principal Amount may consist of Portfolio Investments whose obligors are organized in Eligible Jurisdictions other than the United States; *provided* that not more than an aggregate of 10% of the Collateral Principal Amount may consist of Portfolio Investments whose obligors are organized in Australia.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Not more than an aggregate of 30% of the Collateral Principal Amount may consist of Portfolio Investments denominated in a Permitted Non-USD Currency; *provided* that (i) not more than an aggregate of 30% of the Collateral Principal Amount may consist of Portfolio Investments denominated in GBP and (ii) not more than an aggregate of 5% of the Collateral Principal Amount may consist of Portfolio Investments denominated in AUD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The Unfunded Exposure Amount shall not exceed 10% of the Collateral Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Not more than an aggregate of 25% of the Collateral Principal Amount may consist of Partial Deferrable Obligations which are currently deferring interest payments; *provided* that Partial Deferrable Obligations that provide for periodic payments of interest thereon in cash at least semi-annually with an applicable margin greater than or equal to 4.00% *per annum* over the applicable benchmark shall be excluded from the limitations set forth in this clause 9.

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SCHEDULE 5

**<u>Initial Portfolio Investments</u>**

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SCHEDULE 6

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| | |
|:---|:---|
| Moody's Industry Classifications | Moody's Industry Classifications |
| Industry Code | Description |
| 1 | Aerospace & Defense |
| 2 | Automotive |
| 3 | Banking, Finance, Insurance & Real Estate |
| 4 | Beverage, Food & Tobacco |
| 5 | Capital Equipment |
| 6 | Chemicals, Plastics & Rubber |
| 7 | Construction & Building |
| 8 | Consumer goods: Durable |
| 9 | Consumer goods: Non-durable |
| 10 | Containers, Packaging & Glass |
| 11 | Energy: Electricity |
| 12 | Energy: Oil & Gas |
| 13 | Environmental Industries |
| 14 | Forest Products & Paper |
| 15 | Healthcare & Pharmaceuticals |
| 16 | High Tech Industries |
| 17 | Hotel, Gaming & Leisure |
| 18 | Media: Advertising, Printing & Publishing |
| 19 | Media: Broadcasting & Subscription |
| 20 | Media: Diversified & Production |
| 21 | Metals & Mining |
| 22 | Retail |
| 23 | Services: Business |
| 24 | Services: Consumer |
| 25 | Sovereign & Public Finance |
| 26 | Telecommunications |
| 27 | Transportation: Cargo |
| 28 | Transportation: Consumer |
| 29 | Utilities: Electric |
| 30 | Utilities: Oil & Gas |
| 31 | Utilities: Water |
| 32 | Wholesale |

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SCHEDULE 7

Form of Partial Deferrable Obligations Notifications

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| | | |
|:---|:---|:---|
| **Portfolio Investment** | **Paid PIK** <br>**Interest in Quarter ended [Insert immediately prior Quarter] (Y/N)** | **Coupon Paid (Cash / PIK Interest)** |
| 1. | | |
| 2. | | |
| 3. | | |
| 4. | | |
| 5. | | |

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EXHIBIT A

**Form of Request for Advance**

JPMorgan Chase Bank, National Association,<br>as Administrative Agent<br>c/o JPMorgan Services Inc.<br>500 Stanton Christiana Rd., 3rd Floor<br>Attention: Nicholas Rapak<br>JPMorgan Chase Bank, National Association,<br>as Administrative Agent<br>383 Madison Avenue<br>New York, New York 10179<br>Attention: James Greenfield<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;james.r.greenfield@jpmorgan.com

(cc: de_custom_business@jpmorgan.com)<br>(cc: brian.m.larocca@jpmorgan.com)

JPMorgan Chase Bank, National Association,<br>as Lender<br>c/o JPMorgan Services Inc.<br>500 Stanton Christiana Rd., 3rd Floor<br>Newark, Delaware 19713<br>Attention: Robert Nichols

cc:&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Bank Trust Company, National Association, as Collateral Agent and Collateral Administrator

8 Greenway Plaza

Suite 1100

Houston, Texas 77046

Attention: Global Corporate Trust – Carlyle Credit Solutions SPV LLC

Ladies and Gentlemen:

Reference is hereby made to the Amended and Restated Loan and Security Agreement, dated as of June 2, 2021 (as amended, the "<u>Agreement</u>"), among Carlyle Credit Solutions SPV LLC, as borrower (the "<u>Company</u>"), JPMorgan Chase Bank, National Association, as administrative agent (the "<u>Administrative Agent</u>"), Carlyle Credit Solutions, Inc., as servicer (the "<u>Servicer</u>"), the lenders party thereto, and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

Pursuant to the Agreement, you are hereby notified of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby requests an Advance under Section 2.03 of the Agreement to be funded on [____________].

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&nbsp;&nbsp;&nbsp;&nbsp;- 2 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount of the Advance requested hereby is U.S.$[_________].<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;[The proposed purchases (if any) relating to this request are as follows:

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| | | | |
|:---|:---|:---|:---|
| <u>Security</u> | <u>Par</u> | <u>Price</u> | <u>Purchased Interest</u> (if any)] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;The Currency of the proposed Advance is [USD][AUD][CAD][EUR][GBP].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;[The Advance is requested to make a Permitted Distribution for the following purpose(s): [__].]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;With respect to Advances denominated in GBP only, the Applicable SONIA Adjustment in respect of the Advance requested hereby is the [One Month SONIA Adjustment<sup>3</sup>] [Three Month SONIA Adjustment].

We hereby certify that all conditions [to the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement and] to an Advance set forth in Section 2.05 of the Agreement have been satisfied or waived as of the [related Trade Date (and shall be satisfied or waived as of the related Settlement Date) and] Advance date[, as applicable].

Very truly yours,

Carlyle Credit Solutions SPV LLC

By__________________________________<br>Name:<br>Title:

<sup>2</sup> Note: The requested Advance shall be in an amount such that, after giving effect thereto and the related purchase of the applicable Portfolio Investment(s) (if any), the Borrowing Base Test is satisfied.

<sup>3</sup> Interest payable with respect to an Advance for which the One Month SONIA Adjustment has been selected shall be payable on the fifteenth (15th) calendar day of each month pursuant to Section 3.01(b).

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 -

## Exhibit 10.10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 10.10**

**CARLYLE CREDIT SOLUTIONS, INC.**

**DISTRIBUTION AND SERVICING PLAN**

December 11, 2025

This Distribution and Servicing Plan (the "Plan") has been adopted on a voluntary basis in conformity with Rule 12b-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by Carlyle Credit Solutions, Inc., a Maryland corporation (the "Fund"), with respect to its classes of shares of common stock (each, a "Class") listed on Appendix A, as amended from time to time, subject to the terms and conditions set forth herein.

