# EDGAR Filing Document

**Accession Number:** 0001702510
**File Stem:** 0001702510-26-000049
**Filing Date:** 2026-5
**Character Count:** 540233
**Document Hash:** 2f50523b23cdb843d9bccc10773ee93e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001702510-26-000049.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001702510-26-000049

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01248
- **FILM NUMBER:** 26978613

**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-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

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

**For the quarterly period ended March 31, 2026**

**OR**

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

**For the transition period <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 incorporation or organization)** | **(I.R.S. Employer Identification Number)** |
| **One Vanderbilt Avenue, Suite 3400, New York, NY 10017** | **(212) 813-4900** |
| **(Address of principal executive office) (Zip Code)** | **(Registrant's telephone number, including area code)** |

---

**Not Applicable**

**(Former name, former address and former fiscal year, if changed since last report)**

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

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| N/A | N/A | N/A |

---

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 for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⌧

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

The number of shares of the registrant's common stock, $0.01 par value per share, outstanding at May 14, 2026 was 95,016,396. Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

------

**<u>[**Table of Contents**](#iffad41f9e99c420ea8d0314947d8c0b5_10)</u>**

**CARLYLE CREDIT SOLUTIONS, INC.**

**INDEX**

---

| | | |
|:---|:---|:---|
| **PART I.** | **<u>[FINANCIAL INFORMATION](#iffad41f9e99c420ea8d0314947d8c0b5_109)</u>** | |
| Item 1. | <u>[Financial Statements](#iffad41f9e99c420ea8d0314947d8c0b5_2083)</u> |  |
|  | <u>[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025](#iffad41f9e99c420ea8d0314947d8c0b5_115)</u> | <u>[2](#iffad41f9e99c420ea8d0314947d8c0b5_115)</u> |
|  | <u>[Consolidated Statements of Operations for the three](#iffad41f9e99c420ea8d0314947d8c0b5_118)[months ended](#iffad41f9e99c420ea8d0314947d8c0b5_118)[March](#iffad41f9e99c420ea8d0314947d8c0b5_118)[3](#iffad41f9e99c420ea8d0314947d8c0b5_118)[1](#iffad41f9e99c420ea8d0314947d8c0b5_118)[, 202](#iffad41f9e99c420ea8d0314947d8c0b5_118)[6](#iffad41f9e99c420ea8d0314947d8c0b5_118)[and 202](#iffad41f9e99c420ea8d0314947d8c0b5_118)[5](#iffad41f9e99c420ea8d0314947d8c0b5_118)[(unaudited)](#iffad41f9e99c420ea8d0314947d8c0b5_118)</u> | <u>[3](#iffad41f9e99c420ea8d0314947d8c0b5_118)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#iffad41f9e99c420ea8d0314947d8c0b5_121)[three](#iffad41f9e99c420ea8d0314947d8c0b5_121)[months ended](#iffad41f9e99c420ea8d0314947d8c0b5_121)[M](#iffad41f9e99c420ea8d0314947d8c0b5_121)[arch](#iffad41f9e99c420ea8d0314947d8c0b5_121)[3](#iffad41f9e99c420ea8d0314947d8c0b5_121)[1](#iffad41f9e99c420ea8d0314947d8c0b5_121)[, 202](#iffad41f9e99c420ea8d0314947d8c0b5_121)[6](#iffad41f9e99c420ea8d0314947d8c0b5_121)[and 202](#iffad41f9e99c420ea8d0314947d8c0b5_121)[5](#iffad41f9e99c420ea8d0314947d8c0b5_121)[(unaudited)](#iffad41f9e99c420ea8d0314947d8c0b5_121)</u> | <u>[4](#iffad41f9e99c420ea8d0314947d8c0b5_121)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the](#iffad41f9e99c420ea8d0314947d8c0b5_124)[three](#iffad41f9e99c420ea8d0314947d8c0b5_124)[months ended](#iffad41f9e99c420ea8d0314947d8c0b5_124)[March](#iffad41f9e99c420ea8d0314947d8c0b5_124)[3](#iffad41f9e99c420ea8d0314947d8c0b5_124)[1](#iffad41f9e99c420ea8d0314947d8c0b5_124)[, 202](#iffad41f9e99c420ea8d0314947d8c0b5_124)[6](#iffad41f9e99c420ea8d0314947d8c0b5_124)[and 202](#iffad41f9e99c420ea8d0314947d8c0b5_124)[5](#iffad41f9e99c420ea8d0314947d8c0b5_124)[(unaudited)](#iffad41f9e99c420ea8d0314947d8c0b5_124)</u> | <u>[5](#iffad41f9e99c420ea8d0314947d8c0b5_124)</u> |
|  | <u>[Consolidated Schedules of Investments as of](#iffad41f9e99c420ea8d0314947d8c0b5_127)[Ma](#iffad41f9e99c420ea8d0314947d8c0b5_127)[rch](#iffad41f9e99c420ea8d0314947d8c0b5_127)[3](#iffad41f9e99c420ea8d0314947d8c0b5_127)[1](#iffad41f9e99c420ea8d0314947d8c0b5_127)[, 202](#iffad41f9e99c420ea8d0314947d8c0b5_127)[6](#iffad41f9e99c420ea8d0314947d8c0b5_127)[(unaudited) and December 31](#iffad41f9e99c420ea8d0314947d8c0b5_127)[,](#iffad41f9e99c420ea8d0314947d8c0b5_127)[2025](#iffad41f9e99c420ea8d0314947d8c0b5_127)</u> | <u>[6](#iffad41f9e99c420ea8d0314947d8c0b5_127)</u> |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#iffad41f9e99c420ea8d0314947d8c0b5_133)</u> | <u>[50](#iffad41f9e99c420ea8d0314947d8c0b5_133)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#iffad41f9e99c420ea8d0314947d8c0b5_76)</u> | <u>[80](#iffad41f9e99c420ea8d0314947d8c0b5_76)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#iffad41f9e99c420ea8d0314947d8c0b5_103)</u> | <u>[97](#iffad41f9e99c420ea8d0314947d8c0b5_103)</u> |
| Item 4. | <u>[Controls and Procedures](#iffad41f9e99c420ea8d0314947d8c0b5_187)</u> | <u>[99](#iffad41f9e99c420ea8d0314947d8c0b5_187)</u> |
| **PART II.** | **<u>[OTHER INFORMATION](#iffad41f9e99c420ea8d0314947d8c0b5_67)</u>** |  |
| Item 1. | <u>[Legal Proceedings](#iffad41f9e99c420ea8d0314947d8c0b5_61)</u> | <u>[100](#iffad41f9e99c420ea8d0314947d8c0b5_61)</u> |
| Item 1A. | <u>[Risk Factors](#iffad41f9e99c420ea8d0314947d8c0b5_37)</u> | <u>[100](#iffad41f9e99c420ea8d0314947d8c0b5_37)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#iffad41f9e99c420ea8d0314947d8c0b5_196)</u> | <u>[100](#iffad41f9e99c420ea8d0314947d8c0b5_196)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#iffad41f9e99c420ea8d0314947d8c0b5_199)</u> | <u>[100](#iffad41f9e99c420ea8d0314947d8c0b5_199)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#iffad41f9e99c420ea8d0314947d8c0b5_64)</u> | <u>[100](#iffad41f9e99c420ea8d0314947d8c0b5_64)</u> |
| Item 5. | <u>[Other Information](#iffad41f9e99c420ea8d0314947d8c0b5_190)</u> | <u>[100](#iffad41f9e99c420ea8d0314947d8c0b5_190)</u> |
| Item 6. | <u>[Exhibits](#iffad41f9e99c420ea8d0314947d8c0b5_202)</u> | <u>[101](#iffad41f9e99c420ea8d0314947d8c0b5_202)</u> |
|  | <u>[Signatures](#iffad41f9e99c420ea8d0314947d8c0b5_235)</u> | <u>[102](#iffad41f9e99c420ea8d0314947d8c0b5_235)</u> |

---

------

**<u>[**Table of Contents**](#iffad41f9e99c420ea8d0314947d8c0b5_10)</u>**

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

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

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | **(unaudited)** | |
| &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 $2,621,781 and $2,647,127, respectively) | $2571852 | $2622656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments—non-controlled/affiliated, at fair value (amortized cost of $32,648 and $28,982, respectively) | 32227 | 28630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (amortized cost of $2,654,429 and $2,676,109, respectively) | 2604079 | 2651286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | 187183 | 122352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | 23007 | 24834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for issuance of common stock | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets, at fair value (Note 6) | 2242 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 13631 | 14258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $2830160 | $2813092 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt and secured borrowings (Note 7) | $984418 | $1005834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 10444 | 4957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility fees payable (Note 7) | 9757 | 6164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payable (Note 9)  | 16620 | 15982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fees payable (Note 4) | 9910 | 10013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees payable (Note 4) | 1733 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 2725 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1035607 | 1047468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 1794553 | 1765624 |
| &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; 97,563,051 and 93,812,679 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 976 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par value | 1941438 | 1871027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (147861) | (106341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $1794553 | $1765624 |
| **NET ASSETS PER SHARE** |  |  |
| **Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | 1794553 | 1765624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding ($0.01 par value, 200,000,000 shares authorized) | 97563051 | 93812679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $18.39 | $18.82 |
| **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 unaudited consolidated financial statements.

------

**<u>[**Table of Contents**](#iffad41f9e99c420ea8d0314947d8c0b5_10)</u>**

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Investment income:** |  |  |
| From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $56374 | $49566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 5228 | 5451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 2456 | 951 |
| Total investment income from non-controlled/non-affiliated investments | 64058 | 55968 |
| From non-controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 34 |  |
| Total investment income from non-controlled/affiliated investments | 649 |  |
| **Total investment income** | 64707 | 55968 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees (Note 4) | 4328 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income incentive fees (Note 4) | 5582 | 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 708 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees (Note 4) | 513 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees (Note 7) | 13340 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 107 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 1036 | 792 |
| **Total expenses** | 25614 | 20698 |
| **Net investment income (loss) before taxes** | 39093 | 35270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense |  | 498 |
| **Net investment income (loss)** | 39093 | 34772 |
| **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 | (12096) | (17933) |
| Net realized currency gain (loss) on non-investment assets and liabilities | (150) | 1477 |
| Net realized gain (loss) on forward currency contracts | 1125 | 3642 |
| Net change in unrealized appreciation (depreciation) on investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (25458) | 9021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (69) |  |
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | 1660 | (2275) |
| Net change in unrealized gain (loss) on forward currency contracts | 1898 | (6641) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | (33090) | (12709) |
| **Net increase (decrease) in net assets resulting from operations** | $6003 | $22063 |
| Basic and diluted earnings per share (Note 9) | $0.06 | $0.29 |
| Weighted average shares of common stock outstanding—basic and diluted (Note 9) | 98052063 | 77394571 |

---

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

------

**<u>[**Table of Contents**](#iffad41f9e99c420ea8d0314947d8c0b5_10)</u>**

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(amounts in thousands) (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $39093 | $34772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, non-investment assets and liabilities, and forward currency contracts | (11121) | (12814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | (21969) | 105 |
| Net increase (decrease) in net assets resulting from operations | $6003 | $22063 |
| **Distributions to stockholders (Note 9):** |  |  |
| Class I | $(47523) | $(37844) |
| Net decrease in net assets resulting from distributions to stockholders | $(47523) | $(37844) |
| **Share transactions:** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued | $144175 | $27706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend reinvestment | 4948 | 4056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (78674) | (16062) |
| Net increase (decrease) in net assets resulting from share transactions | $70449 | $15700 |
| Net increase (decrease) in net assets | 28929 | (81) |
| Net assets at beginning of period | 1765624 | 1492462 |
| **Net assets at end of period** | $1794553 | $1492381 |

---

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

------

**<u>[**Table of Contents**](#iffad41f9e99c420ea8d0314947d8c0b5_10)</u>**

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(amounts in thousands) (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $6003 | $22063 |
| &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 and debt issuance costs | 521 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (2751) | (3016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | (5719) | (5855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 12096 | 17933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized currency (gain) loss on non-investment assets and liabilities | 150 | (1477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 25527 | (9021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized currency (gain) loss on non-investment assets and liabilities | (1660) | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on forward currency contracts | (1898) | 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments purchased and change in payable for investments purchased | (224552) | (233388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments and change in receivable for investments sold | 247562 | 170659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Changes in operating assets:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | 1827 | (3727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 146 | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Changes in operating liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility fees payable | 3593 | 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fees payable | (103) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees payable | 394 | (449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | (454) | (593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 60682 | (31163) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 144175 | 15252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (78674) | (16062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on Credit Facilities | 319585 | 227419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of Credit Facilities | (339000) | (125649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid in cash | (41937) | (33651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 4149 | 67309 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 64831 | 36146 |
| Cash, cash equivalents and restricted cash, beginning of period | 122352 | 108453 |
| Cash, cash equivalents and restricted cash, end of period | $187183 | $144599 |
| **Supplemental disclosures:** |  |  |
| Interest and credit facility fees paid during the period | $10149 | $3919 |
| Taxes, including excise tax, paid during the period | $1051 | $1620 |
| Dividends declared during the period | $47523 | $37844 |
| Dividends reinvested during the period | $4948 | $4056 |

---

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

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026** 

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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% | 8.20% | 3/31/2025 | 3/31/2031 | $21667 | $21470 | $21494 | 1.20% |
| AAH Topco., LLC | (a) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.67% | 3/31/2025 | 12/31/2027 | 3639 | 3573 | 3600 | 0.20 |
| AArete Investment, LLC | (a)(c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.25% | 7.95% | 6/5/2025 | 6/5/2031 | 6592 | 6463 | 6528 | 0.36 |
| Accelya Lux FinCo S.Á.R.L. (Luxembourg) | (c) | (2)(7) | Transportation: Consumer | SOFR | 5.25% | 8.95% | 10/3/2025 | 10/3/2032 | 14963 | 14677 | 13672 | 0.76 |
| Addev Group (France) | (d) | (2)(7)(15) | Aerospace & Defense | EURIBOR | 5.75% | 7.88% | 10/28/2025 | 10/28/2032 | 37 | 39 | 13 | 0.00 |
| Addev Group (France) | (d) | (2)(7) | Aerospace & Defense | SOFR | 5.75% | 9.43% | 10/28/2025 | 10/28/2032 | 258 | 253 | 253 | 0.01 |
| ADPD Holdings, LLC | (a)(b)(c) | (2)(3)(11) | Consumer Services | SOFR | 1.00%, 5.00% PIK | 9.78% | 8/16/2022 | 8/16/2028 | 24822 | 24473 | 21479 | 1.20 |
| Advanced Web Technologies Holding Company | (a)(b)(f) | (2)(3)(15) | Containers, Packaging & Glass | SOFR | 4.25%, 2.25% PIK | 10.25% | 12/17/2020 | 12/17/2027 | 18852 | 18748 | 18638 | 1.04 |
| AGS Health BCP LLC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.17% | 7/31/2025 | 7/31/2032 | 6864 | 6841 | 6825 | 0.38 |
| AI Grace AUS Bidco Pty LTD (Australia) | (f) | (2)(3)(7) | Consumer Goods: Non-Durable | SOFR | 5.25% | 8.92% | 12/5/2023 | 12/5/2029 | 2286 | 2239 | 2234 | 0.12 |
| Allied Benefit Systems Intermediate LLC | (b)(c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.70% | 10/31/2023 | 10/31/2030 | 19413 | 19293 | 19292 | 1.08 |
| Alpine Acquisition Corp II | (a) | (2)(3)(15) | Transportation: Cargo | SOFR | 4.75% | 8.43% | 1/14/2026 | 1/31/2031 |  |  |  |  |
| Alpine Acquisition Corp II | (a) | (2)(3) | Transportation: Cargo | SOFR | 5.00% | 8.67% | 1/14/2026 | 1/31/2031 | 2033 | 2033 | 2033 | 0.11 |
| Alpine Acquisition Corp II | (a) | (2)(3) | Transportation: Cargo | SOFR | 5.25% | 8.92% | 1/14/2026 | 1/31/2031 | 2609 | 2609 | 2609 | 0.15 |
| AmpersCap LLC | (a) | (2)(3)(7)(15) | Diversified Financial Services | SOFR | 5.25% | 8.95% | 12/17/2024 | 12/17/2032 | 6479 | 6311 | 6324 | 0.35 |
| AP Plastics Acquisition Holdings, LLC | (a)(b) | (2)(3)(15) | Chemicals, Plastics & Rubber | SOFR | 4.75% | 8.42% | 3/28/2025 | 8/10/2030 | 23757 | 23728 | 23733 | 1.32 |
| Apex Companies Holdings, LLC | (a)(c) | (2)(3)(15) | Environmental Industries | SOFR | 5.00% | 8.67% | 1/31/2023 | 1/31/2028 | 21424 | 21070 | 21191 | 1.18 |
| Artifact Bidco, Inc. | (b) | (2)(3)(15) | Software | SOFR | 4.15% | 7.85% | 7/26/2024 | 7/26/2031 | 704 | 697 | 704 | 0.04 |
| Ascend Buyer, LLC | (b)(c)(f) | (2)(3)(15) | Containers, Packaging & Glass | SOFR | 5.25% | 8.95% | 9/30/2021 | 9/30/2028 | 13699 | 13567 | 13642 | 0.76 |
| Associations, Inc. | (a)(b)(f) | (2)(3)(11)(15) | Construction & Building | SOFR | 6.50% | 10.16% | 5/3/2024 | 7/2/2028 | 16867 | 16814 | 16867 | 0.94 |
| Athlete Buyer, LLC | (a)(f) | (2)(3)(11)(15) | Construction & Building | SOFR | 6.00% | 9.70% | 3/29/2024 | 4/26/2029 | 4647 | 4577 | 3912 | 0.22 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Atlas US Finco, Inc. | (a)(c)(f) | (2)(3)(7)(15) | High Tech Industries | SOFR | 4.75% | 8.42% | 12/15/2022 | 12/12/2029 | $11645 | $11563 | $11683 | 0.65% |
| Auditboard, Inc. | (a)(b) | (2)(3)(15) | Software | SOFR | 4.50% | 8.20% | 7/12/2024 | 7/12/2031 | 8857 | 8778 | 8710 | 0.49 |
| Auditboard, Inc. | (b) | (2)(3) | Software | SOFR | 4.50% | 8.20% | 12/10/2025 | 7/12/2031 | 2571 | 2553 | 2534 | 0.14 |
| Azurite Intermediate Holdings, Inc. | (b)(f) | (2)(3)(15) | Software | SOFR | 6.00% | 9.67% | 3/19/2024 | 3/19/2031 | 9127 | 8928 | 9175 | 0.51 |
| Bamboo Health Holdings, LLC | (a)(b)(c)(f) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.42% | 5/6/2021 | 5/6/2028 | 28361 | 28212 | 28340 | 1.58 |
| Barnes & Noble, Inc. | (b)(c)(f) | (2)(3)(10)(11) | Retail | SOFR | 7.16% | 10.83% | 5/7/2025 | 5/7/2030 | 16006 | 15692 | 15520 | 0.86 |
| BCTO Bobsled Purchaser, Inc. | (b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.45% | 1/16/2026 | 1/16/2033 | 23162 | 22919 | 22946 | 1.28 |
| Bianalisi S.p.A. (Italy) | (d)(e) | (2)(7) | Healthcare & Pharmaceuticals | EURIBOR | 6.00% | 8.12% | 2/26/2025 | 2/26/2032 | 17373 | 18447 | 19679 | 1.10 |
| Big Bus Tours Group Limited (United Kingdom) | (d) | (2)(7) | Leisure Products & Services | EURIBOR | 4.10%, 5.50% PIK | 11.63% | 6/4/2024 | 6/4/2031 | 3432 | 3656 | 3738 | 0.21 |
| Big Bus Tours Group Limited (United Kingdom) | (e) | (2)(7) | Leisure Products & Services | EURIBOR | 4.10%, 5.50% PIK | 11.63% | 7/17/2025 | 6/4/2031 | 235 | 272 | 256 | 0.01 |
| Big Bus Tours Group Limited (United Kingdom) | (e) | (2)(7)(15) | Leisure Products & Services | SOFR | 4.10%, 5.50% PIK | 13.27% | 6/4/2024 | 6/4/2031 | 306 | 293 | 265 | 0.01 |
| Big Bus Tours Group Limited (United Kingdom) | (d) | (2)(7) | Leisure Products & Services | SOFR | 4.10%, 5.50% PIK | 13.27% | 6/4/2024 | 6/4/2031 | 5549 | 5426 | 5202 | 0.29 |
| Bingo Group Buyer, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Environmental Industries | SOFR | 4.75% | 8.45% | 7/10/2024 | 7/10/2031 | 5844 | 5756 | 5769 | 0.32 |
| Birsa S.p.A. (Italy) | (a) | (2)(7) | Healthcare & Pharmaceuticals | EURIBOR | 5.50% | 7.60% | 7/2/2024 | 6/30/2031 | 4124 | 4661 | 4672 | 0.26 |
| Bitnova Midco S.p.A. (Italy) | (d) | (2)(7) | High Tech Industries | EURIBOR | 5.50% | 7.63% | 2/19/2026 | 2/19/2033 | 6521 | 7523 | 7387 | 0.41 |
| Bitnova Midco S.p.A. (Italy) | (e) | (2)(7)(15) | High Tech Industries | EURIBOR | 5.50% | 7.58% | 2/19/2026 | 2/19/2033 |  | (40) | (41) | 0.00 |
| BlueCat Networks, Inc. (Canada) | (a)(b)(f) | (2)(3)(7) | High Tech Industries | SOFR | 5.50% | 9.17% | 8/8/2022 | 8/8/2028 | 26346 | 26105 | 25976 | 1.45 |
| BMS Holdings III Corp. | (b)(c) | (2)(3)(11) | Construction & Building | SOFR | 5.50% | 9.20% | 9/30/2019 | 9/30/2026 | 28082 | 28019 | 26197 | 1.46 |
| Businessolver.com, Inc. | (b)(c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.20% | 12/3/2025 | 12/3/2032 | 18867 | 18757 | 18506 | 1.03 |
| Calabrio, Inc. | (c) | (2) | Telecommunications | SOFR | 4.00% | 7.67% | 11/26/2025 | 11/26/2032 | 10000 | 9518 | 7775 | 0.43 |
| Celerion Buyer, Inc. | (c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.69% | 11/3/2022 | 11/3/2029 | 7338 | 7285 | 7311 | 0.41 |
| CircusTrix Holdings, LLC | (a)(f) | (2)(3)(15) | Leisure Products & Services | SOFR | 6.75% | 10.42% | 7/18/2023 | 7/14/2028 | 9558 | 9431 | 9414 | 0.52 |
| Cliffwater LLC | (b)(c) | (2)(3)(7)(15) | Diversified Financial Services | SOFR | 4.75% | 8.43% | 4/22/2025 | 4/22/2032 | 36170 | 35814 | 35860 | 2.00 |
| CoreWeave Compute Acquisition Co. II, LLC | (a) | (2)(3) | High Tech Industries | SOFR | 9.62% | 13.31% | 7/30/2023 | 7/30/2028 | 1267 | 1255 | 1280 | 0.07 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| CoreWeave Compute Acquisition Co. IV, LLC | (a) | (2) | High Tech Industries | SOFR | 6.00% | 9.67% | 5/22/2024 | 5/22/2029 | $17468 | $17280 | $17294 | 0.96% |
| Cority Software Inc. (Canada) | (b)(f) | (2)(3)(7)(15) | Software | SOFR | 4.50% | 8.17% | 10/31/2025 | 10/31/2032 | 44792 | 44553 | 44197 | 2.46 |
| Cornerstone Building Brands, Inc. | (b) | (2)(3) | Construction & Building | SOFR | 5.63% | 9.30% | 1/29/2025 | 8/1/2028 | 7510 | 7412 | 4018 | 0.22 |
| Cornerstone Building Brands, Inc. | (b) | (2)(3) | Construction & Building | SOFR | 4.50% | 8.17% | 2/18/2025 | 5/15/2031 | 2357 | 2291 | 1120 | 0.06 |
| Coupa Holdings, LLC | (c)(f) | (2)(3)(15) | Software | SOFR | 5.25% | 8.92% | 2/27/2023 | 2/28/2030 | 2122 | 2082 | 2122 | 0.12 |
| CST Holding Company | (c)(f) | (2)(3)(11)(15) | Consumer Goods: Non-Durable | SOFR | 5.00% | 8.67% | 11/1/2022 | 11/1/2028 | 2481 | 2442 | 2483 | 0.14 |
| Dance Midco S.a.r.l. (United Kingdom) | (c) | (2)(7)(15) | Media: Diversified & Production | EURIBOR | 5.00% | 7.03% | 10/25/2024 | 10/25/2031 | 12339 | 13075 | 14064 | 0.78 |
| DCA Investment Holding LLC | (a)(b) | (2)(3)(8) | Healthcare & Pharmaceuticals | SOFR | 6.41% | 10.09% | 3/11/2021 | 4/3/2028 | 11816 | 11745 | 10321 | 0.58 |
| Deerfield Dakota Holding, LLC | (c) | (2)(3) | Diversified Financial Services | SOFR | 3.00%, 2.75% PIK | 9.45% | 9/12/2025 | 9/12/2032 | 46156 | 45730 | 45270 | 2.53 |
| Deerfield Dakota Holding, LLC | (c) | (2)(3)(15) | Diversified Financial Services | SOFR | 5.25% | 8.95% | 9/12/2025 | 9/12/2032 | 855 | 815 | 773 | 0.04 |
| Denali Intermediate Holdings, Inc. | (c) | (2)(3)(15) | Media: Broadcasting & Subscription | SOFR | 5.50% | 9.18% | 8/26/2025 | 8/26/2032 | 14336 | 14189 | 14204 | 0.79 |
| Denali Midco 2, LLC | (c)(f) | (2)(3) | Consumer Services | SOFR | 5.25% | 8.92% | 9/15/2022 | 12/22/2028 | 8423 | 8309 | 8377 | 0.47 |
| Diligent Corporation | (a) | (2)(3) | Telecommunications | SOFR | 5.00% | 8.67% | 8/4/2020 | 8/4/2030 | 636 | 628 | 618 | 0.03 |
| Divisions Holding Corporation | (b)(c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.20% | 4/17/2025 | 4/17/2032 | 18308 | 18119 | 18298 | 1.02 |
| Dwyer Instruments, Inc. | (c)(f) | (2)(3)(15) | Capital Equipment | SOFR | 4.75% | 8.45% | 7/21/2021 | 7/21/2029 | 27285 | 27073 | 27285 | 1.52 |
| Einstein Parent, Inc. | (b)(c) | (2)(3)(15) | Software | SOFR | 5.25% | 8.92% | 1/22/2025 | 1/22/2031 | 30371 | 29806 | 28909 | 1.61 |
| Eliassen Group, LLC | (b)(f) | (2)(3) | Business Services | SOFR | 5.75% | 9.45% | 4/14/2022 | 4/14/2028 | 20899 | 20773 | 20296 | 1.13 |
| Ellkay, LLC | (b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 3.25%, 3.50% PIK | 10.60% | 5/14/2025 | 9/14/2030 | 35255 | 34939 | 34448 | 1.92 |
| Embark Intermediate Holdings, LLC | (c) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.17% | 9/2/2025 | 9/2/2032 | 6018 | 5907 | 5908 | 0.33 |
| Enkindle Limited (United Kingdom) | (d)(e) | (2)(3)(7)(15) | Diversified Financial Services | SONIA | 3.75%, 3.50% PIK | 10.98% | 4/16/2025 | 4/16/2031 | £1570 | 1886 | 1979 | 0.11 |
| Enkindle Limited (United Kingdom) | (d) | (2)(3)(7)(10) | Diversified Financial Services | SONIA | 3.85%, 4.21% PIK | 11.79% | 4/16/2025 | 4/16/2031 | £4174 | 5379 | 5373 | 0.30 |
| Enverus, Inc. | (a)(b) | (2)(3)(15) | Energy: Oil & Gas | SOFR | 4.50% | 8.20% | 12/18/2025 | 12/18/2032 | 13018 | 12957 | 12850 | 0.72 |
| Espresso Bidco Inc. | (a)(b) | (2)(3)(15) | Software | SOFR | 2.63%, 3.13% PIK | 9.46% | 3/25/2025 | 3/25/2032 | 19913 | 19628 | 19610 | 1.09 |
| Essential Services Holding Corporation | (c) | (2)(3) | Consumer Services | SOFR | 2.75%, 2.75% PIK | 9.17% | 6/17/2024 | 6/17/2031 | 758 | 752 | 753 | 0.04 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)(15) | Consumer Services | SOFR | 5.00% | 8.66% | 6/17/2024 | 6/17/2031 | $37 | $36 | $36 | 0.00% |
| Ethos Bidco, Ltd. (United Kingdom) | (d) | (2)(7) | Healthcare & Pharmaceuticals | SONIA | 5.25% | 8.98% | 3/12/2026 | 3/12/2033 | £7033 | 9248 | 9170 | 0.51 |
| Excel Fitness Holdings, Inc. | (a) | (2)(3)(15) | Leisure Products & Services | SOFR | 4.75% | 8.42% | 4/29/2022 | 4/29/2030 | 668 | 663 | 662 | 0.04 |
| Excel Fitness Holdings, Inc. | (f) | (2)(3) | Leisure Products & Services | SOFR | 4.75% | 8.45% | 8/11/2022 | 4/29/2030 | 8860 | 8798 | 8804 | 0.49 |
| Excelitas Technologies Corp. | (b) | (2)(3) | Capital Equipment | EURIBOR | 5.25% | 7.16% | 8/12/2022 | 8/12/2029 | 3172 | 3293 | 3663 | 0.20 |
| Excelitas Technologies Corp. | (a)(b)(c)(f) | (2)(3)(15) | Capital Equipment | SOFR | 5.25% | 8.92% | 8/12/2022 | 8/12/2029 | 6096 | 6038 | 6092 | 0.34 |
| Flexera Software LLC | (a) | (2)(3) | Software | EURIBOR | 4.50% | 6.45% | 8/15/2025 | 8/15/2032 | 5247 | 6127 | 5868 | 0.33 |
| Flexera Software LLC | (a) | (2)(3)(15) | Software | SOFR | 4.50% | 8.15% | 8/15/2025 | 8/15/2032 | 22421 | 22365 | 21640 | 1.21 |
| FPG Intermediate Holdco, LLC | (a) | (2)(3)(15) | Consumer Services | SOFR | 5.00% (100% PIK) | 8.68% | 7/25/2025 | 6/30/2029 | 80 | 79 | 80 | 0.00 |
| FPG Intermediate Holdco, LLC | (a) | (2)(3) | Consumer Services | SOFR | 5.00%<br>(100% PIK) | 8.70% | 7/25/2025 | 6/30/2029 | 167 | 167 | 167 | 0.01 |
| Fullsteam Operations LLC | (c) | (2)(3)(15) | High Tech Industries | SOFR | 5.25% | 8.89% | 8/8/2025 | 8/8/2031 | 6531 | 6445 | 6385 | 0.36 |
| Generator US Buyer, Inc. | (b) | (2)(3)(7) | Energy: Electricity | SOFR | 4.50% | 8.20% | 10/1/2024 | 7/22/2030 | 1510 | 1489 | 1492 | 0.08 |
| GI DI Emerald Intermediate Limited (United Kingdom) | (d) | (2)(3)(7) | Business Services | EURIBOR | 4.75% | 6.73% | 2/12/2026 | 2/12/2033 | 1813 | 2131 | 2075 | 0.12 |
| GI DI Emerald Intermediate Limited (United Kingdom) | (d)(e) | (2)(3)(7)(15) | Business Services | SOFR | 4.75% | 8.39% | 2/12/2026 | 2/12/2033 | 2942 | 2888 | 2887 | 0.16 |
| Goose Borrower, L.P. | (c) | (2)(3)(15) | Software | SOFR | 4.75% | 8.41% | 2/3/2026 | 3/2/2033 | 15737 | 15553 | 15552 | 0.87 |
| Greenhouse Software, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Software | SOFR | 5.75% | 9.45% | 3/1/2021 | 9/1/2028 | 32796 | 32433 | 32589 | 1.82 |
| GS AcquisitionCo, Inc. | (a)(f) | (2)(3)(15) | Software | SOFR | 5.25% | 8.95% | 3/26/2024 | 5/25/2028 | 1114 | 1110 | 1073 | 0.06 |
| Guidehouse LLP | (a) | (2)(3) | Sovereign & Public Finance | SOFR | 4.75% | 8.42% | 9/30/2022 | 12/16/2030 | 81 | 80 | 80 | 0.00 |
| Gymspa (France) | (d)(e) | (2)(7)(15) | Leisure Products & Services | EURIBOR | 6.00%, 2.00% PIK | 9.98% | 5/14/2025 | 5/14/2031 | 9781 | 10617 | 11198 | 0.62 |
| Hadrian Acquisition Limited (United Kingdom) | (d)(e) | (2)(3)(7)(10) | Diversified Financial Services | SONIA | 5.14%, 3.14% PIK | 12.01% | 2/28/2022 | 2/28/2029 | £20250 | 26282 | 26803 | 1.49 |
| Heartland Home Services, Inc. | (c) | (2)(3)(11) | Consumer Services | SOFR | 5.75% | 9.45% | 2/10/2022 | 12/15/2026 | 3912 | 3906 | 3833 | 0.21 |
| Heartland Home Services, Inc. | (b)(c)(f) | (2)(3)(11) | Consumer Services | SOFR | 6.00% | 9.70% | 12/15/2020 | 12/15/2026 | 30568 | 30483 | 29992 | 1.67 |
| Heartland Home Services, Inc. | (c) | (2)(3)(11)(15) | Consumer Services | SOFR | 6.75% | 10.45% | 12/15/2020 | 12/15/2026 | 2523 | 2516 | 2469 | 0.14 |
| Hercules Borrower LLC | (a)(b)(f) | (2)(3)(11)(15) | Environmental Industries | SOFR | 4.75% | 8.45% | 12/14/2020 | 12/14/2028 | 17713 | 17586 | 17712 | 0.99 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Higginbotham Insurance Agency, Inc. | (c) | (2)(3)(15) | Diversified Financial Services | SOFR | 4.50% | 8.17% | 12/11/2025 | 6/11/2031 | $7060 | $6981 | $6956 | 0.39% |
| Holding Argon (France) | (e) | (2)(7) | Business Services | SOFR | 5.75% | 9.42% | 1/16/2026 | 4/16/2032 | 445 | 445 | 434 | 0.02 |
| Holding Argon (France) | (e) | (2)(7)(15) | Business Services | EURIBOR | 5.75% | 8.29% | 1/16/2026 | 4/16/2032 | 1405 | 1585 | 1489 | 0.08 |
| Holding Argon (France) | (c)(d) | (2)(7) | Business Services | EURIBOR | 5.75% | 7.77% | 4/16/2025 | 4/16/2032 | 13142 | 14566 | 14658 | 0.82 |
| Hoosier Intermediate, LLC | (a)(c)(f) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 5.00% | 8.65% | 11/15/2021 | 11/15/2028 | 15820 | 15665 | 15820 | 0.88 |
| Horizon Avionics Buyer, LLC | (c) | (2)(3)(15) | Aerospace & Defense | SOFR | 4.75% | 8.45% | 10/25/2025 | 3/28/2032 | 3073 | 3050 | 3055 | 0.17 |
| HS Spa Holdings Inc. | (a)(f) | (2)(3)(15) | Consumer Services | SOFR | 5.25% | 8.92% | 6/2/2022 | 6/2/2029 | 8764 | 8663 | 8664 | 0.48 |
| HS Spa Holdings Inc. | (a) | (2)(3) | Consumer Services | SOFR | 5.25% | 8.92% | 3/12/2024 | 6/2/2029 | 633 | 629 | 627 | 0.03 |