1.**Distribution Fee and Shareholder Servicing Fee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Fund may pay to the distributor in its capacity as principal underwriter of the Fund's shares of common stock, with respect to and at the expense of each Class listed on Appendix A, a fee for (i) distribution and sales support services (the "Distribution Fee"), as applicable, and/or (ii) shareholder services (the "Servicing Fee"), and each as more fully described below (together, the "Shareholder Servicing and/or Distribution Fee"), such fee to be paid at the rate per annum of the aggregate net asset value (the "NAV") as of the beginning of the first calendar day of each applicable month of the Class specified with respect to such Class under the column "Shareholder Servicing and/or Distribution Fee" on Appendix A. The Distribution Fee under the Plan will be used primarily to compensate the distributor for such services provided in connection with the offering and sale of shares of the applicable Class, and to reimburse the distributor for related expenses incurred, including payments by the distributor to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "Selling Agents"), for distribution services and sales support services provided and related expenses incurred by such Selling Agents. Payments of the Distribution Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class. However, joint distribution or sales support financing with respect to the shares of the Class (which financing may also involve other investment portfolios or companies that are affiliated persons of such a person, or affiliated persons of the distributor) are permitted in accordance with applicable law. Payments of the Servicing Fee will be used to compensate the distributor for personal services and/or the maintenance of shareholder accounts services provided to shareholders in the related Class and to reimburse the distributor for related expenses incurred, including payments by the distributor to compensate or reimburse brokers, dealers, other financial institutions or other industry professionals. Payments of the Shareholder Servicing and/or Distribution Fee may be made without regard to expenses actually incurred.

2.**Calculation and Payment of Fees**

The amount of the Shareholder Servicing and/or Distribution Fee payable with respect to each Class listed on Appendix A will be calculated at the rate per annum of the NAV of such class as of the beginning of the first calendar day of each applicable month, payable monthly in arrears, at the applicable annual rates indicated on Appendix A. The Shareholder Servicing and/or Distribution Fee will be calculated and paid separately for each Class.

3.**Approval of Plan**

The Plan will become effective, as to any Class (including any Class not currently listed on Appendix A), upon its approval by (a) a majority of the Board of Directors (the "Board" or the "Directors"), including a majority of the Directors who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan ("Qualified Directors"), pursuant to a vote cast in person at a meeting called for the purpose of voting on the approval of the Plan, and (b) with respect to Sections 1 and 2 of the Plan only, if the Plan is adopted for a Class after any public or private offering of shares of the Class or the sale of shares of the Class to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class that is subject to Sections 1 and 2 of the Plan.

------

4.**Continuance of the Plan**

The Plan will continue in effect with respect to a Class for one year from the date of execution, and from year to year thereafter indefinitely so long as such continuance is specifically approved at least annually by the Fund's Board in the manner described in Section 3(a) above.

5.**Implementation**

All agreements with any person relating to implementation of this Plan with respect to any Class shall be in writing, and any agreement related to this Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Directors or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

For the purposes of this Agreement, the "affirmative vote of a majority of the outstanding shares" of a Class means the affirmative vote, at a duly called and held meeting of shareholders of the Fund, (a) of the holders of 67% or more of the shares of the Class present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Class entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Class entitled to vote at the meeting, whichever is less. For the purposes of this Agreement, the terms "interested person" and "assignment" have their respective meanings defined in the 1940 Act, subject, however, to the Rules and Regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission (the "SEC") or its staff; and the term "approve at least annually" will be construed in a manner consistent with the 1940 Act and the Rules and Regulations under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff.

6.**Termination**

This Plan may be terminated at any time with respect to the shares of any Class by vote of a majority of the Qualified Directors, or by a majority vote of the outstanding voting securities of the relevant Class.

7.**Amendments**

The Plan may not be amended with respect to any Class so as to increase materially the amount of the Shareholder Servicing and/or Distribution Fee described in Section 1 above with respect to such Class without approval in the manner described in Section 3(a) above, and all material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3(a) above.

8.**Selection of Certain Directors**

While the Plan is in effect, the selection and nomination of the Fund's Directors who are not "interested persons" (as defined in the 1940 Act) of the Fund will be at the discretion of the Directors then in office who are not "interested persons" (as defined in the 1940 Act) of the Fund.

9.**Written Reports**

While the Plan is in effect, the Fund's Board will receive, and the Directors will review, at least quarterly, written reports complying with the requirements of the Rule, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

10.**Preservation of Materials**

The Fund will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 9 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of the Plan, agreement or report.

------

11.**Maryland Corporation** 

A copy of the Articles of Incorporation of the Fund is on file with the Secretary of the State of Maryland, and notice is hereby given that this instrument is executed on behalf of the Directors of the Fund as Directors and this Agreement has not been executed by such Director in his individual capacity and that the obligations of or arising out of this Plan are not binding upon any of the Directors, officers or shareholders of the Fund individually but are binding only upon the Fund and the assets and property of the Fund, or upon the assets belonging to the series or attributable to the class of the Fund, for the benefit of which the Directors have caused this Plan to be executed.

------

IN WITNESS WHEREOF, the Fund has executed this Plan as of the date first above written on behalf of each Class listed on Appendix A.

**CARLYLE CREDIT SOLUTIONS, INC.**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Tom Hennigan&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Tom Hennigan<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

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APPENDIX A TO DISTRIBUTION AND SERVICING PLAN

CARLYLE CREDIT SOLUTIONS, INC.

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| | |
|:---|:---|
| **Class of Shares of Common Stock** | **Shareholder Servicing and/or Distribution Fee** |
| Class I Shares | N/A |
| Class S Shares | 0.85% |
| Class D Shares | 0.25% |

---

Agreed to and accepted as of December 11, 2025.

CARLYLE CREDIT SOLUTIONS, INC.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Tom Hennigan&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Tom Hennigan<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

## Exhibit 10.11

**EXHIBIT 10.11**

**Placement Agent Agreement**

This Placement Agent Agreement (the "<u>Agreement</u>") entered into as of the 30th day of January, 2026 is made by and between Carlyle Credit Solutions, Inc. (the "<u>Fund</u>"), a Maryland corporation, and TCG Capital Markets L.L.C., a Delaware limited liability company having its principal place of business at 1 Vanderbilt Avenue, Suite 3400, New York, New York 10017 (the "<u>Agent</u>").

WHEREAS, the Fund is a closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the offering and sale of shares of common stock, par value $0.01 per share, of the Fund, which may consist of Class S, Class D and Class I shares (individually, a "Share" and collectively, the "<u>Shares</u>") are exempt from registration under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), pursuant to Section 4(a)(2) thereof and/or certain rules and regulations promulgated thereunder in Regulation D ("<u>Regulation D</u>") and/or Regulation S ("<u>Regulation S</u>") by the U.S. Securities and Exchange Commission (the "<u>SEC</u>");

WHEREAS, the Agent is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and is a member of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>"); and

WHEREAS, the Fund wishes to retain the Agent and the Agent wishes to serve as placement agent of the Fund and, accordingly, the Fund and the Agent desire to enter into this Agreement:

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and with the intention of being legally bound hereby, the Agent and the Fund hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Definitions*. All capitalized terms used in this Agreement which are not separately defined in this Agreement have the respective meanings set forth in the relevant Governing Document (as defined below) for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Appointment of the Placement Agent*. The Fund hereby appoints the Agent as its agent to place and to arrange for the placement of the Fund's Shares (intended to primarily occur through brokers (each a "<u>Broker</u>" and collectively, the "<u>Brokers</u>") with whom the Agent has entered into or will enter into a sub-placement agent agreement related to the distribution of Shares (each, a "<u>Sub-Placement Agent Agreement</u>") in a form substantially similar to the form attached hereto as Exhibit A), and the Agent hereby accepts such appointment and agrees to act hereunder. This appointment is non-exclusive, and the Fund may appoint at any time and from time to time other placement agents in its sole discretion. Subject both to the performance in all material respects by the Fund of its obligations under this Agreement and to the completeness and accuracy in all material respects of all of the representations and warranties of the Fund contained in this Agreement, the Agent hereby accepts such agency and agrees on the terms and conditions set forth in this Agreement to use its best efforts to find qualified subscribers for Shares and to enter into Sub-Placement Agent Agreements as may be directed by the Fund in such forms as may be agreed to between the parties. The Agent will not have any liability to the