| Hyphen Solutions, LLC | (c) | (2)(3)(15) | Construction & Building | SOFR | 4.50% | 8.17% | 8/6/2025 | 8/6/2032 | 6765 | 6724 | 6632 | 0.37 |
| Icefall Parent, Inc. | (b)(f) | (2)(3)(15) | Software | SOFR | 4.50% | 8.20% | 1/26/2024 | 1/26/2030 | 7566 | 7450 | 7553 | 0.42 |
| iCIMS, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Software | SOFR | 5.75% | 9.42% | 8/18/2022 | 8/18/2028 | 28012 | 27802 | 27111 | 1.51 |
| IEM New Sub 2, LLC | (b)(c)(f) | (2)(3)(15) | Energy: Electricity | SOFR | 4.75% | 8.37% | 12/3/2025 | 12/3/2031 | 19707 | 19595 | 19611 | 1.09 |
| IG Investments Holdings, LLC | (b) | (2)(3)(15) | Business Services | SOFR | 5.00% | 8.67% | 11/1/2024 | 9/22/2028 | 4065 | 4065 | 4065 | 0.23 |
| Infront Luxembourg Finance S.À R.L. (Luxembourg) | (b)(c) | (2)(7) | Leisure Products & Services | EURIBOR | 4.50%, 5.50% PIK | 12.01% | 5/28/2021 | 5/28/2027 | 34874 | 41889 | 40309 | 2.26 |
| IQN Holding Corp. | (a)(b) | (2)(3)(15) | Business Services | SOFR | 2.63%, 3.13% PIK | 9.46% | 5/2/2022 | 5/2/2029 | 11250 | 11182 | 11030 | 0.61 |
| Iron Infinity Buyer Sub, Inc. | (a)(b) | (2)(3)(15) | Utilities: Oil & Gas | SOFR | 4.75% | 8.45% | 10/16/2025 | 10/16/2032 | 34908 | 34790 | 34274 | 1.91 |
| Jawbreaker Parent, Inc. | (b)(c) | (2)(3)(15) | Software | SOFR | 4.75% | 8.45% | 1/30/2026 | 1/30/2033 | 16270 | 15972 | 15967 | 0.89 |
| Jeg's Automotive, LLC | (c) | (2)(3)(8) | Auto Aftermarket & Services | SOFR | 2.90%, 6.00% PIK | 12.58% | 12/22/2021 | 12/31/2029 | 5596 | 5000 | 5742 | 0.32 |
| Jeg's Automotive, LLC | (c) | (2)(3)(8) | Auto Aftermarket & Services | SOFR | 1.00%, 6.00% PIK | 10.68% | 12/22/2021 | 12/31/2029 | 932 | 833 | 952 | 0.05 |
| Kona Buyer, LLC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.18% | 6/27/2025 | 7/23/2031 | 11302 | 11207 | 11181 | 0.62 |
| LDS Intermediate Holdings, L.L.C. | (a)(b)(c) | (2)(3)(15) | Transportation: Cargo | SOFR | 5.00% | 8.67% | 2/7/2025 | 2/7/2032 | 23874 | 23527 | 23568 | 1.31 |
| Leo BuyerCo, LLC | (a)(b) | (2)(3)(15) | Capital Equipment | SOFR | 4.75% | 8.43% | 11/25/2025 | 11/25/2032 | 9142 | 9001 | 9015 | 0.50 |
| Lifelong Learner Holdings, LLC | (b)(c) | (2)(3)(11)(15) | Business Services | SOFR | 1.00%, 6.75% PIK | 11.42% | 10/18/2019 | 4/12/2027 | 8930 | 8930 | 7656 | 0.43 |
| Material Holdings, LLC | (c) | (2)(3)(11) | Business Services | SOFR | 4.62%, 1.38% PIK | 9.70% | 8/19/2021 | 8/19/2027 | 14290 | 14290 | 9580 | 0.53 |
| Material Holdings, LLC | (c) | (2)(3)(8)(11) | Business Services | SOFR | 6.00% (100% PIK) | 9.68% | 8/19/2021 | 8/19/2027 | 3942 | 1312 |  |  |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Material Holdings, LLC | (c) | (2)(3)(11)(15) | Business Services | SOFR | 6.00% (100% PIK) | 9.70% | 6/25/2025 | 8/19/2027 | $822 | $822 | $822 | 0.05% |
| Matterhorn Finco, Inc. | (c) | (2)(3)(15) | Software | SOFR | 5.50% | 9.20% | 3/5/2026 | 3/5/2033 | 18056 | 17849 | 17847 | 0.99 |
| Merative L.P. | (c)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.20% | 9/30/2025 | 9/30/2032 | 41074 | 40838 | 41319 | 2.30 |
| Mindbody, Inc. | (c) | (2)(3)(15) | Leisure Products & Services | SOFR | 6.00% | 9.70% | 3/30/2026 | 3/30/2033 | 21475 | 21113 | 21113 | 1.18 |
| Modernizing Medicine, Inc. | (b) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 2.50%, 2.25% PIK | 8.45% | 4/30/2025 | 4/30/2032 | 11992 | 11877 | 11884 | 0.66 |
| Monarch Buyer, Inc. | (a)(c)(f) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.17% | 6/2/2025 | 6/2/2032 | 24359 | 24027 | 23988 | 1.34 |
| More Cowbell II, LLC | (c) | (2)(3)(15) | Diversified Financial Services | SOFR | 4.50% | 7.98% | 9/3/2025 | 9/1/2030 | 15978 | 15978 | 15978 | 0.89 |
| NFO Orange Buyer, LLC | (c)(f) | (2)(3)(15) | Construction & Building | SOFR | 4.50% | 8.20% | 1/13/2026 | 1/13/2033 | 11400 | 11325 | 11337 | 0.63 |
| North Haven Fairway Buyer, LLC | (a)(b)(c)(f) | (2)(3)(15) | Consumer Services | SOFR | 5.00% | 8.68% | 5/17/2022 | 5/17/2028 | 33875 | 33519 | 33679 | 1.88 |
| Nuzoa Bidco, S.L.U. (Spain) | (d)(e) | (2)(7)(15) | Healthcare & Pharmaceuticals | EURIBOR | 5.50% | 7.63% | 6/24/2025 | 6/24/2032 | 6657 | 7538 | 7511 | 0.42 |
| Oak Purchaser, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Business Services | SOFR | 5.50% | 9.24% | 4/28/2022 | 5/31/2028 | 7534 | 7498 | 7451 | 0.42 |
| Oak Purchaser, Inc. | (a)(b)(c)(f) | (2)(3)(15) | Business Services | SOFR | 5.50% | 9.23% | 2/1/2024 | 5/31/2028 | 2651 | 2616 | 2579 | 0.14 |
| OEConnection, LLC | (a)(b) | (2)(3)(15) | Auto Aftermarket & Services | SOFR | 4.50% | 8.17% | 12/23/2025 | 12/23/2032 | 9950 | 9867 | 9883 | 0.55 |
| OEI, Inc. | (b)(c) | (2)(3)(15) | Construction & Building | SOFR | 4.50% | 8.21% | 12/29/2025 | 12/29/2032 | 23432 | 23147 | 23191 | 1.29 |
| Optimizely North America Inc. | (b) | (2)(3) | High Tech Industries | EURIBOR | 5.25% | 7.16% | 10/30/2024 | 10/30/2031 | 3000 | 3231 | 3367 | 0.19 |
| Optimizely North America Inc. | (b)(f) | (2)(3)(15) | High Tech Industries | SOFR | 5.00% | 8.67% | 10/30/2024 | 10/30/2031 | 8880 | 8794 | 8579 | 0.48 |
| Optimizely North America Inc. | (b) | (2)(3) | High Tech Industries | SONIA | 5.50% | 9.23% | 10/30/2024 | 10/30/2031 | £1200 | 1543 | 1545 | 0.09 |
| Orthrus Limited (United Kingdom) | (d) | (2)(7) | Diversified Financial Services | EURIBOR | 3.50%, 2.75% PIK | 8.29% | 12/4/2024 | 12/4/2031 | 1868 | 1959 | 2138 | 0.12 |
| Orthrus Limited (United Kingdom) | (d) | (2)(3)(7) | Diversified Financial Services | SOFR | 3.50%, 2.75% PIK | 9.91% | 12/4/2024 | 12/4/2031 | 4936 | 4875 | 4886 | 0.27 |
| Orthrus Limited (United Kingdom) | (d)(e) | (2)(7)(15) | Diversified Financial Services | SONIA | 3.50%, 2.75% PIK | 9.98% | 12/4/2024 | 12/4/2031 | £2091 | 2667 | 2716 | 0.15 |
| Orthrus Limited (United Kingdom) | (e) | (2)(3)(7) | Diversified Financial Services | SOFR | 3.50%, 2.75% PIK | 9.91% | 7/24/2025 | 12/4/2031 | 714 | 714 | 707 | 0.04 |
| PAM Bidco Limited (United Kingdom) | (d)(e) | (7)(15) | Utilities: Water | FIXED | 10.75% | 10.75% | 10/29/2024 | 10/29/2031 | £80 | 104 | 104 | 0.01 |
| PAM Bidco Limited (United Kingdom) | (d)(e) | (2)(7)(15) | Utilities: Water | SONIA | 7.30% | 11.24% | 10/29/2024 | 10/29/2031 | £6721 | 8568 | 8731 | 0.49 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| PDI TA Holdings, Inc | (b) | (2)(3)(15) | Software | SOFR | 3.50%, 2.50% PIK | 9.67% | 2/1/2024 | 2/1/2031 | $8228 | $8225 | $7905 | 0.44% |
| PPV Intermediate Holdings, LLC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.25% | 8.92% | 8/7/2024 | 8/31/2029 | 3394 | 3334 | 3228 | 0.18 |
| PPV Intermediate Holdings, LLC | (b) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 5.75% | 9.42% | 8/7/2024 | 8/31/2029 | 18697 | 18654 | 18697 | 1.04 |
| PPV Intermediate Holdings, LLC | (b) | (2)(3) | Healthcare & Pharmaceuticals | SOFR | 6.00% | 9.67% | 8/7/2024 | 8/31/2029 | 230 | 230 | 229 | 0.01 |
| Project Castle, Inc. | (f) | (2)(3) | Capital Equipment | SOFR | 5.50% | 9.36% | 6/24/2022 | 6/1/2029 | 7238 | 6814 | 3860 | 0.22 |
| Prophix Software Inc. (Canada) | (a) | (2)(3)(7)(15) | Software | SOFR | 6.00% | 9.69% | 2/1/2021 | 2/1/2027 | 1800 | 1795 | 1789 | 0.10 |
| Prophix Software Inc. (Canada) | (a)(b)(f) | (2)(3)(7)(15) | Software | SOFR | 6.00% | 9.67% | 11/21/2023 | 2/1/2027 | 19890 | 19818 | 19805 | 1.10 |
| Propio LS, LLC | (b)(f) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.45% | 5/12/2025 | 5/12/2030 | 12108 | 12003 | 11867 | 0.66 |
| PROS Parent, Inc. | (b)(c) | (2)(3)(15) | Transportation: Consumer | SOFR | 4.75% | 8.42% | 12/9/2025 | 12/9/2032 | 22988 | 22926 | 22927 | 1.28 |
| PXO Holdings I Corp. | (a)(b)(f) | (2)(3)(15) | Chemicals, Plastics & Rubber | SOFR | 5.50% | 9.19% | 3/8/2022 | 3/8/2028 | 11451 | 11348 | 11211 | 0.62 |
| QBS Parent, Inc. | (a)(b)(c) | (2)(3)(15) | Energy: Oil & Gas | SOFR | 4.50% | 8.20% | 11/7/2024 | 6/3/2032 | 21864 | 21695 | 21520 | 1.20 |
| Radwell Parent, LLC | (b)(c)(f) | (2)(3)(15) | Wholesale | SOFR | 5.50% | 9.20% | 12/1/2022 | 4/1/2029 | 11393 | 11308 | 11339 | 0.63 |
| Ranpak B.V. (Netherlands) | (b) | (2)(7) | Containers, Packaging & Glass | SOFR | 4.50% | 8.17% | 12/19/2024 | 12/19/2031 | 7707 | 7641 | 7655 | 0.43 |
| Ranpak Corp. | (c) | (2)(7) | Containers, Packaging & Glass | SOFR | 4.50% | 8.17% | 12/19/2024 | 12/19/2031 | 12043 | 11939 | 11961 | 0.67 |
| Rialto Management Group, LLC | (b)(c)(f) | (2)(3)(7)(15) | Diversified Financial Services | SOFR | 4.75% | 8.42% | 12/5/2024 | 12/5/2030 | 18289 | 18188 | 18250 | 1.02 |
| Rotation Buyer, LLC | (a)(b) | (2)(3)(15) | Capital Equipment | SOFR | 4.75% | 8.45% | 12/27/2024 | 12/27/2031 | 12709 | 12572 | 12447 | 0.69 |
| Saguaro Buyer, LLC | (c) | (2)(3)(15) | Leisure Products & Services | SOFR | 4.50% | 8.20% | 7/3/2025 | 7/3/2032 | 14294 | 14112 | 14097 | 0.79 |
| SCHP Purchaser, INC | (c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.50% | 8.17% | 10/24/2025 | 10/24/2032 | 18601 | 18395 | 18417 | 1.03 |
| SCP Eye Care HoldCo, LLC | (a) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 5.50% | 9.17% | 10/7/2022 | 10/7/2029 | 160 | 157 | 160 | 0.01 |
| Seahawk Bidco, LLC | (a)(b)(f) | (2)(3)(15) | Consumer Services | SOFR | 4.75% | 8.43% | 12/19/2024 | 12/19/2031 | 32037 | 31843 | 31891 | 1.78 |
| SIG Parent Holdings, LLC | (a)(b) | (2)(3)(15) | Diversified Financial Services | SOFR | 5.00% | 8.67% | 2/25/2026 | 8/21/2031 | 3931 | 3762 | 3760 | 0.21 |
| Sigma Irish Acquico Limited (Ireland) | (d)(e) | (2)(7) | Diversified Financial Services | EURIBOR | 5.25% | 7.38% | 3/19/2025 | 3/19/2032 | 4511 | 4885 | 5136 | 0.29 |
| Sigma Irish Acquico Limited (Ireland) | (d)(e) | (2)(7)(15) | Diversified Financial Services | SOFR | 5.25% | 8.88% | 3/19/2025 | 3/19/2032 | 6815 | 6672 | 6673 | 0.37 |
| SitusAMC Holdings Corporation | (b)(c)(f) | (2)(3) | Diversified Financial Services | SOFR | 5.50% | 9.20% | 5/14/2025 | 5/14/2031 | 27554 | 27432 | 27192 | 1.52 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Smarsh Inc. | (a)(b)(f) | (2)(3)(15) | Software | SOFR | 4.75% | 8.45% | 2/18/2022 | 2/18/2029 | $4508 | $4458 | $4461 | 0.25% |
| Specialty Pharma III, Inc. | (b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.75% | 8.43% | 12/23/2025 | 12/23/2032 | 28775 | 28619 | 28652 | 1.60 |
| Speedstar Holding LLC | (b)(c)(f) | (2)(3)(15) | Auto Aftermarket & Services | SOFR | 6.00% | 9.65% | 7/2/2024 | 7/22/2027 | 17942 | 17825 | 16973 | 0.95 |
| SPF Borrower, LLC | (a) | (2)(3)(11)(15) | Healthcare & Pharmaceuticals | SOFR | 4.25%, 2.00% PIK | 9.95% | 2/1/2024 | 2/1/2028 | 10392 | 10392 | 10392 | 0.58 |
| SPF Borrower, LLC | (a) | (2)(3)(11) | Healthcare & Pharmaceuticals | SOFR | 9.50% (100% PIK) | 13.20% | 2/1/2024 | 2/1/2028 | 4087 | 4087 | 4087 | 0.23 |
| Spotless Brands, LLC | (a) | (2)(3)(15) | Consumer Services | SOFR | 5.00% | 8.67% | 9/25/2025 | 7/25/2028 | 1971 | 1906 | 1882 | 0.10 |
| Spotless Brands, LLC | (a)(b)(c)(f) | (2)(3)(15) | Consumer Services | SOFR | 5.75% | 9.45% | 6/21/2022 | 7/25/2028 | 32946 | 32531 | 33116 | 1.85 |
| Summit Bidco, Inc. (Canada) | (c) | (2)(3)(7)(15) | Diversified Financial Services | CORRA | 4.75% | 7.01% | 10/1/2025 | 10/1/2032 | 5555 | 3927 | 3934 | 0.22 |
| Tank Holding Corp. | (a)(b)(c)(f) | (2)(3)(11)(15) | Capital Equipment | SOFR | 5.75% | 9.42% | 3/31/2022 | 3/31/2028 | 24623 | 24437 | 21807 | 1.22 |
| Tank Holding Corp. | (b) | (2)(3)(11) | Capital Equipment | SOFR | 6.00% | 9.67% | 9/26/2024 | 3/31/2028 | 2811 | 2794 | 2507 | 0.14 |
| TCFI Aevex LLC | (c)(f) | (2)(3)(11) | Aerospace & Defense | SOFR | 6.00% | 9.67% | 3/18/2020 | 3/18/2028 | 27606 | 27606 | 27606 | 1.54 |
| The Chartis Group, LLC | (a)(b)(c) | (2)(3)(15) | Healthcare & Pharmaceuticals | SOFR | 4.25% | 7.95% | 9/17/2024 | 9/17/2031 | 21616 | 21370 | 21918 | 1.22 |
| Total Power Limited (Canada) | (a)(b) | (2)(3)(7)(15) | Energy: Electricity | CORRA | 4.50% | 6.89% | 7/22/2024 | 7/22/2030 | 9046 | 6444 | 6402 | 0.36 |
| Trintech, Inc. | (b)(c) | (2)(3)(15) | Software | SOFR | 4.75% | 8.42% | 1/29/2026 | 1/29/2033 | 16726 | 16515 | 16275 | 0.91 |
| Tufin Software North America, Inc. | (a)(b)(c)(f) | (2)(3)(11)(15) | Software | SOFR | 4.93% | 8.60% | 8/17/2022 | 8/17/2028 | 30168 | 29878 | 30065 | 1.68 |
| U.S. Legal Support, Inc. | (a)(b)(c)(f) | (2)(3)(11)(15) | Business Services | SOFR | 5.50% | 9.17% | 11/30/2018 | 5/31/2026 | 20795 | 20793 | 20711 | 1.15 |
| UFT Buyer LLC | (c) | (2)(3)(15) | Environmental Industries | SOFR | 2.25%, 2.75% PIK | 8.70% | 12/4/2025 | 12/4/2032 | 17751 | 17510 | 17530 | 0.98 |
| US INFRA SVCS Buyer, LLC | (b)(c) | (2)(3)(11)(15) | Environmental Industries | SOFR | 1.00%, 5.75% PIK | 10.42% | 4/13/2020 | 4/13/2027 | 49450 | 49324 | 37220 | 2.07 |
| USR Parent Inc. | (f) | (2)(3)(10) | Retail | SOFR | 7.60% | 11.27% | 4/22/2022 | 4/25/2027 | 2069 | 2063 | 2048 | 0.11 |
| Vensure Employer Services, Inc. | (a)(b)(c)(f) | (2)(3) | Business Services | SOFR | 5.00% | 8.69% | 9/27/2024 | 9/27/2031 | 25146 | 24938 | 24801 | 1.38 |
| Victors Purchaser, LLC | (b)(c) | (2)(3)(15) | High Tech Industries | SOFR | 4.50% | 8.20% | 12/23/2025 | 12/23/2032 | 16975 | 16916 | 16944 | 0.94 |
| Vienna Bidco Limited (United Kingdom) | (d) | (2)(3)(7) | Healthcare & Pharmaceuticals | SONIA | 5.65% | 9.38% | 8/20/2025 | 8/20/2030 | £7264 | 9523 | 9374 | 0.52 |
| Whitney Merger Sub, Inc. | (c)(f) | (2)(3)(15) | Leisure Products & Services | SOFR | 4.75% | 8.45% | 7/3/2025 | 7/3/2032 | 34180 | 33822 | 33423 | 1.86 |
| Wineshipping.com LLC | (a)(c) | (2)(3)(11)(15) | Beverage & Food | SOFR | 6.25% (100% PIK) | 9.95% | 10/29/2021 | 12/29/2028 | 18132 | 18034 | 11745 | 0.65 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| World 50, Inc. | (b)(c)(f) | (2)(3)(15) | Business Services | SOFR | 4.50% | 8.17% | 3/22/2024 | 3/22/2030 | $18757 | $18449 | $18719 | 1.04% |
| Wrench Group LLC | (c) | (2)(3)(15) | Consumer Services | SOFR | 4.75% | 8.45% | 9/3/2025 | 9/3/2032 | 6858 | 6775 | 6731 | 0.38 |
| Yellowstone Buyer Acquisition, LLC | (a) | (2)(3)(11) | Consumer Goods: Durable | SOFR | 5.75% | 9.42% | 9/13/2021 | 9/13/2027 | 430 | 427 | 397 | 0.02 |
| YLG Holdings, Inc. | (a)(b)(c) | (2)(3)(15) | Consumer Services | SOFR | 4.75% | 8.41% | 9/30/2020 | 12/23/2030 | 11055 | 10974 | 11055 | 0.62 |
| **First Lien Debt Total** |  |  |  |  |  |  |  |  |  | $2362108 | $2314184 | 128.96% |
| **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** | **Second Lien Debt (1.6% of fair value)** |
| AQA Acquisition Holdings, Inc. | (b)(f) | (2)(3) | High Tech Industries | SOFR | 6.25% | 9.92% | 5/14/2021 | 3/3/2029 | $14410 | $14328 | $12020 | 0.67% |
| Associations, Inc. | (a) | (9) | Construction & Building | FIXED | 14.25% (100% PIK) | 14.25% | 5/3/2024 | 5/3/2030 | 2373 | 2366 | 2373 | 0.13 |
| Associations, Inc. | (a) | (9) | Construction & Building | FIXED | 14.25% (100% PIK) | 14.25% | 5/3/2024 | 5/3/2030 | 906 | 904 | 909 | 0.05 |
| Denali Midco 2, LLC | (a) |  | Consumer Services | FIXED | 13.00% (100% PIK) | 13.00% | 10/4/2024 | 12/22/2029 | 1555 | 1537 | 1532 | 0.09 |
| FPG Intermediate Holdco, LLC | (a) | (2)(3)(8) | Consumer Services | SOFR | 5.00% | 8.68% | 7/25/2025 | 6/30/2029 | 67 | 64 | 67 | 0.00 |
| PAI Holdco, Inc. | (b) | (2)(3) | Auto Aftermarket & Services | SOFR | 5.50%, 2.00% PIK | 11.17% | 10/28/2020 | 10/28/2028 | 15071 | 14909 | 13219 | 0.74 |
| TruGreen Limited Partnership | (b) | (2)(3)(11) | Consumer Services | SOFR | 8.50% | 12.17% | 11/16/2020 | 11/2/2028 | 13000 | 12890 | 12025 | 0.67 |
| **Second Lien Debt Total** |  |  |  |  |  |  |  |  |  | $46998 | $42145 | 2.35% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** | **Structured Credit Investments (4.1% of fair value)** |
| 1988 CLO 2 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.93% | 3/12/2025 | 4/15/2038 | $3500 | $3500 | $3329 | 0.19% |
| AB BSL CLO 4 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 9.78% | 3/28/2025 | 4/20/2038 | 4000 | 3962 | 3906 | 0.21 |
| AB BSL CLO 5 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 9.78% | 11/18/2024 | 1/20/2038 | 1250 | 1250 | 1155 | 0.06 |
| AGL CLO 40 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.35% | 9.03% | 3/28/2025 | 7/22/2038 | 4670 | 4670 | 4538 | 0.25 |
| Aimco CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.93% | 11/14/2024 | 10/17/2037 | 1330 | 1330 | 1321 | 0.07 |
| Allegro CLO XV Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.18% | 2/14/2025 | 4/20/2038 | 2500 | 2500 | 2283 | 0.13 |
| Apidos CLO XVIII-R Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.18% | 11/22/2024 | 1/22/2038 | 3270 | 3270 | 3141 | 0.17 |
| Arini European CLO IV DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 6.17% | 8.25% | 1/28/2025 | 1/15/2038 | 2500 | 2630 | 2842 | 0.16 |
| Avoca CLO XI DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 6.15% | 8.23% | 11/8/2024 | 10/15/2038 | 1750 | 1876 | 2006 | 0.11 |
| Babson CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 9.68% | 11/20/2024 | 1/15/2038 | 1275 | 1275 | 1175 | 0.07 |
| Babson CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.18% | 12/20/2024 | 1/15/2038 | 5000 | 5000 | 4643 | 0.25 |
| Birch Grove CLO 11 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 9.48% | 11/15/2024 | 1/22/2038 | 3000 | 3000 | 2910 | 0.16 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Bryant Park Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.00% | 8.68% | 2/20/2025 | 4/15/2038 | $3000 | $3000 | $2784 | 0.16% |
| Bryant Park Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.43% | 11/18/2024 | 1/18/2038 | 3000 | 3000 | 2910 | 0.16 |
| CIFC Funding 2014-III Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.93% | 3/11/2025 | 3/31/2038 | 4000 | 4000 | 3908 | 0.22 |
| CVC Cordatus Loan Fund X DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.35% | 7.43% | 1/24/2025 | 1/26/2038 | 1100 | 1155 | 1236 | 0.07 |
| CVC Cordatus Loan Fund XXVI DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.75% | 7.83% | 12/12/2024 | 1/15/2038 | 3490 | 3653 | 3884 | 0.22 |
| Elmwood CLO 40 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.93% | 3/21/2025 | 3/22/2038 | 2500 | 2500 | 2462 | 0.14 |
| Elmwood CLO II Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.43% | 10/29/2024 | 10/20/2037 | 3250 | 3250 | 3106 | 0.17 |
| Empower CLO 2025-1 Ltd | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.90% | 9.58% | 5/15/2025 | 7/20/2038 | 4000 | 4000 | 3876 | 0.22 |
| Generate CLO 18 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 9.68% | 10/18/2024 | 1/20/2038 | 2190 | 2190 | 2125 | 0.12 |
| Golub Capital Partners CLO 43B Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.43% | 10/31/2024 | 10/20/2037 | 3375 | 3375 | 3097 | 0.17 |
| KKR CLO 54 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 9.48% | 11/22/2024 | 1/15/2038 | 3050 | 3050 | 2999 | 0.17 |
| Neuberger Berman Loan Advisers CLO 33 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.18% | 3/14/2025 | 4/16/2039 | 6000 | 6000 | 5945 | 0.33 |
| Oaktree CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.00% | 8.68% | 1/30/2025 | 1/15/2038 | 1500 | 1500 | 1402 | 0.08 |
| Oaktree CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.10% | 9.78% | 11/25/2024 | 1/15/2038 | 2875 | 2875 | 2786 | 0.16 |
| OHA Credit Funding 14-R Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.93% | 3/28/2025 | 4/20/2038 | 6000 | 6000 | 5842 | 0.33 |
| Pikes Peak CLO 8 | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.43% | 12/19/2024 | 1/20/2038 | 3000 | 3000 | 2749 | 0.15 |
| Rad CLO 17 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.25% | 9.93% | 11/5/2024 | 1/20/2038 | 2000 | 2000 | 1827 | 0.10 |
| Reese Park CLO Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 6.00% | 9.68% | 11/20/2024 | 1/15/2038 | 2220 | 2220 | 1865 | 0.10 |
| Regatta 30 Funding Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.40% | 9.08% | 11/25/2024 | 1/25/2038 | 1970 | 1970 | 1893 | 0.11 |
| Regatta XXIV Funding Ltd | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.15% | 8.83% | 12/20/2024 | 1/20/2038 | 3000 | 3000 | 2895 | 0.16 |
| RR Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.50% | 9.18% | 11/26/2024 | 1/15/2037 | 2860 | 2860 | 2729 | 0.15 |
| Silver Point CLO 1 Ltd | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.25% | 8.93% | 12/23/2024 | 1/20/2038 | 2250 | 2250 | 2047 | 0.11 |
| Silver Point CLO 7 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.75% | 9.43% | 11/25/2024 | 1/15/2038 | 2200 | 2200 | 1991 | 0.11 |
| Silver Point CLO 8 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.15% | 8.83% | 2/28/2025 | 4/15/2038 | 1500 | 1500 | 1365 | 0.08 |
| Sound Point CLO 35 Ltd. | (a) | (2)(7)(13) | Structured Credit | SOFR | 5.80% | 9.48% | 2/13/2025 | 4/26/2038 | 1670 | 1670 | 1588 | 0.09 |
| Voya Euro CLO VIII DAC | (a) | (2)(7)(13) | Structured Credit | EURIBOR | 5.85% | 7.93% | 11/12/2024 | 1/15/2039 | 4380 | 4640 | 4948 | 0.28 |
| **Structured Credit Investments Total** | **Structured Credit Investments Total** | **Structured Credit Investments Total** |  |  |  |  |  |  |  | $111121 | $107508 | 5.99% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** | **Common and Preferred Equity Investments (4.1% of fair value)** |
| 48Forty TopCo LLC | (a) | (6)(12) | Transportation: Cargo |  | 1/14/2026 | 1 | $6500 | $5627 | 0.31% |
| 48Forty TopCo LLC | (a) | (6)(12) | Transportation: Cargo |  | 1/14/2026 | 1 |  |  |  |
| Aimbridge Acquisition Co., Inc. | (a) | (6)(12) | Leisure Products & Services |  | 3/11/2025 | 53 | 2599 | 2580 | 0.14 |
| 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 | 1118 | 0.06 |
| Atlas Ontario LP (Canada) | (a) | (6)(7)(12) | Business Services |  | 4/7/2021 | 5114 | 5114 | 10227 | 0.57 |
| Blackbird Holdco, Inc. | (a) | (6) | Capital Equipment | 12.50% (100% PIK) | 12/14/2021 | 11 | 10967 | 10974 | 0.61 |
| Buckeye Group Holdings, L.P. | (a) | (6)(8) | Auto Aftermarket & Services | 10.68% (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 | (a) | (6)(12) | Containers, Packaging & Glass |  | 10/31/2025 | 25 | 12411 | 12344 | 0.69 |
| Cority Software Inc. (Canada) | (b)(c) | (6)(7)(12) | Software |  | 7/2/2019 | 250 | 250 | 958 | 0.05 |
| ECP Parent, LLC | (a) | (6)(12) | Healthcare & Pharmaceuticals |  | 3/29/2018 | 268 |  | 22 | 0.00 |
| FPG Intermediate Holdco, LLC | (a) | (6)(12) | Consumer Services |  | 7/25/2025 | 1 | 55 | 49 | 0.00 |
| FS NU Investors, LP | (a) | (6) | Consumer Services | 20.00% (100% PIK) | 8/9/2024 | 1 | 178 |  |  |
| GB Vino Parent, L.P. | (a) | (6)(12) | Beverage & Food |  | 10/29/2021 | 3 | 275 |  |  |
| HIG Intermediate, Inc. | (a) | (6) | Diversified Financial Services | 10.50% | 12/10/2024 | 8 | 7526 | 7550 | 0.42 |
| Integrity Marketing Group, LLC | (a) | (6) | Diversified Financial Services | 10.50% (100% PIK) | 12/21/2021 | 23450 | 23451 | 23049 | 1.29 |
| Navacord Intermediate Holdings Inc. (Canada) | (a) | (6)(7) | Diversified Financial Services | 11.00% (100% PIK) | 2/2/2026 | 14 | 10357 | 10135 | 0.57 |
| NearU Holdings LLC | (a) | (6)(12) | Consumer Services |  | 8/16/2022 | 25 | 2470 |  |  |
| Pascal Ultimate Holdings, L.P | (a) | (6)(12) | Capital Equipment |  | 7/21/2021 | 36 | 346 | 948 | 0.06 |
| Profile Holdings I, LP | (a) | (6)(12) | Chemicals, Plastics & Rubber |  | 3/8/2022 | 3 | 262 | 177 | 0.01 |
| Project Carbo S.a.r.l. (Luxembourg) | (a) | (6)(7) | High Tech Industries | 14.30% (100% PIK) | 1/27/2025 | 1 | 4528 | 4903 | 0.28 |
| Sinch AB (Sweden) | (a) | (6)(7)(12) | High Tech Industries |  | 3/26/2019 | 106 | 1168 | 276 | 0.02 |
| SPF HOLDCO LLC | (a) | (6)(12) | Healthcare & Pharmaceuticals |  | 2/1/2024 | 4030 | 5429 | 7266 | 0.40 |
| Summit K2 Midco, Inc. | (a) | (6)(12) | Diversified Financial Services |  | 4/27/2023 | 61 | 30 | 88 | 0.00 |
| Talon MidCo 1 Limited | (a) | (6)(12) | Software |  | 8/17/2022 | 1018 | 1456 | 2240 | 0.12 |
| Tank Holding Corp. | (a) | (6)(12) | Capital Equipment |  | 3/26/2019 | 850 |  | 2416 | 0.13 |
| TW LRW Holdings, LLC | (c) | (6)(12) | Business Services |  | 6/14/2024 | 4 |  |  |  |
| TW Material Holdings LP | (c) | (6)(12) | Business Services |  | 3/6/2026 | 14 |  |  |  |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| TW Material Holdings LP | (c) | (6)(12) | Business Services |  | 3/6/2026 | 13 | $— | $— | —% |
| TW Material Holdings LP | (c) | (6)(12) | Business Services |  | 3/6/2026 | 2 |  |  |  |
| U.S. Legal Support Investment Holdings, LLC | (a) | (6)(12) | Business Services |  | 11/30/2018 | 640 | 641 | 990 | 0.06 |
| Zenith American Holding, Inc. | (a) | (6)(12) | Business Services |  | 12/13/2017 | 440 | 211 | 496 | 0.03 |
| **Equity Investments Total** |  |  |  |  |  |  | $101554 | $108015 | 6.02% |
| **Total investments—non-controlled/non-affiliated** |  |  |  |  |  |  | $2621781 | $2571852 | 143.32% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) | 10.45% | 7/3/2025 | 7/3/2030 | $20824 | $20824 | $20824 | 1.16% |
| Align Precision Group, LLC | (a) | (2)(3)(14)(15) | Aerospace & Defense | SOFR | 6.75% (100% PIK) | 10.45% | 7/3/2025 | 7/3/2030 | 3819 | 3751 | 3819 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;**First Lien Debt Total** |  |  |  |  |  |  |  |  | $24643 | $24575 | $24643 | 1.37% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $5383 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments Total** |  |  |  |  |  |  | $5872 | $5383 | 0.30% |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/affiliated** | | **Footnotes** | **Industry** | **Reference Rate** <sup>(2)</sup> | **Spread** <sup>(2)</sup> | **Interest Rate** <sup>(2)</sup> | **Acquisition Date** | **Par/ Principal Amount \*** | **Cost** | **Fair<br>Value** <sup>(5)</sup> | **% of Net <br>Assets** |
| **Investment Funds (0.1% of fair value)** | | | | | | | | | | | |
| Structured Credit Partners JV, LLC, Class A | (a) | (7)(12)(14) | Investment Funds |  |  |  | 2/11/2026 | $1 | $1 | $1 | 0.00% |
| Structured Credit Partners JV, LLC, Class B | (a) | (7)(14) | Investment Funds | FIXED | 10.74% | 10.74% | 2/11/2026 | 2200 | 2200 | 2200 | 0.12 |
| Structured Credit Partners JV, LLC, Class C | (a) | (7)(12)(14) | Investment Funds |  |  |  | 2/11/2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment Funds Total** |  |  |  |  |  |  |  |  | $2201 | $2201 | 0.12% |
| **Total investments—non-controlled/affiliated** | **Total investments—non-controlled/affiliated** | **Total investments—non-controlled/affiliated** |  |  |  |  |  |  | $32648 | $32227 | 1.79% |
| **Total investments** |  |  |  |  |  |  |  |  | $2654429 | $2604079 | 145.11% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instruments\*\*** | **Counterparty** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Unrealized Appreciation (Depreciation)** |
| Forward Currency Contract | Barclays Bank PLC | $22 | 18 | 4/14/2026 | $1 |
| Forward Currency Contract | Barclays Bank PLC | $19427 | £14487 | 4/15/2026 | 252 |
| Forward Currency Contract | Barclays Bank PLC | $2314 | £1695 | 4/15/2026 | 71 |
| Forward Currency Contract | Barclays Bank PLC | $39972 | 34396 | 4/17/2026 | 187 |
| Forward Currency Contract | Barclays Bank PLC | $486 | £356 | 4/23/2026 | 15 |
| Forward Currency Contract | Barclays Bank PLC | $473 | £354 | 4/23/2026 | 4 |
| Forward Currency Contract | Barclays Bank PLC | £20 | $26 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $197 | 169 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $135 | 184 | 5/15/2026 | 2 |
| Forward Currency Contract | Barclays Bank PLC | $7 | 6 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $27 | £20 | 5/15/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 5/15/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $18 | 15 | 5/15/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $279 | 235 | 6/10/2026 | 7 |
| Forward Currency Contract | Barclays Bank PLC | $210 | £156 | 7/7/2026 | 2 |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 7/14/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | £20 | $26 | 8/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $407 | £309 | 8/13/2026 | (2) |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 8/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $27 | £20 | 8/13/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 8/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $13 | 11 | 8/14/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $194 | 166 | 8/17/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $137 | 187 | 8/17/2026 | 2 |
| Forward Currency Contract | Barclays Bank PLC | $10447 | £7719 | 8/25/2026 | 240 |
| Forward Currency Contract | Barclays Bank PLC | $209 | £156 | 10/7/2026 | 3 |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 10/14/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | £19 | $26 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $26 | £19 | 11/13/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 11/13/2026 |  |
| Forward Currency Contract | Barclays Bank PLC | $199 | 170 | 11/16/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $136 | 185 | 11/16/2026 | 2 |
| Forward Currency Contract | Barclays Bank PLC | $18 | 15 | 11/16/2026 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $11810 | 9781 | 11/30/2026 | 398 |
| Forward Currency Contract | Barclays Bank PLC | $207 | £155 | 1/7/2027 | 3 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instruments\*\*** | **Counterparty** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Maturity Date** | **Unrealized Appreciation (Depreciation)** |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 1/14/2027 | $1 |
| Forward Currency Contract | Barclays Bank PLC | £19 | $26 | 2/12/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $382 | £291 | 2/12/2027 | (2) |
| Forward Currency Contract | Barclays Bank PLC | $15 | £11 | 2/12/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $26 | £19 | 2/12/2027 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $183 | 156 | 2/16/2027 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $135 | 184 | 2/16/2027 | 2 |
| Forward Currency Contract | Barclays Bank PLC | $12 | 10 | 2/16/2027 |  |
| Forward Currency Contract | Barclays Bank PLC | $16568 | 13677 | 3/5/2027 | 564 |
| Forward Currency Contract | Barclays Bank PLC | $920 | 764 | 3/5/2027 | 26 |
| Forward Currency Contract | Barclays Bank PLC | $653 | 542 | 3/30/2027 | 19 |
| Forward Currency Contract | Barclays Bank PLC | $9677 | £7254 | 4/7/2027 | 118 |
| Forward Currency Contract | Barclays Bank PLC | $23 | 19 | 4/14/2027 | 1 |
| Forward Currency Contract | Barclays Bank PLC | £1131 | $1510 | 5/14/2027 | (21) |
| Forward Currency Contract | Barclays Bank PLC | $905 | £669 | 5/14/2027 | 24 |
| Forward Currency Contract | Barclays Bank PLC | $1525 | £1131 | 5/14/2027 | 36 |
| Forward Currency Contract | Barclays Bank PLC | $216 | 183 | 5/17/2027 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $130 | 176 | 5/17/2027 | 2 |
| Forward Currency Contract | Barclays Bank PLC | $1184 | 971 | 7/14/2027 | 44 |
| Forward Currency Contract | Barclays Bank PLC | $5830 | 7900 | 8/4/2027 | 65 |
| Forward Currency Contract | Barclays Bank PLC | $202 | 171 | 8/16/2027 | 1 |
| Forward Currency Contract | Barclays Bank PLC | $10975 | 9266 | 10/25/2027 | 64 |
| Forward Currency Contract | Barclays Bank PLC | $8084 | £6181 | 10/29/2027 | (31) |
| Forward Currency Contract | Barclays Bank PLC | $6335 | 5234 | 8/14/2028 | 124 |
| Forward Currency Contract | Barclays Bank PLC | $3685 | 5003 | 9/26/2028 | 7 |
| **Total Derivative Instruments** |  |  |  |  | $2242 |