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Fund in the event that any subscriber fails to consummate the purchase of Shares in the Fund for any reason other than the Agent's willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Fund Offering*. The Fund issues and sells Shares in accordance with the terms of the Fund's current confidential private placement memorandum (as it may be amended, restated and/or supplemented from time to time, including by documents incorporated by reference therein, the "<u>Memorandum</u>"), the Fund's charter (as it may be amended and/or restated from time to time, the "<u>Charter</u>"), bylaws (as they may be amended and/or restated from time to time, the "<u>Bylaws</u>") and/or other current governing document (each of the Memorandum, Charter, Bylaws and/or other current governing document is referred to herein as a "<u>Governing Document</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent and the Fund have established the following procedures in connection with the offer and sale of Shares and agree that the Agent will not make any offer or sale of any Shares except in compliance with such procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Offers and sales of Shares will be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)outside of the United States in accordance with Regulation D and/or Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Offers and sales of Shares will be made only to investors (x) inside of the United States that are "accredited investors," as defined in Rule 501(a) of Regulation D ("<u>accredited investors</u>"), and (y) outside of the United States that are accredited investors or not "U.S. persons," as defined in Regulation S ("<u>U.S. persons</u>") or as otherwise permitted in accordance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)No sale of Shares will be for less than the minimum denominations as may be specified in the relevant Governing Documents for the Fund, *provided that* the board of directors (the "<u>Board</u>") of the Fund (or their delegates) may, in such capacity and subject to applicable law, vary from time to time such minimum denominations with respect to any investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)No offer or sale of any Shares may be made in any U.S. state or non-U.S. jurisdiction, or to any prospective investor located in any U.S. state or non-U.S. jurisdiction, where such Shares have not been registered or qualified for offer and sale under applicable securities laws unless such Shares are exempt from the registration or qualification requirements of such laws. The Agent will only solicit prospective investors in any jurisdiction in compliance with the marketing rules and private placement rules of such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of the offering of Shares, the Fund has provided to the Agent copies of the Governing Documents and subscription documentation for Shares, as applicable, to be furnished to prospective investors of the Fund. Additional copies will be provided in such numbers as the Agent may reasonably request for purposes of the offering. The Agent is authorized to furnish to prospective purchasers only such information concerning the Fund and the offering of the Fund as may be contained in the Fund's Governing Documents or other written information furnished to the Agent by the Fund expressly for use in connection with the placement of its Shares ("<u>Offering</u> 

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<u>Materials</u>"), as well as such other material as the Agent has prepared and the Fund has previously reviewed and approved (each of such materials, an "<u>Agent Piece</u>"). The Agent shall keep a record of each prospective investor to which the Agent will have furnished a copy of the Governing Document(s) and promptly provide the Fund with the relevant records at any time upon the Fund's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Unless consented to in writing in advance by the Fund, the Agent will not use any form of "general solicitation" or "general advertising" (within the meaning of Rule 502(c) of Regulation D under the Securities Act) in making offers of Shares. This prohibition includes, but is not limited to, any mass mailing, any advertisement, article or notice published in any magazine, newspaper or newsletter (including any internet site that does not comply with procedures required to prevent a public solicitation of the Shares), and any seminar or meeting where the attendees are invited by any mass mailing, general solicitation or advertising (each, a "<u>Public Dissemination</u>"). Neither Agent nor any of its principals, managers, employees or agents, shall offer or sell Shares by any form of Public Dissemination, both in or from the U.S. or in any non-U.S. (foreign) jurisdiction. Agent shall not mention the Fund, the Shares, or any information about Agent's duties under this Agreement in any public medium, including any newspaper, on radio, television, social media or any internet site that does not comply with procedures required to prevent a public solicitation of the Shares or otherwise, unless required by law or any regulatory authority. Additionally, Agent represents that it shall share materials only with clients in which it has established a substantive pre-existing relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Agent represents and warrants that it has policies and procedures reasonably designed to comply with applicable anti-money laundering and anti-terrorist financing laws, rules and regulations. Additionally, the Agent represents and warrants that it has policies and procedures reasonably designed to ensure that it does not accept or maintain investments in the Fund, directly or indirectly, from a person, government, organization or entity (a) who is or becomes the subject of a sanctions programs administered by the Office of Foreign Assets Control of the United States Department of the Treasury ("<u>OFAC</u>"), is included in any executive order or is on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, or (b) whose name appears on such other lists of prohibited persons and entities as may be mandated by applicable local law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Agent will obtain the prior written consent of the Fund prior to conducting any solicitation activities with respect to such Fund in any E.U. country. The Agent will be responsible for ensuring that any activities taken in connection with the sale of Shares of the Fund in any jurisdiction outside of the United States will be conducted in compliance with the private placement or other applicable offering rules of such jurisdiction; *provided*, *however*, that, the Fund agrees to coordinate with the Agent in respect of determining the number of offers made to prospective investors in any particular jurisdiction and such other relevant information in respect of offerings of Shares made by any party other than the Agent, which would reasonably be deemed to affect the Agent's compliance with applicable offering rules. The Agent will make no offer or sale of any Shares in any foreign jurisdiction, or to any prospective investor located in any foreign jurisdiction, where there is a prohibition on the sale of securities such as the Shares, and no available exemption to such prohibition exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Subscriptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All subscriptions for Shares and payments by subscribers of subscription amounts for Shares shall be made pursuant to the terms and conditions set forth in the relevant Governing Document(s) and subscription documentation for Shares, as

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applicable. Subscriptions will be subject to acceptance by the Fund or by a duly appointed agent and attorney-in-fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the terms of the relevant subscription agreement for Shares, the Fund shall return to any subscriber whose subscription was rejected by, or on behalf of, the Fund all subscription payments from such subscriber, without interest (unless interest was in fact accrued on such subscription amount).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*Suitability of Investors*. In offering Shares, the Agent, in its agreements with Brokers, will require that the Broker comply with the provisions of all applicable rules and regulations relating to investor suitability, including, without limitation, the provisions of Exchange Act Rule 15l-1 ("<u>Regulation Best Interest</u>") (when applicable), FINRA Rule 2111 (when applicable) and applicable laws of the jurisdiction of which such investor is a resident. The Agent, in its agreements with Brokers, will require that the Brokers shall sell Shares only to those persons who are eligible to purchase such shares as described in the Memorandum and only through those Brokers who are authorized to sell such shares. The Agent, in its agreements with the Brokers, shall require the Brokers to maintain, for at least six (6) years, a record of the information obtained to determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the Shares. The Agent, in its agreements with Brokers, will require each Broker to represent and warrant that such Broker has in place policies and procedures reasonably designed to comply with FINRA Rule 2111 and Regulation Best Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.*Representations and Warranties of the Fund*. The Fund represents and warrants to the Agent and each Broker that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has been duly formed and is validly existing in good standing under the laws of its formation, in each case with all requisite power and authority; all necessary authorizations, approvals, orders, licenses, certificates, and permits of and from all governmental regulatory officials and bodies; and all necessary rights, licenses, and permits from other parties, to conduct its business as described in the relevant Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Shares to be, or which may be, issued by the Fund have been duly authorized by the Fund for issuance and sale and, when issued and delivered by the Fund, Shares will conform in all material respects to all statements relating thereto contained in the relevant Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The issuance and sale of Shares as described in the relevant Governing Documents and in accordance with this Agreement and the execution, delivery, and performance of the Fund's obligations hereunder will not result in the violation of any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Fund will apply the proceeds from the sale of Shares for the purposes set forth in its Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Memorandum will not contain an untrue statement of any material fact or omit to state any material fact necessary in order to make statements therein not misleading in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Agreement has been duly authorized, executed, and delivered by the Fund and, when executed by the Agent, shall constitute a valid and binding agreement of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.*Covenants of the Fund*. The Fund covenants and agrees with the Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent will be furnished with such documents as the Agent may reasonably require, from time to time, for the purpose of enabling the Agent to pass upon the issuance and sale of Shares as contemplated in this Agreement and related proceedings or for the purpose of evidencing the accuracy of any of the representations and warranties, or the fulfillment of any of the conditions, contained in this Agreement; and all proceedings taken by the Fund in connection with the issuance and sale of Shares as contemplated in this Agreement will be satisfactory in form and substance to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If at any time an event occurs which in the opinion of counsel to the Fund materially affects the Fund and which should be set forth in an amendment or supplement to the Memorandum in order that the Memorandum does not contain an untrue statement of a material fact or to make the statements therein not misleading in light of the circumstances under which they are made, the Fund shall notify the Agent as promptly as practical of the occurrence of such event and prepare and furnish to the Agent copies of an amendment or supplement to the Memorandum, in such reasonable quantities as the Agent may request in order that the Memorandum, as so amended or supplemented, will not contain any untrue statement of any material fact or omit to state a material fact which in the opinion of such counsel is necessary to make the statements therein not misleading in light of the circumstances under which they are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.*Representations and Warranties of the Agent*. The Agent represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware and is duly authorized to enter into and perform, and has duly executed and delivered, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Agent, and any authorized representative of the Agent performing services on its behalf, has maintained and will maintain all licenses and registrations necessary under applicable law and regulations (including the rules of FINRA) to provide the services required to be provided by the Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Agent has not solicited and will not solicit any offer to buy, or offer to sell, Shares in any manner which would be inconsistent with applicable laws and regulations or with the procedures for solicitations contemplated by the Governing Documents or this Agreement, in any manner which would constitute a general solicitation or advertising with respect to Shares, including without limitation any advertisement, article, notice, or other communication published in any newspaper, magazine or similar medium or broadcast over television, radio or other means of electronic communication (unless access to that communication is limited to those persons eligible to purchase Shares) or any seminar or meeting whose attendees have been invited by any such general solicitation or advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Agent will furnish to each subscriber of Shares, identified either by the Agent or the Fund, a current copy of the Fund's Governing Documents, other Offering Materials, and subscription documentation for Shares, as applicable, prior to such person's admission as an investor of the Fund or, to the extent applicable in the case of an additional investment by an existing investor, prior to the issuance of the additional Shares for which such existing investor has subscribed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No Agent Piece will contain an untrue statement of any material fact or omit to state any material fact necessary in order to make statements in such Agent Piece not misleading in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Agent acknowledges that it understands that the Fund is relying on Section 506 of Regulation D under the Securities Act with respect to the offering of Shares. In furtherance of the foregoing, the Agent represents and warrants that neither it, nor any of its managers or managing members (if any), nor any Agent director, executive officer or other officer participating in the offering of the Fund, nor any employee or agent of the Agent that shall receive remuneration (directly or indirectly) for the provision of services under this Agreement, nor any other person construed as a "covered person" pursuant to Rule 506 of Regulation D (each, a "<u>Covered Person</u>") is the subject of any of the acts enumerated in Rule 506(d)(i) through (viii) thereof (each, a "<u>Disqualifying Event</u>"). The Agent will immediately notify the Fund if it becomes aware of any Covered Person who is or becomes the subject of a Disqualifying Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)All activities of the Agent in its capacity as agent of the Company shall comply with all applicable laws, rules and regulations, including the 1940 Act and rules thereunder and all FINRA rules, and with the terms of the current Governing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Agent represents and warrants that it has policies and procedures reasonably designed to comply with applicable pay-to-play laws, rules and regulations, and the Agent will promptly notify the Fund in the event of any material violation by the Agent of any such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The representations and warranties set forth in this Agreement are continuing during the term of this Agreement and the Agent agrees to notify the Fund promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes inaccurate or untrue and of the facts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Agent acknowledges that the Fund in entering into this Agreement in reliance on the representations, warranties and agreements of the Agent contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.*Compensation of the Agent*. Except as may otherwise be agreed to by the Fund, the Agent will be responsible for the payment of all costs and expenses incurred by the Agent in connection with the performance of the Agent's obligations under this Agreement. As compensation for providing the services under this Agreement, the Agent may receive from the Fund or investors, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)An ongoing distribution fee ("<u>Distribution Fee</u>") and shareholder servicing fee (the "<u>Shareholder Servicing Fee</u>") with respect to each class of shares of common stock (each, a "<u>Class</u>") listed on Appendix A to the Fund's Distribution and Servicing Plan (the "<u>Plan</u>"), will be calculated at the rate per annum of the net asset value of such class as of the beginning of the first calendar day of each applicable month, payable monthly in arrears, at the applicable annual rates indicated on Appendix A to the Plan. Portions of the Distribution Fee and/or Shareholder Servicing Fee allocable for distribution or the provision of services shall be as set forth in the Plan and shall only be paid/reallowed in consideration for their respective uses. The Shareholder Servicing Fee and/or Distribution Fee will be calculated and paid separately for each Class. Payments of the Shareholder Servicing Fee and/or Distribution Fee may be made without regard to expenses actually incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All front-end sales charges, including but not limited to sales load and placement fees, if any, on purchases of Shares sold subject to such charges as described