---

(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 unaudited 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 unaudited 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.

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

(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 unaudited 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 unaudited consolidated financial statements for further information.

(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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026. As of March 31, 2026, the reference rates for variable rate loans were the 30-day SOFR at 3.66%, the 90-day SOFR at 3.68%, the 180-day SOFR at 3.70%, the daily SONIA at 3.73%, the 30-day EURIBOR at 1.89%, the 90-day EURIBOR at 2.08%, the 180-day EURIBOR at 2.48%, and the 30-day CORRA at 2.27%.

(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 unaudited consolidated financial statements), pursuant to the Company's valuation policy. The fair value of all first lien and second lien debt investments, equity investments, structured credit investments, and the investment funds was determined using significant unobservable inputs.

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $113,398, or 6.32% 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 March 31, 2026.

(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 March 31, 2026.

(13)Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of these securities is $107,508 or 5.99% 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. See Note 5, Structured Credit Partners JV, LLC, to these unaudited consolidated financial statements for more details. Transactions related to the portfolio companies for the three months ended March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments—non-controlled/affiliated** | **Fair Value as of December 31, 2025** | **Additions/Purchases** | **Reductions/Sales/ Paydowns** | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value as of March 31, 2026** | **Interest, Dividend, and PIK Income** |
| Align Precision Group, LLC | $20296 | $528 | $— | $— | $— | $20824 | $523 |
| Align Precision Group, LLC | 2885 | 937 |  |  | (3) | 3819 | 92 |
| Align Precision Group, LLC (Equity) | 5449 |  |  |  | (66) | 5383 |  |
| Structured Credit Partners JV, LLC, Class A |  | 1 |  |  |  | 1 |  |
| Structured Credit Partners JV, LLC, Class B |  | 2200 |  |  |  | 2200 | 34 |
| **Total investments—non-controlled/affiliated** | $28630 | $3666 | $— | $— | $(69) | $32227 | $649 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

(15)As of March 31, 2026, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts' fair value is included in investments, at fair value on the accompanying Consolidated Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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% | $1272 | $(10) |
| AAH Topco., LLC | Delayed Draw | 1.00 | 4197 | (21) |
| AArete Investment, LLC | Delayed Draw | 1.00 | 3256 | (19) |
| 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 | (20) |
| AGS Health BCP LLC | Delayed Draw | 1.00 | 2364 | (9) |
| AGS Health BCP LLC | Revolver | 0.50 | 839 | (3) |
| Align Precision Group, LLC | Delayed Draw | 1.00 | 258 |  |
| Allied Benefit Systems Intermediate LLC | Delayed Draw | 1.00 | 2702 | (15) |
| Alpine Acquisition Corp II | Delayed Draw | 0.50 | 196 |  |
| Alpine Acquisition Corp II | Revolver | 0.50 | 783 |  |
| AmpersCap LLC | Delayed Draw | 1.00 | 11695 | (99) |
| 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 | 15570 | (98) |
| Artifact Bidco, Inc. | Delayed Draw | 0.50 | 172 |  |
| Artifact Bidco, Inc. | Revolver | 0.25 | 123 |  |
| Ascend Buyer, LLC | Revolver | 0.50 | 1847 | (7) |
| Associations, Inc. | Delayed Draw |  | 264 |  |
| Associations, Inc. | Revolver | 0.50 | 407 |  |
| Athlete Buyer, LLC | Revolver | 0.50 | 97 | (15) |
| Atlas US Finco, Inc. | Revolver | 0.50 | 1143 | 3 |
| Auditboard, Inc. | Revolver | 0.50 | 1143 | (17) |
| Azurite Intermediate Holdings, Inc. | Revolver | 0.50 | 397 | 2 |
| Bamboo Health Holdings, LLC | Revolver | 0.50 | 4542 | (3) |
| BCTO Bobsled Purchaser, Inc. | Delayed Draw | 0.50 | 7721 | (50) |
| BCTO Bobsled Purchaser, Inc. | Revolver | 0.50 | 2316 | (15) |
| Big Bus Tours Group Limited (United Kingdom) | Delayed Draw | 1.50 | 350 | (22) |
| Bingo Group Buyer, Inc. | Delayed Draw | 0.75 | 3056 | (25) |
| Bingo Group Buyer, Inc. | Revolver | 0.50 | 397 | (3) |
| Bitnova Midco S.p.A. (Italy) | Delayed Draw | 1.25 | 1787 | (41) |
| Businessolver.com, Inc. | Delayed Draw | 1.00 | 2825 | (44) |
| Businessolver.com, Inc. | Revolver | 0.50 | 1258 | (20) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| Celerion Buyer, Inc. | Revolver | 0.50% | $125 | $— |
| CircusTrix Holdings, LLC | Revolver | 0.50 | 215 | (3) |
| Cliffwater LLC | Revolver | 0.38 | 3465 | (27) |
| Cority Software Inc. (Canada) | Revolver | 0.38 | 5208 | (62) |
| Coupa Holdings, LLC | Delayed Draw | 1.00 | 193 |  |
| Coupa Holdings, LLC | Revolver | 0.50 | 148 |  |
| CST Holding Company | Revolver | 0.50 | 165 |  |
| Dance Midco S.a.r.l. (United Kingdom) | Delayed Draw | 1.00 | 1323 | (19) |
| Deerfield Dakota Holding, LLC | Revolver | 0.50 | 3419 | (66) |
| Denali Intermediate Holdings, Inc. | Revolver | 0.50 | 1437 | (12) |
| Divisions Holding Corporation | Revolver | 0.50 | 1600 | (1) |
| Dwyer Instruments, Inc. | Revolver | 0.50 | 1637 |  |
| Einstein Parent, Inc. | Revolver | 0.50 | 3142 | (137) |
| Ellkay, LLC | Revolver | 0.50 | 2459 | (53) |
| Embark Intermediate Holdings, LLC | Delayed Draw | 1.00 | 4762 | (44) |
| Embark Intermediate Holdings, LLC | Revolver | 0.50 | 1095 | (10) |
| Enkindle Limited (United Kingdom) | Delayed Draw | 1.00 | £923 | (37) |
| Enverus, Inc. | Delayed Draw | 1.00 | 2718 | (27) |
| Enverus, Inc. | Revolver | 0.50 | 1130 | (11) |
| Espresso Bidco Inc. | Delayed Draw | 1.00 | 345 | (5) |
| Espresso Bidco Inc. | Revolver | 0.50 | 1903 | (26) |
| Essential Services Holding Corporation | Delayed Draw | 1.00 | 149 | (1) |
| Essential Services Holding Corporation | Revolver | 0.50 | 56 |  |
| Excel Fitness Holdings, Inc. | Revolver | 0.50 | 223 | (1) |
| Excelitas Technologies Corp. | Revolver | 0.38 | 1164 | (1) |
| Flexera Software LLC | Revolver | 0.25 | 1620 | (53) |
| FPG Intermediate Holdco, LLC | Delayed Draw |  | 43 |  |
| Fullsteam Operations LLC | Delayed Draw | 1.00 | 2177 | (34) |
| Fullsteam Operations LLC | Revolver | 0.50 | 726 | (11) |
| GI DI Emerald Intermediate Limited (United Kingdom) | Delayed Draw | 0.50 | 1695 | (17) |
| GI DI Emerald Intermediate Limited (United Kingdom) | Revolver | 0.50 | 847 | (8) |
| Goose Borrower, L.P. | Revolver | 0.50 | 2792 | (28) |
| Greenhouse Software, Inc. | Revolver | 0.50 | 2204 | (13) |
| GS AcquisitionCo, Inc. | Delayed Draw | 0.50 | 601 | (14) |
| GS AcquisitionCo, Inc. | Revolver | 0.50 | 25 | (1) |
| Gymspa (France) | Delayed Draw | 1.80 | 554 | (3) |
| Heartland Home Services, Inc. | Revolver | 0.50 | 339 | (6) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| Hercules Borrower LLC | Revolver | 0.38% | $2160 | $— |
| Higginbotham Insurance Agency, Inc. | Delayed Draw | 0.50 | 16752 | (73) |
| Holding Argon (France) | Delayed Draw | 1.00 | 3268 | (94) |
| Hoosier Intermediate, LLC | Revolver | 0.38 | 2400 |  |
| Horizon Avionics Buyer, LLC | Delayed Draw | 1.00 | 1228 | (5) |
| Horizon Avionics Buyer, LLC | Revolver | 0.50 | 489 | (2) |
| HS Spa Holdings Inc. | Revolver | 0.50 | 795 | (8) |
| Hyphen Solutions, LLC | Delayed Draw | 1.00 | 1256 | (19) |
| Hyphen Solutions, LLC | Revolver | 0.50 | 754 | (11) |
| Icefall Parent, Inc. | Revolver | 0.25 | 744 | (1) |
| iCIMS, Inc. | Revolver | 0.50 | 2107 | (63) |
| IEM New Sub 2, LLC | Delayed Draw | 1.00 | 3842 | (16) |
| IG Investments Holdings, LLC | Revolver | 0.50 | 325 |  |
| IQN Holding Corp. | Revolver | 0.38 | 204 | (4) |
| Iron Infinity Buyer Sub, Inc. | Delayed Draw | 0.50 | 10231 | (131) |
| Iron Infinity Buyer Sub, Inc. | Revolver | 0.50 | 4213 | (54) |
| Jawbreaker Parent, Inc. | Delayed Draw |  | 10916 | (109) |
| Jawbreaker Parent, Inc. | Revolver | 0.50 | 3137 | (31) |
| Kona Buyer, LLC | Delayed Draw | 0.50 | 9023 | (51) |
| Kona Buyer, LLC | Revolver | 0.50 | 902 | (5) |
| LDS Intermediate Holdings, L.L.C. | Delayed Draw | 1.00 | 6567 | (60) |
| LDS Intermediate Holdings, L.L.C. | Revolver | 0.50 | 2770 | (26) |
| Leo BuyerCo, LLC | Delayed Draw | 1.00 | 3429 | (30) |
| Leo BuyerCo, LLC | Revolver | 0.50 | 2171 | (19) |
| Lifelong Learner Holdings, LLC | Revolver | 0.50 | 18 | (3) |
| Material Holdings, LLC | Delayed Draw |  | 1096 |  |
| Material Holdings, LLC | Revolver |  | 192 |  |
| Matterhorn Finco, Inc. | Revolver | 0.25 | 2778 | (28) |
| Merative L.P. | Delayed Draw | 0.50 | 4706 | 23 |
| Merative L.P. | Revolver | 0.50 | 4118 | 20 |
| Mindbody, Inc. | Revolver | 0.50 | 2684 | (40) |
| Modernizing Medicine, Inc. | Revolver | 0.50 | 1099 | (9) |
| Monarch Buyer, Inc. | Delayed Draw | 0.50 | 8897 | (90) |
| Monarch Buyer, Inc. | Revolver | 0.38 | 3655 | (37) |
| More Cowbell II, LLC | Delayed Draw | 0.50 | 1112 |  |
| More Cowbell II, LLC | Revolver | 0.50 | 2225 |  |
| NFO Orange Buyer, LLC | Delayed Draw |  | 2375 | (10) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| NFO Orange Buyer, LLC | Revolver | 0.50% | $1267 | $(5) |
| North Haven Fairway Buyer, LLC | Delayed Draw | 1.00 | 486 | (3) |
| North Haven Fairway Buyer, LLC | Revolver | 0.50 | 1308 | (7) |
| Nuzoa Bidco, S.L.U. (Spain) | Delayed Draw | 1.25 | 2401 | (49) |
| Oak Purchaser, Inc. | Delayed Draw | 0.50 | 1373 | (25) |
| Oak Purchaser, Inc. | Revolver | 0.50 | 824 | (8) |
| OEConnection, LLC | Delayed Draw | 0.50 | 5839 | (23) |
| OEConnection, LLC | Revolver | 0.50 | 1538 | (6) |
| OEI, Inc. | Delayed Draw | 0.50 | 10651 | (67) |
| OEI, Inc. | Revolver | 0.50 | 4260 | (27) |
| Optimizely North America Inc. | Revolver | 0.50 | 1364 | (40) |
| Orthrus Limited (United Kingdom) | Delayed Draw | 1.00 | £421 | (6) |
| PAM Bidco Limited (United Kingdom) | Delayed Draw | 2.19 | £1648 | (33) |
| PDI TA Holdings, Inc | Revolver | 0.50 | 39 | (2) |
| PPV Intermediate Holdings, LLC | Delayed Draw | 1.00 | 5267 | (101) |
| PPV Intermediate Holdings, LLC | Revolver | 0.50 | 972 |  |
| Prophix Software Inc. (Canada) | Delayed Draw |  | 577 | (2) |
| Prophix Software Inc. (Canada) | Revolver | 0.50 | 858 | (4) |
| Propio LS, LLC | Revolver | 0.50 | 182 | (4) |
| PROS Parent, Inc. | Revolver | 0.38 | 2665 | (6) |
| PXO Holdings I Corp. | Revolver | 0.50 | 424 | (9) |
| QBS Parent, Inc. | Delayed Draw | 0.50 | 12283 | (110) |
| QBS Parent, Inc. | Revolver | 0.50 | 4279 | (38) |
| Radwell Parent, LLC | Revolver | 0.38 | 267 | (1) |
| Rialto Management Group, LLC | Revolver | 0.38 | 894 | (2) |
| Rotation Buyer, LLC | Delayed Draw | 1.00 | 2257 | (37) |
| Rotation Buyer, LLC | Revolver | 0.50 | 1136 | (18) |
| Saguaro Buyer, LLC | Delayed Draw | 1.00 | 4129 | (41) |
| Saguaro Buyer, LLC | Revolver | 0.50 | 1531 | (15) |
| SCHP Purchaser, INC | Revolver | 0.50 | 3100 | (26) |
| SCP Eye Care HoldCo, LLC | Revolver | 0.50 | 14 |  |
| Seahawk Bidco, LLC | Delayed Draw | 1.00 | 727 | (3) |
| Seahawk Bidco, LLC | Revolver | 0.50 | 1924 | (8) |
| SIG Parent Holdings, LLC | Delayed Draw | 0.75 | 15217 | (133) |
| SIG Parent Holdings, LLC | Revolver | 0.38 | 459 | (4) |
| Sigma Irish Acquico Limited (Ireland) | Delayed Draw | 0.50 | 1286 | (23) |
| Smarsh Inc. | Delayed Draw | 1.00 | 726 | (6) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Type** | **Unused Fee** | **Par/ Principal Amount \*** | **Fair Value** |
| Smarsh Inc. | Revolver | 0.50% | $482 | $(4) |
| Specialty Pharma III, Inc. | Revolver | 0.50 | 3197 | (12) |
| Speedstar Holding LLC | Delayed Draw | 1.00 | 1789 | (88) |
| SPF Borrower, LLC | Revolver | 0.50 | 403 |  |
| Spotless Brands, LLC | Delayed Draw | 1.00 | 8478 | (72) |
| Spotless Brands, LLC | Revolver | 0.50 | 1096 | 5 |
| Summit Bidco, Inc. (Canada) | Delayed Draw | 0.50 | 1895 | (11) |
| Summit Bidco, Inc. (Canada) | Revolver | 0.50 | 962 | (6) |
| Tank Holding Corp. | Revolver | 0.38 | 828 | (92) |
| 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 | (8) |
| Total Power Limited (Canada) | Revolver | 0.50 | 1111 | (10) |
| Trintech, Inc. | Delayed Draw | 0.75 | 2788 | (58) |
| Trintech, Inc. | Revolver | 0.50 | 2091 | (44) |
| Tufin Software North America, Inc. | Revolver | 0.50 | 2820 | (9) |
| U.S. Legal Support, Inc. | Revolver | 0.50 | 922 | (4) |
| UFT Buyer LLC | Delayed Draw | 0.50 | 5425 | (47) |
| UFT Buyer LLC | Revolver | 0.50 | 2149 | (19) |
| US INFRA SVCS Buyer, LLC | Delayed Draw | 1.00 |  |  |
| US INFRA SVCS Buyer, LLC | Revolver | 0.50 | 350 | (86) |
| Victors Purchaser, LLC | Delayed Draw | 0.50 | 1330 | (2) |
| Victors Purchaser, LLC | Revolver | 0.50 | 2529 | (4) |
| Whitney Merger Sub, Inc. | Revolver | 0.50 | 4895 | (95) |
| Wineshipping.com LLC | Delayed Draw |  | 1171 | (383) |
| Wineshipping.com LLC | Revolver | 0.50 | 238 | (78) |
| World 50, Inc. | Revolver | 0.50 | 860 | (2) |
| Wrench Group, LLC | Delayed Draw | 1.00 | 938 | (14) |
| Wrench Group, LLC | Revolver | 0.50 | 938 | (14) |
| YLG Holdings, Inc. | Delayed Draw | 1.00 | 592 |  |
| YLG Holdings, Inc. | Revolver | 0.50 | 291 |  |
| Total unfunded commitments |  |  | $410243 | $(4243) |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

The type of investments as of March 31, 2026 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| First Lien Debt | $2386683 | $2338827 | 89.8% |
| Second Lien Debt | 46998 | 42145 | 1.6 |
| Equity Investments | 107426 | 113398 | 4.4 |
| Structured Credit Investments | 111121 | 107508 | 4.1 |
| Investment Fund | 2201 | 2201 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2654429 | $2604079 | 100.0% |

---

The rate type of debt investments as of March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Rate Type** | **Amortized Cost** | **Fair Value** | **% of Fair Value of First and Second Lien Debt** |
| Floating Rate | $2539891 | $2483562 | 99.8% |
| Fixed Rate | 4911 | 4918 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2544802 | $2488480 | 100.0% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

The industry composition of investments as of March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Aerospace & Defense | $61395 | $60953 | 2.3% |
| Auto Aftermarket & Services | 49652 | 46769 | 1.8 |
| Beverage & Food | 18309 | 11745 | 0.5 |
| Business Services | 230059 | 227666 | 8.7 |
| Capital Equipment | 103927 | 102132 | 3.9 |
| Chemicals, Plastics & Rubber | 35338 | 35121 | 1.3 |
| Construction & Building | 103579 | 96556 | 3.7 |
| Consumer Goods: Durable | 427 | 397 | 0.0 |
| Consumer Goods: Non-Durable | 4681 | 4717 | 0.2 |
| Consumer Services | 214755 | 208504 | 8.0 |
| Containers, Packaging & Glass | 64306 | 64240 | 2.5 |
| Diversified Financial Services | 286611 | 286606 | 11.1 |
| Energy: Electricity | 27528 | 27505 | 1.1 |
| Energy: Oil & Gas | 34652 | 34370 | 1.3 |
| Environmental Industries | 111246 | 99422 | 3.8 |
| Healthcare & Pharmaceuticals | 392944 | 395156 | 15.3 |
| High Tech Industries | 120639 | 117598 | 4.5 |
| Investment Funds | 2201 | 2201 | 0.1 |
| Leisure Products & Services | 152691 | 151061 | 5.8 |
| Media: Broadcasting & Subscription | 14189 | 14204 | 0.5 |
| Media: Diversified & Production | 13075 | 14064 | 0.5 |
| Retail | 17755 | 17568 | 0.7 |
| Software | 346081 | 344659 | 13.2 |
| Sovereign & Public Finance | 80 | 80 |  |
| Structured Credit | 111121 | 107508 | 4.2 |
| Telecommunications | 10146 | 8393 | 0.3 |
| Transportation: Cargo | 34669 | 33837 | 1.3 |
| Transportation: Consumer | 37603 | 36599 | 1.4 |
| Utilities: Oil & Gas | 34790 | 34274 | 1.3 |
| Utilities: Water | 8672 | 8835 | 0.3 |
| Wholesale | 11308 | 11339 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2654429 | $2604079 | 100.0% |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

**(amounts in thousands) (unaudited)**

The geographical composition of investments as of March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Geography** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Australia | $2239 | $2234 | 0.1% |
| Bermuda | 2860 | 2729 | 0.1 |
| Canada | 118363 | 123423 | 4.7 |
| Cayman Islands | 90807 | 86661 | 3.3 |
| France | 27505 | 28045 | 1.1 |
| Ireland | 25511 | 26725 | 1.0 |
| Italy | 30591 | 31697 | 1.2 |
| Luxembourg | 61094 | 58884 | 2.3 |
| Netherlands | 7641 | 7655 | 0.3 |
| Spain | 7538 | 7511 | 0.3 |
| Sweden | 1168 | 276 | 0.0 |
| United Kingdom | 102446 | 103670 | 4.0 |
| United States | 2176666 | 2124569 | 81.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2654429 | $2604079 | 100.0% |

---

The accompanying notes are an integral part of these unaudited 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 |
| 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 |

---

------

**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** |
| 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 |
| 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 |

---

------

**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** |
| 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 |
| 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 |

---

------

**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** |
| 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% (100% PIK) | 12.55% | 12/22/2021 | 12/31/2029 | 5459 | 5017 | 5459 | 0.31 |
| 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 |

---

------

**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** |
| 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 |

---

------

**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** |
| 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 |
| 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 |

---

------

**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** |
| 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 |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Second Lien Debt Total*** |  |  |  |  |  |  |  |  |  | $58354 | $55729 | 3.16% |

---

------

**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** |
| **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 |
| 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 |

---

------

**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** |
| 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 |
| 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> | | **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)** | | | | | | |
| 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 |  | 7/25/2025 | 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 |

---

------

**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** | **All-In Rate** | **Acquisition<br>Date** | **Shares/ Units** | **Cost** | **Fair Value** <sup>(5)</sup> | **% of<br>Net Assets** |
| 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 |
| 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% (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% |

---

------

**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 | $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 |  |
| 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) |

---

------

**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 | $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) |
| 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 unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company, SPV2, the 2024-1 Issuer, or CARS Lux Master.