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in the Memorandum, which may be amended and restated from time to time. The Agent, or Brokers or other dealers and other financial institutions and intermediaries that have entered into Sub-Placement Agent Agreements with the Agent, may collect the gross proceeds derived from the sale of such Shares, remit the net asset value thereof to the Fund upon receipt of the proceeds and retain the applicable sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Agent may re-allow any or all of the Distribution Fee and/or Shareholder Servicing Fee and front-end sales charges that the Agent is paid by the Fund to such Brokers, financial institutions, or other intermediaries as the Agent may from time to time determine, as described more fully in the Sub-Placement Agent Agreement entered into with each such Broker. Notwithstanding the foregoing, at such time as the Broker that sold the Class S or Class D Shares giving rise to a portion of the Shareholder Servicing Fee and/or Distribution Fee is no longer the intermediary of record with respect to such Class S or Class D Shares, or such Broker, financial institution, or other intermediary no longer satisfies any or all of the conditions set forth in its Sub-Placement Agent Agreement for the receipt of the Shareholder Servicing Fee and/or Distribution Fee, then such Broker's, financial institution's, or intermediary's entitlement to the Shareholder Servicing Fee and/or Distribution Fee related to such Class S and/or Class D Shares, as applicable, shall cease, and such Broker, financial institution, or intermediary shall not receive the Shareholder Servicing Fee and/or Distribution Fee for that month or any portion thereof. Intermediary transfers shall be made effective as of the first business day of a month. Thereafter, such Shareholder Servicing Fee and/or Distribution Fee may be re-allowed to the then-current intermediary of record of the Class S and/or Class D Shares, as applicable, if such intermediary of record has been designated (the "<u>Servicing Broker</u>"), to the extent that (i) such Servicing Broker has entered into a Sub-Placement Agent Agreement or similar agreement with the Agent (each, a "<u>Servicing Agreement</u>"), (ii) such Sub-Placement Agent Agreement or Servicing Agreement provides for such re-allowance, and (iii) the Servicing Broker is in compliance with the terms of such agreement relating to such re-allowance. All determinations in this regard shall be made by the Agent in good faith and in its sole discretion. No Broker, financial institution, or intermediary shall be entitled to any Shareholder Servicing Fee and/or Distribution Fee with respect to Class I Shares. The Agent may also re-allow some or all of the Shareholder Servicing Fee and/or Distribution Fee to other intermediaries that provide services with respect to the Shares (each, an "<u>Additional Servicing Broker</u>") pursuant to a Servicing Agreement with the Agent, to the extent such Servicing Agreement provides for such re-allowance and such Additional Servicing Broker is in compliance with the terms of such agreement relating to such re-allowance, in accordance with the terms of such Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Brokers may charge transaction or other fees, including upfront placement fees or brokerage commissions to their own clients outside of the Fund as they may determine from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Agent shall cease receiving the Shareholder Servicing Fee and/or Distribution Fee with respect to any Class S share or Class D share held in a shareholder's account at the end of the month in which the Agent determines that the total transaction or other fees, including upfront placement fees or brokerage commissions, and Shareholder Servicing Fees and/or Distribution Fees paid with respect to the shares held by such shareholder within such account would exceed, in the aggregate, ten percent (10%) of the gross proceeds from the sale of such shares (including total transaction or other fees, such as upfront placement fees or brokerage commissions). At the end of such month, each such Class S share or Class D share (and any shares issued under the distribution reinvestment plan with respect thereto) shall convert into a number of Class I shares (including any fractional shares) having an equivalent aggregate net asset value. In

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addition, the Agent shall cease receiving the Shareholder Servicing Fee and/or Distribution Fee on Class S shares and Class D shares in connection with the offering of such shares upon the earlier to occur of the following: (i) a listing of the Class I shares; (ii) the merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets; or (iii) the date following the completion of the primary portion of the offering of the Class S shares or Class D shares on which, in the aggregate, underwriting compensation from all sources in connection with such offering, including selling commissions, the Shareholder Servicing Fee and/or Distribution Fee, and other underwriting compensation, equals ten percent (10%) of the gross proceeds from the sale of such Class S shares or Class D shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company shall not be liable or responsible to any Broker or Servicing Broker for any reallowance of the Shareholder Servicing Fee and/or Distribution Fee to such Broker, it being the sole and exclusive responsibility of the Agent to pay any such Shareholder Servicing Fee and/or Distribution Fee to Brokers. Notwithstanding the foregoing, at the discretion of the Company, the Company may act as agent of the Agent by making direct payment of Shareholder Servicing Fees and/or Distribution Fees to Brokers on behalf of the Agent without incurring any liability. Further, the Company shall not be responsible for any transaction or other fees, including upfront placement fees or brokerage commissions, charged by Brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.*Indemnification*. The parties agree to indemnify one another as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Fund agrees to indemnify and hold harmless the Agent, each Broker participating in the offering of the Shares, and each person who controls the Agent or any such Broker within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act (each such person exercising such control over another person, a "<u>controlling person</u>"), against any and all losses, liabilities, claims, damages and expenses whatsoever (including, without limitation, attorneys' fees and any and all expenses incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which the Agent, any Broker or any of their respective controlling persons may become subject under the Securities Act, the Exchange Act, or any other law or statute in any jurisdiction, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Memorandum or other Offering Materials, the Fund's subscription documentation for Shares, as applicable, or any amendment or supplement thereto, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Fund shall not be liable in any such case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense arises out of, or is based upon, any such untrue statement, alleged untrue statement, omission or alleged omission made therein in reliance upon, and in conformity with, written information furnished to the Fund by the Agent or any Broker expressly for use therein, and further provided that this indemnity shall not protect the Agent, any Broker or any other person who may otherwise be entitled to indemnity under this Agreement from or against any liability to which such person would be subject by reason of its own willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties under this Agreement. This indemnity shall be in addition to any liability which the Fund may otherwise have incurred under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Agent agrees to indemnify and hold harmless the Fund, Carlyle Global Credit Investment Management L.L.C. ("<u>Carlyle</u>"), each Broker participating in

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the offering, and each officer, director and controlling person of the Fund, Carlyle or any such Broker, against any losses, liabilities, claims, damages and expenses whatsoever (including, without limitation, attorneys' fees and any and all expenses incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which the Fund, Carlyle, any Broker or any of their respective officers, directors or controlling persons may become subject under the Securities Act, the Exchange Act or any other law or statute in any jurisdiction, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of, or are based upon, a breach by the Agent of any of the covenants, agreements, representations or warranties contained in this Agreement; any untrue statement or alleged untrue statement of a material fact made by the Agent; or any omission or alleged omission to state a material fact necessary to make a statement made by the Agent not misleading, in connection with the Agent's placement of Shares; provided, however, that the Agent shall not be liable in any such case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense arises out of, or is based upon, a statement by the Agent in reliance on, or conformity with, the Fund's Governing Documents, subscription documentation for Shares, as applicable, any amendment or supplement thereto, or other Offering Materials. This indemnity will be in addition to any liability that the Agent may otherwise have incurred under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Broker participating in the offering agrees to indemnify and hold harmless the Fund, Carlyle, the Agent, and each of their respective officers, directors and controlling persons against any losses, liabilities, claims, damages and expenses whatsoever (including, without limitation, attorneys' fees and any and all expenses incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which the Fund, Carlyle, the Agent or any of their respective officers, directors or controlling persons may become subject under the Securities Act, the Exchange Act or any other law or statute in any jurisdiction, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of, or are based upon, (i) a breach by such Broker of any of the covenants, agreements, representations or warranties contained in this Agreement or any selling agreement entered into between the Agent and such Broker; (ii) any untrue statement or alleged untrue statement of a material fact made by such Broker or any omission or alleged omission to state a material fact necessary to make a statement made by such Broker not misleading, in connection with the offer or sale of Shares; or (iii) any failure by such Broker to comply with applicable federal or state securities laws or FINRA rules. This indemnity will be in addition to any liability that such Broker may otherwise have incurred under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Promptly after receipt by an indemnified party under Section 10(a), Section 10(b) or Section 10(c) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect of such action is to be made against the indemnifying party under such subsection, notify the party against whom indemnification is to be sought in writing of the commencement of the action, but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any other liability which it may have under this Section 10 (except to the extent that it has been prejudiced in any material respect by such failure) or from any liability which it may have otherwise. In case any such action is brought against any indemnified party and such indemnified party notifies an indemnifying party of the commencement of such action, the indemnifying party shall be entitled to participate in the action and, to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of the action with