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)**

(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 unaudited 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 unaudited 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 unaudited consolidated financial statements for further information.

(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 unaudited 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, 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 |

---

------

**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)**

(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) |
| 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) |

---

------

**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** |
| 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 |
| 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 |

---

------

**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** |
| 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) |
| 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) |

---

------

**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** |
| 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) |
| 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 |

---

------

**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** |
| 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) |
| 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% |

---

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**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)**

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% |

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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 |

---

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**CARLYLE CREDIT SOLUTIONS, INC.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

**(amounts in thousands)**

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| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| 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% |

---

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% |

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

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**CARLYLE CREDIT SOLUTIONS, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**As of March 31, 2026**

**(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 broadly syndicated loans or 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 total assets (net assets plus borrowings

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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 the Company's 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 unaudited 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 unaudited 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 unaudited consolidated financial statements for details. The 2024-1 Issuer is consolidated in these unaudited 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 unaudited 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 unaudited 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. 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. Refer to Note 5, Structured Credit Partners JV, LLC, to these unaudited 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).

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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 unaudited 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 unaudited 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 unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of unaudited consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended December 31, 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results to be expected for the full year.

***Use of Estimates***

The preparation of unaudited 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 unaudited 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 unaudited consolidated financial statements for further information about fair value measurements.

***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 unaudited 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

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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 net 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 change in unrealized (gain) loss on forward currency contracts within the Consolidated Statements of Cash Flows. Refer to Note 6, Derivative Instruments, to these unaudited 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 unaudited 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 March 31, 2026 and December 31, 2025, the Company held restricted cash balances of $159,545 and $105,197, 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 March 31, 2026 and December 31, 2025, the Company held $4,280 and $4,903, respectively, in restricted cash denominated in a foreign currency. As of March 31, 2026 and December 31, 2025, the cost of foreign currencies was $8,710 and $5,387, respectively. As of March 31, 2026 and December 31, 2025, the fair value of foreign currencies was $8,645 and $5,421, 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 March 31, 2026 and December 31, 2025, the fair value of the loans in the portfolio with PIK provisions was $418,542 and $327,480, respectively, which represents approximately 16.1% and 12.4%, respectively, of total investments at fair value. For the three months ended March 31, 2026 and 2025, the Company earned $5,840 and $5,451 in PIK income, respectively.

*Dividend Income*

Dividend income from Structured Credit Partners, and other investment funds, if any, is recorded on the record date for the investment fund to the extent that such amounts are payable by the investment funds and are expected to be collected.

*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

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other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three months ended March 31, 2026 and 2025, the Company earned $2,456 and $951, respectively, in other income, primarily from prepayment fees, unused fees and amendment 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 March 31, 2026 and December 31, 2025, the fair value of investments on non-accrual status was $17,082 and $27,340, respectively. The remaining income producing investments were performing and current on their interest payments as of March 31, 2026 and December 31, 2025 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 unaudited 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 unaudited 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 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 three months ended March 31, 2026, there was no expense incurred for excise tax. For the three months ended March 31, 2025, the Company incurred $498 in excise tax expense.

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The Company evaluates tax positions taken or expected to be taken in the course of preparing its unaudited 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 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 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 notes this guidance does not have a material impact on its unaudited consolidated financial statements.

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In November 2025, the FASB issued ASU 2025-09, which is intended to better align hedge accounting with entities' risk management activities. The amendments expand and clarify hedge accounting guidance for certain financial and nonfinancial risk components and align the recognition and presentation of the effects of hedging instruments and hedged items in the financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. The Company does not expect this guidance to have a material impact on its unaudited 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 other than Structured Credit Partners 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.

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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 unaudited consolidated financial statements as of March 31, 2026 and audited consolidated financial statements as of December 31, 2025.

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. Investments in Structured Credit Partners are valued based on the legal form of investment. Investments structured through LLC membership interests may be valued using either the practical expedient (net asset value method) or a discounted cash flow method, as determined appropriate by the Investment Adviser. For those structured through subordinated notes, a discounted cash flow method is used.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, there were transfers of $276 out of Level 3 and no transfers into Level 3. For the three months ended March 31, 2025, 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 March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| First Lien Debt | $— | $— | $2338827 | $2338827 |
| Second Lien Debt |  |  | 42145 | 42145 |
| Equity Investments | 276 |  | 113122 | 113398 |
| Structured Credit Investments |  |  | 107508 | 107508 |
| Investment Funds |  |  | 2201 | 2201 |
| Total Investments | $276 | $— | $2603803 | $2604079 |
| Derivative Assets<sup>(1)</sup> |  | 2242 |  | 2242 |
| Total |  |  |  | $2606321 |

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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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(1)As of March 31, 2026 and December 31, 2025, derivative assets consisted of 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** | **Financial Assets** |
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **First<br>Lien Debt** | **Second<br>Lien Debt** | **Equity<br>Investments** | **Structured Credit Investments** | **Investment Fund** | **Total** |
| Balance, beginning of period | $2383274 | $55729 | $100355 | $111928 | $— | $2651286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 226026 | 238 | 17969 |  | 2601 | 246834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (11701) |  | (1230) |  | (400) | (13331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydowns | (233543) | (11693) | (602) |  |  | (245838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | 2639 | 99 | 13 |  |  | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (12393) |  | 297 |  |  | (12096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (15475) | (2228) | (3404) | (4420) |  | (25527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers Out of Level 3 |  |  | (276) |  |  | (276) |
| Balance, end of period | $2338827 | $42145 | $113122 | $107508 | $2201 | $2603803 |
| 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 | $(26517) | $(2159) | $(2564) | $(4420) | $— | $(35660) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** |
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **First<br>Lien Debt** | **Second<br>Lien Debt** | **Equity<br>Investments** | **Structured Credit Investments** | **Total** |
| Balance, beginning of period | $1720761 | $92724 | $75313 | $62471 | $1951269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 171122 | 1301 | 7605 | 44584 | 224612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (55) | (2599) | (668) |  | (3322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydowns | (168557) | (36) |  |  | (168593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | 2907 | 64 | 40 | 5 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 49 | (18011) | 29 |  | (17933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8679) | 17918 | 45 | (263) | 9021 |
| Balance, end of period | $1717548 | $91361 | $82364 | $106797 | $1998070 |
| 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 | $(10742) | $(152) | $33 | $(263) | $(11124) |

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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 on indicative quotes, which includes quotes from pricing services, brokers, or counterparties as well as recent transaction prices.

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.

The investments in Structured Credit Partners Class A and Class B are valued using consensus pricing on indicative quotes, which includes recent transaction prices.

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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 March 31, 2026 and December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Range** | **Range** | **Weighted<br>Average** |
| | **Fair Value as of**<br>**March 31, 2026** | **Valuation Techniques** | **Significant<br>Unobservable<br>Inputs** | **Low** | **High** | **Weighted<br>Average** |
| Investments in First Lien Debt | $2129979 | Discounted Cash Flow | Discount Rate | 7.44% | 23.66% | 9.86% |
|  | 150474 | Consensus Pricing | Indicative Quotes | 47.50% | 99.12% | 92.67% |
|  | 58374 | Income Approach | Discount Rate | 9.86% | 13.79% | 11.72% |
|  |  | Market Approach | Comparable Multiple | 9.50x | 10.85x | 9.88x |
| Total First Lien Debt | 2338827 |  |  |  |  |  |
| Investments in Second Lien Debt | 30053 | Discounted Cash Flow | Discount Rate | 14.29% | 18.57% | 17.92% |
|  | 12025 | Consensus Pricing | Indicative Quotes | 92.50% | 92.50% | 92.50% |
|  | 67 | Income Approach | Discount Rate | 13.36% | 13.36% | 13.36% |
| Total Second Lien Debt | 42145 |  |  |  |  |  |
| Investments in Structured Credit | 107508 | Consensus Pricing | Indicative Quotes | 84.01% | 99.32% | 95.67% |
| Total Structured Credit Investments | 107508 |  |  |  |  |  |
| Investments in Equity | 46156 | Income Approach | Discount Rate | 12.06% | 16.41% | 13.23% |
|  | 10456 | Consensus Pricing | Indicative Quotes | 98.25% | 98.25% | 98.25% |
|  | 56510 | Market Approach | Comparable Multiple | 3.00x | 19.00x | 9.83x |
| Total Equity Investments | 113122 |  |  |  |  |  |
| Investments in Investment Funds | 2201 | Consensus Pricing | Indicative Quotes | 100.00% | 100.00% | 100.00% |
| Total Investments in Investment Funds | 2201 |  |  |  |  |  |
| Total Level 3 Investments | $2603803 |  |  |  |  |  |

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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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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. The significant unobservable inputs used in the fair value measurement of the Company's investments in the

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member's interest of Structured Credit Partners are indicative quotes. Significant increases in the discount rate or default rate in isolation would result in a significantly lower fair value measurement. A significant decrease in the recovery rate in isolation would result in a significantly lower fair value measurement.

***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 March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| SPV Credit Facility | $367294 | $367294 | $388750 | $388750 |
| SPV2 Credit Facility | 330000 | 330000 | 330000 | 330000 |
| 2024-1 Aaa/AAA Class A-1 Notes | 92500 | 92235 | 92500 | 92826 |
| 2024-1 Aaa/AAA Class A-L1 Notes | 104000 | 103702 | 104000 | 104366 |
| 2024-1 Aaa/AAA Class A-L2 Notes | 50000 | 49857 | 50000 | 50176 |
| 2024-1 Aaa/AAA Class A-2 Notes | 17000 | 17049 | 17000 | 17061 |
| 2024-1 Aaa/AAA Class B Notes | 25500 | 25451 | 25500 | 25504 |
| **Total** | $986294 | $985588 | $1007750 | $1008683 |

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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

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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.

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, 2026, 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 three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Base management fees | $4328 | $3688 |
| Incentive fees | 5582 | 4966 |
| Total base management fees and incentive fees | $9910 | $8654 |

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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 three months ended March 31, 2026 and 2025, there were no accrued or realized capital gains incentive fees.

As of March 31, 2026 and December 31, 2025, $9,910 and $10,013, 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

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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, 2026, 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.

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 three months ended March 31, 2026 and 2025, the Company incurred $513 and $259, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, $1,733 and $1,339, 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, 2026, 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 three months ended March 31, 2026 and 2025, the Company incurred $266 and $159, 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 March 31, 2026 and December 31, 2025, $573 and $552, 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 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 three months ended March 31, 2026. 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 fees 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 three months ended March 31, 2026 and 2025, the Company incurred $107 and $86, 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 March 31, 2026 and December 31, 2025, no fees or expenses associated with its directors were payable.

**5. STRUCTURED CREDIT PARTNERS JV, LLC**

***Overview***

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 unaudited consolidated financial statements. Structured Credit Partners primarily invests in broadly syndicated loans and is co-managed by Carlyle and Sixth Street. The broadly syndicated loans are 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

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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.

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. The Class A, Class B, and Class C memberships are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Capital Commitment** | **Class A Capital Called** | **Class B Capital Commitment** | **Class B Capital Called** | **Class C Capital Commitment** | **Class C Capital Called** |
| Carlyle Credit Solutions, Inc. | $1 | $1 | $15000 | $2200 | $135000 | $— |
| Carlyle Secured Lending, Inc. | 1 | 1 | 135000 | 19798 | 15000 |  |
| Sixth Street | 2 | 2 | 150000 | 21998 | 150000 |  |
| **Total** | $4 | $4 | $300000 | $43996 | $300000 | $— |

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As of March 31, 2026, Structured Credit Partners had three wholly owned subsidiaries. Carlyle US CLO 2026-A, Ltd., a Cayman Islands Corporation, was formed on December 23, 2025. Carlyle US CLO 2026-B, Ltd., a Cayman Islands Corporation, was formed on January 2, 2026 and Sixth Street SCP Warehouse 2, Ltd., a Cayman Islands Corporation, was formed on January 14, 2026. Each subsidiary primarily invests in broadly syndicated loans. As the subsidiaries are wholly owned subsidiaries, they are consolidated in Structured Credit Partners' unaudited consolidated financial statements commencing from the date of their respective formation.

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Below is certain summarized consolidated financial information for Structured Credit Partners as of March 31, 2026.

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| | |
|:---|:---|
| | **As of**<br>**March 31, 2026** |
| **Selected Consolidated Balance Sheet Information:** | **(unaudited)** |
| **ASSETS** |  |
| Investments, at fair value (amortized cost of $1,033,006) | $1028239 |
| Cash and cash equivalents<sup>(1)</sup> | 12389 |
| Other assets | 4042 |
| Total assets | $1044670 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |
| Secured borrowings | $320581 |
| Dividend payable | 670 |
| Accrued expenses and other liabilities | 684707 |
| Total Members' Equity<sup>(2)</sup> | 38712 |
| Total liabilities and members' equity | $1044670 |

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(1)As of March 31, 2026, none of Structured Credit Partners' cash and cash equivalents was restricted.

(2)As of March 31, 2026, the fair value of the Company's ownership interest in the members' equity was $2,201.

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| | |
|:---|:---|
| | **Three Months Ended <br>March 31,**<br>**2026** |
| **Selected Consolidated Statements of Operations Information:** | **(unaudited)** |
| &nbsp;&nbsp;&nbsp;Total investment income | $1450 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 531 |
| &nbsp;&nbsp;&nbsp;Other expenses | 800 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1331 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 119 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 30 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (4767) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) resulting from operations | $(4618) |

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Below is a summary of Structured Credit Partners' portfolio as of March 31, 2026:

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| | |
|:---|:---|
| | **As of**<br>**March 31, 2026** |
| Senior secured loans<sup>(1)</sup> | $1044693 |
| Number of portfolio companies in Structured Credit Partners | 334 |
| Average amount per portfolio company<sup>(1)</sup> | $3128 |
| Floating rate loans<sup>(2)</sup> | 100.0% |

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(1)At par/principal amount.

(2)Percent of total investments at fair value.

The industry and geography composition of investments as of March 31, 2026 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Aerospace & Defense | $40712 | $40659 | 3.9% |
| Auto Aftermarket & Services | 30623 | 30497 | 3.0 |
| Beverage & Food | 32615 | 32606 | 3.2 |
| Business Services | 130746 | 130199 | 12.6 |
| Capital Equipment | 59961 | 59813 | 5.8 |

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| | | | |
|:---|:---|:---|:---|
| **Industry** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Chemicals, Plastics & Rubber | $21009 | $20809 | 2.0% |
| Construction & Building | 41280 | 40894 | 4.0 |
| Consumer Goods: Durable | 16495 | 16416 | 1.6 |
| Consumer Goods: Non-Durable | 13240 | 13156 | 1.3 |
| Consumer Services | 84546 | 84303 | 8.2 |
| Containers, Packaging & Glass | 30493 | 30035 | 2.9 |
| Diversified Financial Services | 121301 | 120611 | 11.7 |
| Energy: Electricity | 5451 | 5436 | 0.5 |
| Energy: Oil & Gas | 15418 | 15414 | 1.5 |
| Environmental Industries | 8720 | 8742 | 0.9 |
| Forest Products & Paper | 5386 | 5130 | 0.5 |
| Healthcare & Pharmaceuticals | 60156 | 60096 | 5.8 |
| High Tech Industries | 72970 | 72589 | 7.1 |
| Leisure Products & Services | 66587 | 66372 | 6.5 |
| Media: Advertising, Printing & Publishing | 12110 | 12118 | 1.2 |
| Media: Broadcasting & Subscription | 2723 | 2717 | 0.3 |
| Media: Diversified & Production | 21050 | 21072 | 2.0 |
| Metals & Mining | 3981 | 3975 | 0.4 |
| Retail | 22661 | 22493 | 2.2 |
| Telecommunications | 10481 | 10454 | 1.0 |
| Transportation: Cargo | 5198 | 5184 | 0.5 |
| Transportation: Consumer | 19309 | 19194 | 1.9 |
| Utilities: Electric | 3187 | 3202 | 0.3 |
| Utilities: Oil & Gas | 1954 | 1948 | 0.2 |
| Wholesale | 72643 | 72105 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1033006 | $1028239 | 100.0% |

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| | | | |
|:---|:---|:---|:---|
| **Geography** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| Australia | $1855 | $1849 | 0.2% |
| Bermuda | 1359 | 1386 | 0.1 |
| Canada | 11106 | 11021 | 1.1 |
| Denmark | 589 | 587 | 0.1 |
| Germany | 15050 | 15048 | 1.4 |
| Hong Kong | 3210 | 3174 | 0.3 |
| Luxembourg | 19525 | 19446 | 1.9 |
| Netherlands | 13418 | 13314 | 1.3 |
| United Kingdom | 15189 | 15126 | 1.5 |
| United States | 951705 | 947288 | 92.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1033006 | $1028239 | 100.0% |

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***Debt***

Structured Credit Partners and its subsidiaries are party to separate credit facilities, as listed below. On a weighted average basis, the credit facilities bear interest at a spread of SOFR + 1.05%. As of March 31, 2026, Structured Credit Partners and its subsidiaries were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Carlyle US CLO 2026-A, Ltd** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Carlyle US CLO 2026-B, Ltd.** | **Sixth Street SCP Warehouse 2, Ltd.** | **Total** |
| **Three Months Ended March 31, 2026** | | | | |
| &nbsp;&nbsp;&nbsp;Outstanding borrowings, beginning of period | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Borrowings | 200341 | 565 | 119675 | 320581 |
| &nbsp;&nbsp;&nbsp;Repayments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Outstanding borrowings, end of period | $200341 | $565 | $119675 | $320581 |

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**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 March 31, 2026 and December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Counterparty** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Unrealized Appreciation (Depreciation)** |
| Barclays Bank PLC | $10188 | 13819 | $82 |
| Barclays Bank PLC | $90105 | 76062 | 1444 |
| Barclays Bank PLC | $54919 | £41035 | 737 |
| Barclays Bank PLC | £1209 | $1614 | (21) |
|  |  |  | $2242 |

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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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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 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.

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The following table is intended to provide additional information about the effect of the forward currency contracts on the unaudited 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 March 31, 2026 and December 31, 2025. Refer to Note 3, Fair Value Measurements, to these unaudited consolidated financial statements for details related to the fair value measurement of derivatives instruments.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **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 | $2299 | $(57) | $2242 | $— | $2242 |

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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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**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 March 31, 2026 and December 31, 2025, asset coverage was 282.0% and 275.2%, 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 March 31, 2026 and December 31, 2025.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPV Credit Facility | $367294 | $388750 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPV2 Credit Facility | 330000 | 330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024-1 Debt | 289000 | 289000 |
| **Total principal amount outstanding** | 986294 | 1007750 |
| &nbsp;&nbsp;Less: unamortized debt issuance costs | (1876) | (1916) |
| **Total carrying value** | $984418 | $1005834 |

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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 March 31, 2026, 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 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.

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Below is a summary of the borrowings and repayments under the SPV Credit Facility for the three months ended March 31, 2026 and 2025, and the outstanding balances under the SPV Credit Facility for the respective periods.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Outstanding borrowings, beginning of period | $388750 | $164732 |
| Borrowings | 319585 | 144919 |
| Repayments | (339000) | (125649) |
| Foreign currency translation | (2041) | 2110 |
| Outstanding borrowings, end of period | $367294 | $186112 |

---

The SPV Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Facility** | **Borrowings<br>Outstanding** | **Unused** <br>**Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> |
| March 31, 2026 | $400000 | $367294 | $32706 | $32706 |
| December 31, 2025 | $400000 | $388750 | $11250 | $11250 |

---

&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 three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees of the SPV Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Interest expense | $3230 | $2590 |
| Facility unused commitment fee | 381 | 257 |
| Amortization of deferred financing costs | 252 | 221 |
| **Total interest expense and credit facility fees** | $3863 | $3068 |
| Cash paid for interest expense and credit facility fees | $3179 | $1831 |
| Weighted average debt principal outstanding | $250143 | $162992 |
| Weighted average interest rate<sup>(1)</sup> | 5.17% | 6.36% |

---

&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 March 31, 2026 and December 31, 2025, the components of interest and credit facility fees payable of the SPV Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Interest expense payable | $2583 | $2271 |
| Unused commitment fees payable | 349 | 295 |
| Other credit facility fees payable | 243 | 301 |
| **Interest and credit facility fees payable** | $3175 | $2867 |
| Weighted average interest rate  | 5.32% | 5.50% |

---

***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 March 31, 2026, 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

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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 three months ended March 31, 2026 and 2025, and the outstanding balances under the SPV2 Credit Facility for the respective periods.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Outstanding borrowings, beginning of period | $330000 | $55000 |
| Borrowings |  | 82500 |
| Repayments |  |  |
| Outstanding borrowings, end of period | $330000 | $137500 |

---

The SPV2 Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Facility** | **Borrowings<br>Outstanding** | **Unused** <br>**Portion** <sup>(1)</sup> | **Amount<br>Available** <sup>(2)</sup> |
| March 31, 2026 | $550000 | $330000 | $220000 | $220000 |
| December 31, 2025 | $550000 | $330000 | $220000 | $220000 |

---

&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 three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees of the SPV2 Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Interest expense | $5126 | $1917 |
| Facility unused commitment fee | 138 | 441 |
| Amortization of deferred financing costs | 229 | 228 |
| **Total interest expense and credit facility fees** | $5493 | $2586 |
| Cash paid for interest expense and credit facility fees | $1887 | $2088 |
| Weighted average debt principal outstanding | $330000 | $111833 |
| Weighted average interest rate<sup>(1)</sup> | 6.21% | 6.86% |

---

&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 March 31, 2026 and December 31, 2025, the components of interest and credit facility fees payable of the SPV2 Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Interest expense payable | $3468 | $178 |
| Unused commitment fees payable | 93 | 5 |
| Other credit facility fees payable | 243 | 194 |
| **Interest and credit facility fees payable** | $3804 | $377 |
| Weighted average interest rate  | 6.20% | 6.49% |

---

***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 March 31, 2026, the Company retained $59,500 in the Class C and D notes. The

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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.

The following table summarizes the terms of the 2024-1 Debt and the principal amount and carrying value as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **As of** | **As of** |
|<br>**2024-1 Debt Tranche**<sup>(1)</sup> |<br>**Credit Rating** |<br>**Reference Rate** |<br>**Spread** | **March 31, 2026** | **December 31, 2025** |
| 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 |  |  |  | (1876) | (1916) |
| **Total Carrying Value** |  |  |  | $287124 | $287084 |

---

(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 the 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.

As of March 31, 2026, the 2024-1 Debt was secured by 85 investments with a total fair value of $405,309 and cash of $15,523. 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.

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For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees on the 2024-1 Debt were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Interest expense | $3944 | $4758 |
| Amortization of deferred financing costs and debt issuance costs | 40 | 40 |
| **Total interest expense and credit facility fees** | $3984 | $4798 |
| Cash paid for interest expense and credit facility fees | $5083 | $— |
| Weighted average debt principal outstanding | $289000 | $289000 |
| Weighted average interest rate<sup>(1)</sup> | 5.58% | 6.69% |

---

&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.

As of March 31, 2026 and December 31, 2025, $2,778 and $2,920, respectively, of interest expense related to securitizations was included in interest and credit facility fees payable. As of March 31, 2026 and December 31, 2025, the weighted average interest rates were 5.41% and 5.60%, respectively, based on benchmark rates.

**8. COMMITMENTS AND CONTINGENCIES**

The following table summarizes the Company's significant contractual payment obligations as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| **Payment Due by Period** | **March 31, 2026** | **December 31, 2025** |
| Less than one year | $— | $— |
| 1-3 years |  |  |
| 3-5 years | 367294 | 388750 |
| More than 5 years | 619000 | 619000 |
| Total | $986294 | $1007750 |

---

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 unaudited consolidated financial statements as of March 31, 2026 and audited consolidated financial statements as of December 31, 2025 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:

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| | | |
|:---|:---|:---|
| | **Par / Principal Amount as of** | **Par / Principal Amount as of** |
| | **March 31, 2026** | **December 31, 2025** |
| Unfunded delayed draw commitments | $254976 | $250388 |
| Unfunded revolving loan commitments | 155267 | 158139 |
| Total unfunded commitments | $410243 | $408527 |

---

**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 97,563,051 and 93,812,679 Shares were issued and outstanding as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and 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

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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.

**Share Issuances**

*New Continuous Offering*

The following table summarizes total shares of common stock issued and proceeds related to capital activity during the three months ended March 31, 2026 and 2025. There were no shares of Class S or Class D common stock issued for the periods presented.

---

| | | |
|:---|:---|:---|
| | **Shares Issued** | **Proceeds Received** |
| **Three Months Ended March 31, 2025** | | |
| January 1, 2025 | 640973 | $12454 |
| February 1, 2025 | 592986 | 11534 |
| March 1, 2025 | 191543 | 3718 |
| Total | 1425502 | $27706 |
| **Three Months Ended March 31, 2026** |  |  |
| January 1, 2026 | 6511297 | $122543 |
| February 1, 2026 | 801534 | 15077 |
| March 1, 2026 | 353591 | 6555 |
| Total | 7666422 | $144175 |

---

On April 1, 2026, the Company accepted subscriptions in the amount of $38,159 with 2,074,963 Class I Shares issued as of such date. There were no shares of Class S or Class D common stock issued on April 1, 2026.

*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 during the three months ended March 31, 2026 and 2025. There were no shares of Class S or Class D common stock outstanding for the periods presented.

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| | | |
|:---|:---|:---|
| | **Shares Issued** | **Total Consideration** |
| **Three Months Ended March 31, 2025** | | |
| January 17, 2025 | 72192 | $1403 |
| February 18, 2025 | 67606 | 1315 |
| March 18, 2025 | 68955 | 1338 |
| Total | 208753 | $4056 |
| **Three Months Ended March 31, 2026** |  |  |
| January 29, 2026 | 91268 | $1717 |
| February 26, 2026 | 85305 | 1605 |
| March 27, 2026 | 87707 | 1626 |
| Total | 264280 | $4948 |

---

**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

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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 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. As of March 31, 2026, the most recent Qualifying Tender was the Quarterly Tender Offer that commenced on March 23, 2026, with a cash payment date of April 29, 2026.

The following summarizes the results of the Quarterly Tender Offers completed for the three months ended March 31, 2026 and 2025. There were no shares of Class S or Class D common stock outstanding for the periods presented.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $16067 | 826938 | 1.1% |
| April 28, 2025 | 3.5% | $19.23 | March 31, 2025 | $12676 | 659196 | 0.8% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> |
| January 30, 2026 | 3.5% | $18.82 | December 31, 2025 | $78674 | 4180330 | 4.5% | (5) |
| April 29, 2026 | 5.0% | $18.39 | March 31, 2026 | $86665 | 4712598 | 4.8% | (6) |

---

(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 Securities Exchange Act of 1934 (the "Exchange Act"), the Company accepted an additional 1,471,222 shares in the Quarterly Tender Offer that had a December 31, 2025 Repurchase Pricing Date, representing approximately 1.90% of its common stock outstanding as of September 30, 2025.

(6)Pursuant to Rule 13e-4(f)(1) of the Exchange Act, the Company accepted an additional 21,964 shares in the Quarterly Tender Offer that had a March 31, 2026 Repurchase Pricing Date, representing approximately 0.02% of its common stock outstanding as of December 31, 2025.

On March 23, 2026, the Company commenced a Quarterly Tender Offer pursuant to which the Company offered to repurchase up to 4,690,634 Shares, representing 5.0% of the number of Shares outstanding as of December 31, 2025. On April 17, 2026, the Quarterly Tender Offer expired and the Company accepted 4,712,598 Shares for purchase, which share amount includes an additional 21,964 Shares accepted. The 4,712,598 Shares represent approximately 4.8% of the total number of Shares outstanding as of March 31, 2026. The 21,964 of additional Shares included in the Quarterly Tender Offer represents approximately 0.02% of the number of Shares outstanding as of December 31, 2025. The purchase price of the Shares tendered is the Company's NAV per Share as of March 31, 2026, or $18.39 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 March 31, 2026 less the 2% early repurchase fee applicable to Shares that have not been outstanding for at least one year.

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The following tables summarize capital activity during the three months ended March 31, 2026 and March 31, 2025:

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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, 2026 | 93812679 | $938 | $1871027 | $31000 | $(104993) | $(32348) | $1765624 |
| Common stock issued | 7666422 | 77 | 144098 |  |  |  | 144175 |
| Dividend reinvestment | 264280 | 3 | 4945 |  |  |  | 4948 |
| Repurchase of common stock | (4180330) | (42) | (78632) |  |  |  | (78674) |
| Net investment income (loss) |  |  |  | 39093 |  |  | 39093 |
| Net realized gain (loss) |  |  |  |  | (11121) |  | (11121) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (21969) | (21969) |
| Dividends declared |  |  |  | (47523) |  |  | (47523) |
| Balance, March 31, 2026 | 97563051 | $976 | $1941438 | $22570 | $(116114) | $(54317) | $1794553 |

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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, 2025 | 76812863 | $768 | $1549238 | $48343 | $(52331) | $(53556) | $1492462 |
| Common stock issued | 1425501 | 14 | 27692 |  |  |  | 27706 |
| Dividend reinvestment | 208753 | 2 | 4054 |  |  |  | 4056 |
| Repurchase of common stock | (826938) | (8) | (16054) |  |  |  | (16062) |
| Net investment income (loss) |  |  |  | 34772 |  |  | 34772 |
| Net realized gain (loss) |  |  |  |  | (12814) |  | (12814) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 105 | 105 |
| Dividends declared |  |  |  | (37844) |  |  | (37844) |
| Balance, March 31, 2025 | 77620179 | $776 | $1564930 | $45271 | $(65145) | $(53451) | $1492381 |

---

**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 period.

Basic and diluted earnings per share were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net increase (decrease) in net assets resulting from operations | $6003 | $22063 |
| Weighted-average shares outstanding | 98052063 | 77394571 |
| Basic and diluted earnings per Class I share | $0.06 | $0.29 |

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<u>[**Table of Contents**](#iffad41f9e99c420ea8d0314947d8c0b5_10)</u>

**Dividends**

The following table summarizes the Company's dividends declared during the two most recent fiscal years and the current fiscal year to date. 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 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 |
| January 28, 2026 | January 30, 2026 | February 26, 2026 | $0.16 |
| February 25, 2026 | February 27, 2026 | March 27, 2026 | $0.16 |
| March 19, 2026 | March 31, 2026 | April 28, 2026 | $0.17 |
| April 24, 2026 | April 30, 2026 | May 27, 2026 | $0.16 |

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On April 24, 2026, the Board of Directors declared a dividend of $0.16 per Class I Share, which is payable on or about May 27, 2026, to common stockholders of record as of April 30, 2026.

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**10. CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following is a schedule of consolidated financial highlights for the three months ended March 31, 2026 and 2025. The amounts presented below are for Class I common stock and there were no shares of Class S or Class D common stock outstanding during the periods presented.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Per Share Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, beginning of period | $18.82 | $19.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.40 | 0.45 |
| &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 | (0.34) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 0.06 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared<sup>(2)</sup> | (0.49) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, end of period | $18.39 | $19.23 |
| Number of shares outstanding, end of period | 97563051 | 77620179 |
| Total return based on net asset value<sup>(3)</sup> | 0.32% | 1.49% |
| Net assets, end of period | $1794553 | $1492381 |
| **Ratio to average net assets:**<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fees | 1.13% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses after incentive fees | 1.44% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.20% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 0.75% | 0.70% |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage, end of period | 281.95% | 343.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | 9.45% | 8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average shares outstanding | 98052063 | 77394571 |

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(1)Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period.

(2)Dividends declared per share was calculated as the sum of dividends declared during the period divided by the number of shares outstanding at the date of the relevant transaction (refer to Note 9, Net Assets, to these unaudited consolidated financial statements).

(3)Total return based on net asset value (not annualized) is based on the change in net asset value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the period.

(4)These 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 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 unaudited consolidated financial

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statements. As of March 31, 2026 and December 31, 2025, 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 unaudited 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 March 31, 2026 and December 31, 2025.

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. 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.

The Company's taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of the dividends declared for the three months ended March 31, 2026 and 2025 was as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Ordinary income | $47523 | $37844 |
| Tax return of capital | $— | $— |

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**14. SUBSEQUENT EVENTS**

Subsequent events have been evaluated through the date the unaudited consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the unaudited consolidated financial statements were issued, except as disclosed elsewhere in these unaudited consolidated financial statements.

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**Item 2. 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)**

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

We have included or incorporated by reference in this Form 10-Q, 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-Q 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, including, in particular, as a result of the military conflict in Iran;

&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 status 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;

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&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;

&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 our annual report on Form 10-K for the year ended December 31, 2025 (our "2025 Form 10-K").

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1 of this Form 10-Q "Financial Statements." 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 our 2025 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-Q.*

**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 broadly syndicated loans or 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.

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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 210 investment professionals with 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.

**First Quarter 2026 Highlights**

***Quarterly Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income was $39.1 million or $0.40 per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended March 31, 2026, dividends declared on Class I Shares were $47.5 million or $0.49 per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income for the three months ended March 31, 2026 increased from the comparable period in the prior year primarily due to a higher average outstanding investment balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NAV per Share decreased to $18.39 as of March 31, 2026 from $18.82 as of December 31, 2025.

***Portfolio and Investment Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of March 31, 2026, we held 278 investments across 202 portfolio companies (including 38 investments in structured credit investments across 35 different collateral managers) and 31 industries for a total fair value of $2.6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended March 31, 2026, our investment balance decreased from $2.7 billion to $2.6 billion due to an increase in repayment activity, which outpaced new investment fundings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of March 31, 2026, non-accrual investments represented 0.8% and 0.7% of our portfolio based on cost and fair value, respectively.

***Liquidity and Capital Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended March 31, 2026, we received $144.2 million in total subscriptions and issued 7,666,422 Class I Shares in connection with these subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended March 31, 2026, through our Quarterly Tender Offers, we repurchased and extinguished 4,180,330 Shares for a cost of $78.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity as of March 31, 2026 was $439.9 million in cash and unused debt capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commencing with our March 2026 Quarterly Tender Offer, our Board of Directors approved an increase in the maximum number of Shares that may be purchased through our Quarterly Tender Offer from 3.5% of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offering is conducted to 5.0% of such number of Shares.

***Recent Developments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 1, 2026, we accepted subscriptions in the amount of $38.2 million for 2,074,963 Class I Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 17, 2026, we repurchased and extinguished 4,712,598 shares for a cost of $86.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 24, 2026, we declared a dividend of $0.16 per Class I Share payable on or about May 27, 2026 to common stockholders of record as of April 30, 2026.

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**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 March 31, 2026, we recorded basic and diluted earnings per Share of $0.06, declared dividends per Share of $0.49 and earned $0.40 of net investment income per 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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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **December 31, 2025** |
| Net increase (decrease) in net assets resulting from operations | $6003 | $26181 |
| Weighted-average shares outstanding | 98052063 | 92436260 |
| Earnings per share - Basic and Diluted | $0.06 | $0.28 |

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For the three months ended March 31, 2026 and December 31, 2025, we declared dividends of $0.49 per Share for each period. As of March 31, 2026 and December 31, 2025, our NAV per Share was $18.39 and $18.82, 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;

&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;

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&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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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **December 31, 2025** |
| Total investment income | $64707 | $65017 |
| Total expenses (including excise tax expense) | 25614 | 25470 |
| Net investment income | $39093 | $39547 |
| Weighted-average shares outstanding | 98052063 | 92436260 |
| Net investment income per share | $0.40 | $0.43 |

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**Portfolio and Investment Activity**

***Portfolio Overview***

The following tables summarize certain characteristics of our investment portfolio as of March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **First Lien Debt** | **Second Lien Debt** | **Equity Investments** | **Structured Credit Investments** | **Investment Fund** | **Total Investments** |
| Count of investments | 195 | 7 | 35 | 38 | 3 | 278 |
| Investments, at amortized cost | $2386683 | $46998 | $107426 | $111121 | $2201 | $2654429 |
| Investments, at fair value | $2338827 | $42145 | $113398 | $107508 | $2201 | $2604079 |
| Percentage of total investments at fair value | 89.8% | 1.6% | 4.4% | 4.1% | 0.1% | 100.0% |

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| | | |
|:---|:---|:---|
| | **Weighted Average Yields at** | **Weighted Average Yields at** |
| | **Amortized Cost** | **Fair Value** |
| First Lien Debt<sup>(1)</sup> | 9.3% | 9.5% |
| Second Lien Debt<sup>(1)</sup> | 11.7% | 13.1% |
| Total Debt and Income Producing Investments<sup>(1)(2)</sup> | 9.4% | 9.6% |

---

(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2026. 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 9.3% as of March 31, 2026.

(2)Weighted average yield for total debt and income producing investments includes Structured Credit Partners as well as income producing equity investments.

The geographical composition of investments at fair value as of March 31, 2026 were as follows:

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| | |
|:---|:---|
| **Geography—% of Fair Value** | **As of**<br>**March 31, 2026** |
| Australia | 0.1% |
| Bermuda | 0.1 |
| Canada | 4.7 |
| Cayman Islands | 3.3 |
| France | 1.1 |
| Ireland | 1.0 |
| Italy | 1.2 |
| Luxembourg | 2.3 |
| Netherlands | 0.3 |
| Spain | 0.3 |
| Sweden | 0.0 |
| United Kingdom | 4.0 |
| United States | 81.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

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

The industry composition of investments at fair value as of March 31, 2026 were as follows:

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| | |
|:---|:---|
| **Industry—% of Fair Value** | **As of**<br>**March 31, 2026** |
| Aerospace & Defense | 2.3% |
| Auto Aftermarket & Services | 1.8 |
| Beverage & Food | 0.5 |
| Business Services | 8.7 |
| Capital Equipment | 3.9 |
| Chemicals, Plastics & Rubber | 1.3 |
| Construction & Building | 3.7 |
| Consumer Goods: Durable | 0.0 |
| Consumer Goods: Non-Durable | 0.2 |
| Consumer Services | 8.0 |
| Containers, Packaging & Glass | 2.5 |
| Diversified Financial Services | 11.1 |
| Energy: Electricity | 1.1 |
| Energy: Oil & Gas | 1.3 |
| Environmental Industries | 3.8 |
| Healthcare & Pharmaceuticals | 15.3 |

---

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---

| | |
|:---|:---|
| **Industry—% of Fair Value** | **As of**<br>**March 31, 2026** |
| High Tech Industries | 4.5% |
| Investment Funds | 0.1 |
| Leisure Products & Services | 5.8 |
| Media: Broadcasting & Subscription | 0.5 |
| Media: Diversified & Production | 0.5 |
| Retail | 0.7 |
| Software | 13.2 |
| Sovereign & Public Finance | 0.0 |
| Structured Credit | 4.2 |
| Telecommunications | 0.3 |
| 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% |

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Our investment activity for the three months ended March 31, 2026 is presented below (information presented herein is at amortized cost unless otherwise indicated):

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| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| **Investments:** | |
| **Total investments, beginning of period** | $2676109 |
| New investments purchased | 246834 |
| Net accretion of discount on investments | 2751 |
| Net realized gain (loss) on investments | (12096) |
| Investments sold or repaid | (259169) |
| **Total Investments, end of period** | $2654429 |
| **Principal amount of investments funded:** |  |
| First Lien Debt | $225409 |
| Second Lien Debt | 239 |
| Equity Investments<sup>(1)</sup> | 17969 |
| Structured Credit Investments |  |
| Investment Funds | 2201 |
| **Total** | $245818 |
| **Principal amount of investments sold or repaid:** |  |
| First Lien Debt | $(260104) |
| Second Lien Debt | (11696) |
| Equity Investments<sup>(1)</sup> | (1832) |
| Structured Credit Investments |  |
| Investment Funds |  |
| **Total** | $(273632) |
| Number of new investment commitments<sup>(2)(3)</sup> | 14 |
| Average new investment commitment amount | $15823 |

---

(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 three months ended March 31, 2026, 100.0% of new funded debt investments and structured credit investments were at floating interest rates.