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counsel satisfactory to such indemnified party, *provided, however*, that, if, in the reasonable judgment of such indemnified party, a conflict of interest exists where it is advisable for such indemnified party to be represented by separate counsel, the indemnified party shall have the right to employ separate counsel in any such action, in which event the fees and expenses of such separate counsel will be borne by the indemnifying party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume such defense and the approval by the indemnified party of counsel, the indemnifying party shall not be liable to such indemnified party under such Section 10(a) or Section 10(b) above for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense of such action other than reasonable costs of investigation unless (i) the indemnified party will have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that the indemnifying party or parties shall not be liable for the expenses of more than one such separate counsel representing the indemnified parties under Section 10(a) or Section 10(b) above who are parties to such action), (ii) the indemnifying party or parties will not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, or (iii) the indemnifying party or parties have authorized the employment of counsel for the indemnified party at the expense of the indemnifying party or parties; and, if clause (i) or (iii) is applicable, such liability shall be only in respect of the counsel referred to in such clause (i) or (iii). No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought under this Agreement by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims which are the subject matter of such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.*Representations and Indemnities to Survive Delivery*. The agreements, representations, warranties, indemnities, and other statements of the parties set forth in, or made pursuant to, this Agreement shall remain in full force and effect, regardless of any termination of this Agreement. The provisions of this Section 11 shall survive the termination or cancellation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.*Term of Agreement*. This Agreement shall become effective as of the date first written above and shall remain in force until the first anniversary of its effective date and shall thereafter continue in effect from year to year, but only so long as such continuance is specifically approved at least annually by a vote of the Board, including the vote of a majority of the Board who are not "interested persons," as defined by the 1940 Act and the rules thereunder, of the Board and who have no direct or indirect financial interest in the operation of the Fund's Plan or any agreements entered into in connection with the Plan (including this Agreement), cast in person at a meeting called for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any party to this Agreement shall have the right to terminate this Agreement on not less than sixty (60) days' written notice or immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision hereof. This Agreement also may be terminated at any time without the payment of any penalty, by vote of a majority of the directors who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Fund's Plan or any agreements entered into in connection with the Plan (including this Agreement) or by vote a majority of the outstanding voting securities of the Fund, on not less than sixty (60) days' written notice

------

to the Agent. This Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon termination of this Agreement, (a) the Fund shall pay to the Agent all earned but unpaid compensation and reimbursement for all incurred, accountable compensation to which the Agent is or becomes entitled under Section 9 pursuant to the requirements of that Section 9 at such times as such amounts become payable pursuant to the terms of such Section 9, offset by any losses suffered by the Fund or any officer or director of the Fund arising from the Agent's breach of this Agreement or an action that would otherwise give rise to an indemnification claim against the Agent under Section 10 herein, and (b) the Agent shall promptly deliver to the Fund all records and documents in its possession that relate to the offering and sale of Shares other than as required by law to be retained by the Agent. The Agent shall use its commercially reasonable efforts to cooperate with the Fund to accomplish an orderly transfer of management of the offering and sale of Shares to a party designated by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.*Delegation of Powers*. The Agent shall be entitled to delegate all or any of its duties, functions, and powers under this Agreement to another person or persons as sub-agent or sub-agents subject to the approval of the Fund. The Agent shall be solely responsible, however, for the acts and omissions of any such sub-agent and for the payment of any remuneration to such sub-agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.*Notices*. All communications under this Agreement shall be given in writing, sent by telecopier, registered mail, or electronic mail to the address set forth below or to such other address as such party will have specified in writing to the other party hereto, and shall be deemed to have been delivered effective at the earlier of its receipt or within two (2) days after dispatch.

*If to the Fund:*

c/o Carlyle Global Credit Investment Management L.L.C.<br>Attention: Joshua Lefkowitz<br>One Vanderbilt Avenue<br>Suite 3400<br>New York, NY 10017<br>Email: joshua.lefkowitz@carlyle.com

*If to the Agent:*

TCG Capital Markets L.L.C.<br>Attn: Sherry Qian<br>One Vanderbilt Avenue

Suite 3400

New York, NY 10017

Email: sherry.qian@carlyle.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.*Status of Parties*. In selling Shares of the Fund, the Agent shall be an independent contractor (rather than an employee, agent, or representative) of the Fund, and the Agent will not have the right, power, or authority to enter into any contract, or to create any obligation, on behalf of the Fund (or its directors or investment adviser) or otherwise to bind the Fund (or its directors or investment adviser) in any way. Nothing in this Agreement shall create any partnership, joint venture, agency, association, syndicate, unincorporated business, or other

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similar relationship between the parties or be construed to imply that the Agent is a partner, shareholder, manager, managing member, or member of the Fund (or its directors or investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.*Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement may be executed in two or more counterparts, each of which when so executed and delivered shall constitute one and the same instrument. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns, and no other person shall have any right or obligation under this Agreement, except as set forth in Section 10 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter of this Agreement, and neither this Agreement nor any of its terms may be changed, waived, discharged, or terminated except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge, or termination is sought. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If any provision of this Agreement is or should become inconsistent with any present or future law, rule, or regulation of any governmental or regulatory authority having jurisdiction over the subject matter of this Agreement, such provision shall be deemed rescinded or modified in accordance with any such law, rule, or regulation, and, in all other respects, this Agreement shall continue and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.*Governing Law; Venue; Service of Process*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement will be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflict-of-laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the parties hereto irrevocably submits to the non-exclusive jurisdiction of any state court sitting in the City of New York and of any federal court sitting in the Southern District of New York over any suit, action, or proceeding arising out of, or relating to, this Agreement. Each of the parties irrevocably waives (i) trial by jury, (ii) to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue in any such suit, action, or proceeding brought in any such court, and (iii) any claim that any such suit, action, or proceeding has been brought in an inconvenient forum. Each of the parties agrees that a final judgment in any such suit, action, or proceeding shall be conclusive and binding upon the parties and may be enforced by suit upon such judgment in any other court to whose jurisdiction a party is or may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each of the parties hereto hereby consents to the service of any and all process which may be served in any suit, action, or proceeding arising out of, or relating to, this Agreement by means of personal delivery or courier service, addressed to its address provided in accordance with Section 14 above and to the attention of any secretary, assistant secretary, or other officer, director, managing agent, or general agent of such party, and each of the parties hereto hereby waives, to the fullest extent permitted by law, any objection it may now or hereafter have under the laws of the State of New York, any other state of the United States, or any other jurisdiction to service of process in such manner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.*Bound Parties*. The parties to this Agreement agree that the obligations of the Fund under this Agreement shall not be individually binding upon any of the investors, officers, directors, employees, or agents of the Fund, whether past, present, or future, but shall be binding only upon the assets and property of the Fund.

***[Remainder of page intentionally left blank.]***

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In witness whereof, each of the parties has executed this Agreement as of the day and year first written above.

CARLYLE CREDIT SOLUTIONS, INC.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joshua Lefkowitz&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name:&nbsp;&nbsp;&nbsp;&nbsp;Joshua Lefkowitz<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Secretary and Chief Compliance Officer

TCG CAPITAL MARKETS L.L.C.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sherry Qian&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name:&nbsp;&nbsp;&nbsp;&nbsp;Sherry Qian<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Co-Chief Compliance Officer

*[Signature Page to Principal Underwriter Agreement]*

## Exhibit 10.12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 10.12**

**CARLYLE CREDIT SOLUTIONS, INC.**

**MULTIPLE CLASS PLAN**

December 11, 2025

This Multiple Class Plan (this "**Plan**") is adopted pursuant to Rule 18f-3(d) under the Investment Company Act of 1940, as amended (the "**1940 Act**"), by Carlyle Credit Solutions, Inc., a Maryland corporation (the "**Fund**").

<u>W I T N E S S E T H</u>:

**WHEREAS**, the Fund is a closed-end management investment company that has elected to be regulated as a business development company under the 1940 Act;

**WHEREAS**, the Fund intends to rely on exemptive relief from the Securities and Exchange Commission ("**SEC**") that permits it to issue multiple classes of shares, and one of the conditions of this relief is that the Fund must comply with the provisions of Rule 18f-3 under the 1940 Act as though such rule applied to closed-end investment companies;

**WHEREAS**, the shares of common stock of the Fund (the "**Shares**") are divided into one or more separate classes;

**WHEREAS**, the Fund desires to adopt this Plan in order that the Fund may issue multiple classes of Shares (each, a "**Class**"); and

**WHEREAS**, the Board of Directors of the Fund (the "**Board**", and each member, a "**Director**"), including a majority of the Directors who are not "interested persons" (as defined by the 1940 Act) of the Fund (the "**Independent Directors**"), in considering whether the Fund should adopt and implement this Plan, has evaluated such information and considered such pertinent factors as it deemed necessary to undertake an informed evaluation of this Plan and determination as to whether this Plan should be adopted and implemented, and has determined that the adoption and implementation of this Plan, including the expense allocation contemplated herein, are in the best interests of each Class individually, as well as the best interests of the Fund;

**NOW THEREFORE**, the Fund adopts this Plan pursuant to Rule 18f-3 under the 1940 Act, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The effective date of this Plan (the "**Effective Date**") shall be the date upon which the Board, including a majority of the Independent Directors, approves the Fund's amended charter that establishes more than one Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Fund may issue Shares in one or more Classes, as set forth in Exhibit A. Shares so issued will have the rights and preferences set forth in the Fund's Articles of Amendment and Restatement and bylaws, each as amended from time to time, any applicable resolutions adopted by the Board from time to time and the Fund's then current private

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placement memorandum (as may be amended or supplemented from time to time, the "**PPM**") relating to the Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Shares issued in Classes will be issued subject to, and in accordance with, the terms of Rule 18f-3 under the 1940 Act, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each Class will have a different arrangement for shareholder services or the distribution of Shares or both, and will pay all of the expenses of that arrangement, as set forth in Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)each Class may pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Fund's assets, if these expenses are actually incurred in a different amount by that Class, or if the Class receives services of a different kind or to a different degree than other Classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)each Class will have exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)each Class will have separate voting rights on any matter submitted to shareholders in which the interests of one Class differ from the interests of any other Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)except as otherwise permitted under Rule 18f-3 under the 1940 Act, each Class will have the same rights and obligations as each other Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Shares of one Class may be converted or exchanged, including at the shareholder's option, for Shares of another Class of the Fund (an "**intra-Fund exchange**"), if and to the extent an applicable intra-Fund conversion or exchange privilege is disclosed in the PPM and subject to the terms and conditions (including the imposition or waiver of any sales load, repurchase fee or early withdrawal charge) set forth in the PPM, provided in the case of a shareholder request, that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the Class into which such shareholder seeks to exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.In furtherance of paragraph 3(b) above, except for expenses attributable to the Class as described below ("**Class Expenses**"), all expenses incurred by the Fund are allocated among the Class S, Class D and Class I Shares based on the aggregate net asset value of the Fund attributable to each Class ("**Fund Expenses**"). Among other things, Class Expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)administrative and/or accounting or similar fees (each as described in the PPM) incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)legal, printing and postage expenses related to preparing and distributing to current shareholders of a specific Class materials such as shareholder reports, PPM and proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)blue sky fees incurred by a specific Class, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)SEC registration fees incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)expenses of administrative personnel and services required to support the shareholders of a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Directors' fees incurred as a result of issues relating to a specific Class;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)auditors' fees, litigation expenses, and other legal fees and expenses relating to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)incremental transfer agent fees and shareholder servicing expenses identified as being attributable to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)account expenses relating solely to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)expenses incurred in connection with any shareholder meetings as a result of issues relating to a specific Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)any such other expenses (not including advisory or custodial fees or other expenses related to the management of the Fund's assets) actually incurred in a different amount by a Class or related to a Class's receipt of services of a different kind or to a different degree than another Class.

Expenses of the Fund allocated to a particular Class of the Fund are borne on a *pro rata* basis by each outstanding Share of that Class. Income, realized and unrealized capital gains and losses, and expenses that are not allocated to a specific Class pursuant to this Plan, are allocated to each Class of the Fund on the basis of the aggregate net asset value of that Class in relation to the aggregate net asset value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.A 2.00% early repurchase deduction may be charged by the Fund with respect to any repurchase of Shares that have not been outstanding for at least one year. The holding period ends on the one-year anniversary of the subscription closing date. The early repurchase deduction will not apply to Shares acquired through the Fund's distribution reinvestment plan, and the early repurchase deduction may be waived for certain categories of shareholders as disclosed from time to time in connection with a repurchase request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Nothing in this Plan will be deemed to require the Fund to take any action contrary to its Articles of Amendment and Restatement or bylaws, each as amended from time to time, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of the responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.This Plan will continue in effect indefinitely unless terminated by a vote of the Board. This Plan may be terminated at any time with respect to the Fund or a Class thereof by a majority of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.This Plan may be amended at any time by the Board, provided that any material amendment of this Plan will be effective only upon approval by a vote of the Board, and a majority of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.This Plan will be construed in accordance with the internal laws of the State of Maryland and the applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.If any provision of this Plan is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Plan will not be affected thereby.

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**EXHIBIT A**

**Classes as of December 11, 2025**

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| | | |
|:---|:---|:---|
| **<u>Class</u>** | **<u>Sales Load (Charged by Fund)\*</u>** | **<u>Shareholder Servicing and/or Distribution Fee</u>**<br>*(calculated per annum as a percent of the aggregate NAV as of the beginning of the first calendar day of each applicable month)* |
| Class I | N/A | N/A |
| Class S | N/A | 0.85% |
| Class D | N/A | 0.25% |

---

\*If Class S or Class D Shares are sold through certain intermediaries, such intermediaries may directly charge transfer or other fees, including upfront placement fees or brokerage commissions, instead of the amounts disclosed by the Fund's then-current PPM.

## Exhibit 19.1

*&nbsp;&nbsp;&nbsp;&nbsp;*

**Exhibit 19.1**

**Executive Summary**

**The Carlyle Group Policies and Procedures Regarding**

**Material, Non-Public Information and the Prevention of Insider Trading**

Carlyle has implemented policies and procedures (the "**Insider Trading Policy**") intended to prevent the misuse of material, non-public information.

The key points in the Insider Trading Policy are as follows:

• **Insider Trading Generally**. "Insider trading" occurs when any person purchases or sells a security (*e.g.,* stock, bonds, etc.) while aware of material, non-public information relating to the security or issuer of such security. Generally, material, non-public information is information that a reasonable investor would consider important in making a decision to buy, sell or hold a security that is not available to the general public. Information regarding Carlyle fund or account investment holdings or recommendations often is material, non-public information.

• **Prohibition on the Abuse of Material, Non-Public Information.** Carlyle strictly prohibits personnel (and their spouse, minor children and other immediate family household members) from transacting in publicly traded securities while aware of material, non-public information about that security, or from tipping (directly or indirectly) material, non-public information. Insider trading can result in significant legal penalties and also sanctions by Carlyle, including termination of employment. **<u>When in doubt, do not trade</u>**.

• **Procedures Preventing Insider Trading**.

o<u>Restricted Trading Lists</u>. Carlyle maintains various lists of restricted issuers or securities that are applicable to Carlyle personnel and funds or accounts. Carlyle personnel must immediately contact the Global Chief Compliance Officer or another member of the Legal and Compliance team if they become aware of material, non-public information about a company with publicly traded debt or equity (including in connection with signing an NDA or an initial public offering by a portfolio company). It may be necessary for Carlyle to add the company to one of the restricted lists. Relatedly, Carlyle personnel generally cannot (without pre-approval) effect a trade for a Carlyle fund or account with respect to securities identified on an applicable restricted trading list.

o<u>Personal Trading</u>. Carlyle personnel are required to pre-clear any personal trade in public securities of a particular company (including debt and equity) via Carlyle's Compliance System. Carlyle personnel (and their spouses, minor children of other immediate family household members) are generally prohibited from:

trading securities (<u>including those of a Carlyle portfolio company</u>) identified on the Carlyle Personnel Restricted Trading List;

purchasing and selling or selling and purchasing the same or equivalent securities within any 60 calendar day period; and

trading the securities of The Carlyle Group Inc., Carlyle Secured Lending, Inc. (f/k/a TCG BDC, Inc.), Carlyle Tactical Private Credit Fund, Carlyle AlpInvest Private Markets Fund, Carlyle AlpInvest Private Markets Secondaries Fund or Carlyle Credit Income Fund in a manner not consistent with long-term investment (*e.g.,* day trading, arbitrage trading, short sales, etc.).

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*&nbsp;&nbsp;&nbsp;&nbsp;*

**Exhibit 19.1**

o<u>Carlyle Securities Trading</u>. Carlyle personnel may only trade securities of The Carlyle Group Inc., Carlyle Secured Lending, Inc., or Carlyle Credit Income Fund with pre-approval and during an open trading window, as applicable.

Trading windows for The Carlyle Group Inc. will be announced by the General Counsel or designee and are anticipated to open on the second trading day after Carlyle makes a public news release of its quarterly earnings for the prior fiscal quarter and close no later than the fourth trading day prior to the end of the current fiscal quarter.

Trading windows for Carlyle Secured Lending, Inc. are anticipated to open on the third trading day after Carlyle Secured Lending, Inc. makes a public news release of its quarterly earnings for the prior fiscal quarter and close no later than the tenth trading day prior to the end of the current fiscal quarter.

Carlyle Credit Income Fund anticipates that a trading window will begin two business days after the publication of the fund's net asset value (typically mid-month) prior to each quarter end and close prior to or at the end of such quarter.

o<u>Carlyle and Portfolio Company Information</u>. Carlyle personnel should limit to employees with a legitimate business need access to material, non-public information about Carlyle, its funds or accounts, or any portfolio company or target portfolio company. Carlyle personnel should direct to Corporate Communications or the head of public investor relations for The Carlyle Group Inc. any third-party inquiries regarding Carlyle or its portfolio companies.

o<u>Reporting Obligations</u>. In general, Carlyle personnel must register on Carlyle's compliance system all brokerage accounts for them (and their spouse, minor children or other immediate family household members) and for which they make investment decisions. For accounts not subject to an electronic data feed, Carlyle personnel must provide various holdings and transaction reports and certifications, including:

a complete report of holdings within 10 days of joining Carlyle;

an annual certification of holdings; and

reports of personal securities transactions (*e.g.,* monthly or quarterly account statements or immediate trade confirmations).

Instruments not covered by these reporting obligations include: (i) U.S. government obligations (*e.g.,* Treasury bills), (ii) money market instruments (*e.g.*, bank certificates of deposit), (iii) money market funds, (iv) open-ended mutual funds registered in the U.S. (other than a Carlyle-advised mutual fund, which must still be reported), including market index funds; and (v) variable annuity and variable life insurance contracts.

o<u>Government-Sourced Information</u>. Carlyle personnel should notify Legal and Compliance or the Global Chief Compliance Officer if they believe that they have received material, non-public information from government employees, experts who consult for the government or other individuals who regularly interact with government employees (*e.g.*, lobbyists and research analysts).

o<u>Engaging Expert Networks</u>. Carlyle personnel must seek pre-approval from Legal and Compliance before engaging an expert network firm or speaking with a particular expert from such a firm. Prior to any consultation with an expert, Carlyle personnel must make it clear that they do not want to receive confidential or material, non-public information. Carlyle personnel

------

*&nbsp;&nbsp;&nbsp;&nbsp;*

**Exhibit 19.1**

must promptly contact Legal and Compliance if they think they may have obtained such information in the context of using an expert.

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES**

At the time of this filing, the following entities are the subsidiaries of Carlyle Credit Solutions, Inc.:

---

| | |
|:---|:---|
| **Company Name** | **Jurisdiction of Organization** |
| Carlyle Credit Solution SPV LLC | Delaware |
| Carlyle Credit Solutions SPV 2 LLC | Delaware |
| Carlyle Direct Lending CLO 2024-1, LLC | Delaware |
| CARS Lux Finance SPV S.à.r.l | Luxembourg |
| CARS Lux Master S.à.r.l | Luxembourg |

---

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

**CERTIFICATION**

I, Alex Chi, certify that:

1. I have reviewed this annual report on Form 10-K of Carlyle Credit Solutions, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 17, 2026

---

| |
|:---|
| /s/ Alex Chi |
| **Alex Chi** |
| **Director and Chief Executive Officer <br>(Principal Executive Officer)** |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

**CERTIFICATION**

I, Thomas M. Hennigan, certify that:

1. I have reviewed this annual report on Form 10-K of Carlyle Credit Solutions, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 17, 2026

---

| |
|:---|
| /s/ Thomas M. Hennigan |
| **Thomas M. Hennigan<br>Director, President and Chief Financial Officer<br>(Principal Financial Officer)** |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, SECTION 906

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Alex Chi, the Chief Executive Officer (Principal Executive Officer) of Carlyle Credit Solutions, Inc. (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Form 10-K of the Company for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-K"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: March 17, 2026 |
| /s/ Alex Chi |
| **Alex Chi<br>Director and Chief Executive Officer <br>(Principal Executive Officer)** |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, SECTION 906

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Thomas M. Hennigan, the Chief Financial Officer (Principal Financial Officer) of Carlyle Credit Solutions, Inc. (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Form 10-K of the Company for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-K"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: March 17, 2026 |
| /s/ Thomas M. Hennigan |
| **Thomas M. Hennigan<br>Director, President and Chief Financial Officer<br>(Principal Financial Officer)** |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

<br>