See the Consolidated Schedules of Investments as of March 31, 2026 to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on these 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 March 31, 2026 and December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **% of Fair Value** | **Fair Value** | **% of Fair Value** |
| Internal Risk Rating 1 | $— | —% | $— | —% |
| Internal Risk Rating 2 | 2199650 | 92.4 | 2274037 | 93.3 |
| Internal Risk Rating 3 | 164240 | 6.9 | 137626 | 5.6 |
| Internal Risk Rating 4 | 17082 | 0.7 | 16779 | 0.7 |
| Internal Risk Rating 5 | 0 | 0.0 | 10561 | 0.4 |
| **Total** | $2380972 | 100.0% | $2439003 | 100.0% |

---

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

As of March 31, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our first lien and second lien debt investment portfolio was 2.1 in both periods. As of March 31, 2026 and December 31, 2025, five and six of our first lien and second lien debt investments were assigned an Internal Risk Rating of 4 or 5, respectively.

The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of March 31, 2026 and December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Number of Investments** | **Fair Value** | **% of Fair Value** | **Number of Investments** | **Fair Value** | **% of Fair Value** |
| Performing | 272 | $2586997 | 99.3% | 250 | $2623946 | 99.0% |
| Non-accrual<sup>(1)</sup> | 6 | 17082 | 0.7 | 7 | 27340 | 1.0 |
| Total | 278 | $2604079 | 100.0% | 257 | $2651286 | 100.0% |

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(1)For information regarding our non-accrual policy, see Note 2, Significant Accounting Policies, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.

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***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 unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q 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** |
| | **March 31, 2026** | **December 31, 2025** |
| SPV Credit Facility | $367294 | $388750 |
| SPV2 Credit Facility | 330000 | 330000 |
| 2024-1 Debt | 289000 | 289000 |
| **Total** | $986294 | $1007750 |
| Weighted average interest rate | 5.64% | 5.85% |

---

*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 March 31, 2026, 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 March 31, 2026 and December 31, 2025:

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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** |
| March 31, 2026 | $400000 | $367294 | $32706 | $32706 | 5.32% |
| December 31, 2025 | $400000 | $388750 | $11250 | $11250 | 5.50% |

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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.

*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.

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The SPV2 Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:

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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** |
| March 31, 2026 | $550000 | $330000 | $220000 | $220000 | 6.20% |
| December 31, 2025 | $550000 | $330000 | $220000 | $220000 | 6.49% |

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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.

*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 March 31, 2026. 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 March 31, 2026 and December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **As of** | **As of** |
|<br>**2024-1 Debt Tranche** <sup>(1)</sup> |<br>**Credit Rating** |<br>**Reference Rate** |<br>**Spread** | **March 31, 2026** | **December 31, 2025** |
| 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 |  |  |  | (1876) | (1916) |
| **Total Carrying Value** |  |  |  | $287124 | $287084 |
| Weighted average interest rate |  |  |  | 5.41% | 5.60% |

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(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.

*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

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counterparty. As of March 31, 2026, the total unrealized appreciation (depreciation) related to forward currency contracts governed by these agreements was $2,242.

***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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Capital Commitment** | **Class A Capital Called** | **Class B Capital Commitment** | **Class B Capital Called** | **Class C Capital Commitment** | **Class C Capital Called** |
| Carlyle Credit Solutions, Inc. | $1 | $1 | $15000 | $2200 | $135000 | $— |
| Carlyle Secured Lending, Inc. | 1 | 1 | 135000 | 19798 | 15000 |  |
| Sixth Street | 2 | 2 | 150000 | 21998 | 150000 |  |
| **Total** | $4 | $4 | $300000 | $43996 | $300000 | $— |

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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 invests in the equity and debt of financing subsidiaries that act as warehouses for the acquisition of broadly syndicated loans and issue debt securities collateralized by such loans, with investment opportunities 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.

Our share of the dividends declared by Structured Credit Partners was $34 for the three months ended March 31, 2026. As of March 31, 2026, our annualized dividend yield from Structured Credit Partners was 10.7%.

Below is a summary of Structured Credit Partners' portfolio as of March 31, 2026:

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| | |
|:---|:---|
| | **As of** |
| | **March 31, 2026** |
| Senior secured loans<sup>(1)</sup> | $1044693 |
| Weighted average yield on senior secured loans based on amortized cost<sup>(2)</sup> | 6.9% |
| Weighted average yield on senior secured loans based on fair value<sup>(2)</sup> | 7.0% |
| Number of portfolio companies in Structured Credit Partners | 334 |
| Average amount per portfolio company | $3128 |
| Floating rate loans<sup>(3)</sup> | 100.0% |

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(1)At par/principal amount.

(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2026. Weighted average yield on debt 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 on debt 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.

(3)Percent of total investments at fair value.

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**Consolidated Results of Operations**

***For the three months ended March 31, 2026 and December 31, 2025***

The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Change** |
| | **March 31, 2026** | **December 31, 2025** | **$** |
| **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $56377 | $58543 | $(2166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 5840 | 5430 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 34 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 2456 | 1044 | 1412 |
| Total investment income | 64707 | 65017 | (310) |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees | 4328 | 4359 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 5582 | 5653 | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 708 | 612 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 513 | 494 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 13340 | 13467 | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 107 | 117 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 1036 | 763 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense |  | 5 | (5) |
| **Total expenses** | 25614 | 25470 | 144 |
| **Net investment income (loss)** | 39093 | 39547 | (454) |
| **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |  |
| Net realized gain (loss) on investments | (12096) | (18680) | 6584 |
| Net realized currency gain (loss) on non-investment assets and liabilities | (150) | (200) | 50 |
| Net realized gain (loss) on forward currency contracts | 1125 | 558 | 567 |
| Net change in unrealized appreciation (depreciation) on investments | (25527) | 5255 | (30782) |
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | 1660 | (166) | 1826 |
| Net change in unrealized gain (loss) on forward currency contracts | 1898 | (133) | 2031 |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts | (33090) | (13366) | (19724) |
| **Net increase (decrease) in net assets resulting from operations** | $6003 | $26181 | $(20178) |

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***Investment Income***

The decrease in investment income for the three months ended March 31, 2026 as compared to the three months ended December 31, 2025, was primarily driven by a lower weighted average yield on the portfolio. As of March 31, 2026, the size of our portfolio decreased to $2,654,429 from $2,676,109 as of December 31, 2025, at amortized cost. As of March 31, 2026 and December 31, 2025, the weighted average yield of our total debt and income producing investments was 9.4% and 9.6%, 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 March 31, 2026 and December 31, 2025, six and seven of our debt and preferred equity investments, respectively, were on non-accrual status. As of March 31, 2026 and December 31, 2025, non-accrual investments had a fair value of $17,082 and $27,340, which represented approximately 0.7% and 1.0% of total investments at fair value, respectively. The remaining income producing investments were performing and current on their interest payments as of March 31, 2026 and December 31, 2025.

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The increase in dividend income for the three months ended March 31, 2026, compared to the three months ended December 31, 2025, is due to dividends declared from Structured Credit Partners.

The increase in other income for the three months ended March 31, 2026, compared to the three months ended December 31, 2025, was primarily driven by an increase in prepayment fees.

***Expenses***

The decrease in interest expense and credit facility fees for the three months ended March 31, 2026 from the three months ended December 31, 2025 was primarily driven by a lower weighted average debt balance and lower base rates.

The decrease in incentive fees was driven by lower pre-incentive fee net investment income for the three months ended March 31, 2026 compared to the three months ended December 31, 2025.

For the three months ended March 31, 2026, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of March 31, 2026. 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 unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base 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 March 31, 2026 and December 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **December 31, 2025** |
| Realized gains on investments | $488 | $9 |
| Number of investments with realized gains | 2 | 2 |
| Realized losses on investments | $(12584) | $(18689) |
| Number of investments with realized losses | 2 | 3 |
| Change in unrealized appreciation on investments | $15912 | $25571 |
| Number of investments with unrealized appreciation | 48 | 87 |
| Change in unrealized depreciation on investments | $(41439) | $(20316) |
| Number of investments with unrealized depreciation | 209 | 158 |

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During the three months ended March 31, 2026, we recognized a net realized loss related to the restructuring of our investments in 48forty Intermediate Holdings, Inc. During the three months ended December 31, 2025, we recognized a net realized loss related to 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 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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***For the three months ended March 31, 2026 and March 31, 2025***

The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and March 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Change** |
| | **March 31, 2026** | **March 31, 2025** | **$** |
| **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $56377 | $49566 | $6811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK income | 5840 | 5451 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 34 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 2456 | 951 | 1505 |
| Total investment income | 64707 | 55968 | 8739 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees | 4328 | 3688 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 5582 | 4966 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 708 | 455 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 513 | 259 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 13340 | 10452 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 107 | 86 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 1036 | 792 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense |  | 498 | (498) |
| Total expenses | 25614 | 21196 | 4418 |
| **Net investment income (loss)** | 39093 | 34772 | 4321 |
| **Net realized gain (loss) and net change in unrealized appreciation (depreciation):** |  |  |  |
| Net realized gain (loss) on investments | (12096) | (17933) | 5837 |
| Net realized currency gain (loss) on non-investment assets and liabilities | (150) | 1477 | (1627) |
| Net realized gain (loss) on forward currency contracts | 1125 | 3642 | (2517) |
| Net change in unrealized appreciation (depreciation) on investments | (25527) | 9021 | (34548) |
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | 1660 | (2275) | 3935 |
| Net change in unrealized gain (loss) on forward currency contracts | 1898 | (6641) | 8539 |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | (33090) | (12709) | (20381) |
| **Net increase (decrease) in net assets resulting from operations** | $6003 | $22063 | $(16060) |

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***Investment Income***

The increase in investment income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by a higher average outstanding investment balance. As of March 31, 2026, the size of our portfolio increased to $2,654,429 from $2,046,580 as of March 31, 2025, at amortized cost. As of March 31, 2026 and March 31, 2025, the weighted average yield of our total debt and income producing investments was 9.4% and 10.7%, 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 March 31, 2026 and March 31, 2025, six and five of our debt and preferred equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $17,082 and $35,000, which represented approximately 0.7% and 1.8% of total investments at fair value as of March 31, 2026 and March 31, 2025, respectively. The remaining income producing investments were performing and current on their interest payments as of March 31, 2026 and March 31, 2025.

The increase in dividend income for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, was primarily driven by the dividend received from Structured Credit Partners.

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The increase in other income for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, was primarily driven by an increase in prepayment fees.

***Expenses***

The increase in interest expense and credit facility fees for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by a higher average principal balance during the three months ended March 31, 2026.

The increase in base management fees for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was driven by a higher net asset value for the three months ended March 31, 2026.

The increase in incentive fees for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was driven by higher pre-incentive fee net investment income for the three months ended March 31, 2026.

For the three months ended March 31, 2026, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of March 31, 2026. 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 unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q 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 March 31, 2026 and March 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Realized gains on investments | $488 | $79 |
| Number of investments with realized gains | 2 | 3 |
| Realized losses on investments | $(12584) | $(18012) |
| Number of investments with realized losses | 2 | 2 |
| Change in unrealized appreciation on investments | $15912 | $29949 |
| Number of investments with unrealized appreciation | 48 | 83 |
| Change in unrealized depreciation on investments | $(41439) | $(20928) |
| Number of investments with unrealized depreciation | 209 | 121 |

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During the three months ended March 31, 2026, we recognized a net realized loss related to the restructuring of our investments in 48forty Intermediate Holdings, Inc. During the three months ended March 31, 2025, we recognized a realized loss related to the restructuring of our investment in Aimbridge Acquisition Co., 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 March 31, 2026, we had $986,294 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 March 31, 2026, we had $439,889 of liquidity that can be used to satisfy our short-term cash requirements and working capital for our business. As of March 31, 2026 and December 31, 2025, the debt to equity ratio was 0.55x and 0.57x, respectively. Refer to Note 7, Borrowings, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q 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.

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Cash, cash equivalents and restricted cash | $187183 | $122352 |
| Available borrowings under Credit Facilities | 252706 | 231250 |
| **Total Liquidity** | $439889 | $353602 |

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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 unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.

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 March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| | **Par / Principal Amount as of** | **Par / Principal Amount as of** |
| | **March 31, 2026** | **December 31, 2025** |
| Unfunded delayed draw commitments | $254976 | $250388 |
| Unfunded revolving commitments | 155267 | 158139 |
| Total unfunded commitments | $410243 | $408527 |

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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 outstanding principal amount of all collateral obligations issued by the 2024-1 Issuer, subject to adjustments, for so long as any

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securities of the 2024-1 Issuer remains outstanding. As of March 31, 2026 and December 31, 2025, we were in compliance with this undertaking.

***Cash Flows***

The following table details the net change in our cash and cash equivalents:

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| | |
|:---|:---|
| | **Three Months Ended** |
| | **March 31, 2026** |
| Cash flows provided by (used in) operating activities | $60682 |
| Cash flows provided by (used in) financing activities | 4149 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $64831 |

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During the three months ended March 31, 2026, we paid $224,552 related to cost of investments purchased and received $247,562 in proceeds from sales and repayments on our investments. During the three months ended March 31, 2026, we had net repayments of $19,415 on our Credit Facilities. During the three months ended March 31, 2026, we issued 7,666,422 shares for an aggregate offering price of $144,175, and repurchased and extinguished 4,180,330 shares for an aggregate purchase price of $78,674.

**Critical Accounting Policies and Estimates**

The preparation of our unaudited 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. There have been no material changes in the critical accounting estimates since those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 3. 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 March 31, 2026, 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 of the settled debt investments in our portfolio, excluding our investment in Structured Credit Partners, held as of March 31,

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2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, 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), excluding our investment in Structured Credit Partners, and outstanding secured borrowings assuming no changes in our investment and borrowing structure:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Basis Point Change** | **Interest Income** | **Interest Expense** | **Net Investment Income** | **Interest Income** | **Interest Expense** | **Net Investment Income** |
| Up 300 basis points | $76336 | $(29589) | $46747 | $76863 | $(30232) | $46631 |
| Up 200 basis points | $50891 | $(19726) | $31165 | $51242 | $(20155) | $31087 |
| Up 100 basis points | $25445 | $(9863) | $15582 | $25621 | $(10077) | $15544 |
| Down 100 basis points | $(25445) | $9863 | $(15582) | $(25621) | $10077 | $(15544) |
| Down 200 basis points | $(50745) | $19726 | $(31019) | $(51107) | $20155 | $(30952) |
| Down 300 basis points | $(71715) | $28666 | $(43049) | $(72737) | $29529 | $(43208) |

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**Item 4. 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.

***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

The Company may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. 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 unaudited consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

**Item 1A. Risk Factors**

In addition to the other information set forth within this Form 10-Q, consideration should be given to the information disclosed in *"Risk Factors"* in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

Except as previously reported by the Company on a Current Report on Form 8-K, we did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.

**Share Repurchases**

In the second quarter of 2022, we commenced a quarterly liquidity program pursuant to which we conducted quarterly tender offers (the "Quarterly Tender Offer") to repurchase up to 3.5% of the number of shares of our common stock 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 net asset value per share as of the last day of the quarter in which the Quarterly Tender Offer was conducted, less an early repurchase fee of 2% of the net asset value 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. Commencing with our Quarterly Tender Offer that commenced in March 2026, the Board of Directors approved an increase in the maximum number of shares that may be repurchased through 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 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. See also Note 9, Net Assets, to the unaudited consolidated financial statements, included in Part I, Item 1 of this Form 10-Q.

During the three months ended March 31, 2026, upon completion of our tender offer that commenced December 22, 2025, we repurchased 4,180,330 shares for a purchase price of $18.82 per share, or approximately $78.7 million in aggregate.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

During the three months ended March 31, 2026, 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).

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**Item 6. Exhibits**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 4.1 | <u>[Form of Subscription Agreement](cars_2026331xxex41formofsu.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_2026331x10-qxex311.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_2026331x10-qxex312.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_2026331x10-qex321.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_2026331x10-qxex322.htm)</u>\* |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

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\* Filed herewith

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**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.

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| | | |
|:---|:---|:---|
| | **CARLYLE CREDIT SOLUTIONS, INC.** | **CARLYLE CREDIT SOLUTIONS, INC.** |
| Dated: May 14, 2026 | By | /s/ Thomas M. Hennigan |
| | | Thomas M. Hennigan |
| | | Director, President, Chief Financial Officer and Chief Risk Officer<br>(Principal Financial Officer) |

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## Exhibit 4.1

March, 2026

Form of Subscription Documents For

**Carlyle Credit Solutions, Inc.**

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**DIRECTIONS FOR THE COMPLETION <br>OF THE SUBSCRIPTION DOCUMENTS**

Prospective investors must (i) **<u>review</u>** the Subscription Agreement (the "Subscription Agreement") and **<u>sign and set forth their desired subscription amount for each class of common stock being subscribed for</u>** on the signature page to the Subscription Agreement that appears after page 15 thereof and (ii) **<u>review</u>** and **<u>complete</u>** the Investor Questionnaire (the "Investor Questionnaire") and any necessary attachments (the Subscription Agreement, the Investor Questionnaire and all such attachments collectively, the "Subscription Documents") contained in this package in the manner described below. Capitalized terms not defined herein are used as defined in the Confidential Private Placement Memorandum of Carlyle Credit Solutions, Inc. (formerly TCG BDC II, Inc.) a Maryland corporation (the "Company," "we," "our" or "us") (as amended from time to time). For purposes of these Subscription Documents, the "Investor" is the person or entity for whose account the common stock is being purchased and who must make the representations and warranties set forth in the Subscription Documents. Another person or entity with investment authority may execute the Subscription Agreement on behalf of the Investor, but should indicate the capacity in which it is doing so and the name of the Investor. Each reference to "Capital Commitment" and any other similar reference contained in any placement agent and/or distribution agreements pertaining to such Investor shall, after this Subscription Agreement becomes effective, refer to "Subscription Amount" as defined herein in the Subscription Agreement. The Company may waive any of the requirements below in its sole discretion, subject to applicable laws.

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| | |
|:---|:---|
| **Investor Questionnaire:** | Each Investor should respond to the questions in <u>Section A</u>. Joint Account Holders should answer questions both for themselves and also separately on behalf of each of the Joint Account Holders. |
| **Investor Questionnaire:** | Each Investor that is an entity should respond to the questions in <u>Section B</u>. |
| **Investor Questionnaire:** |  |
| **Tax Forms:** | Each Investor should fill in and sign and date an Internal Revenue Service ("IRS") Form W-8 or Form W-9 in accordance with the instructions to the Form. |
| **Customer Identification Program – Documentation Requirements:** | *Organized Entities, including Corporations, Partnerships, Limited Liability Companies and Trusts*: Provide a certificate of formation and formation agreement. |
| **Customer Identification Program – Documentation Requirements:** | *Foundations and Endowments*: Provide a copy of the applicable charter or organizational document (*e.g.*, certificate of incorporation or articles of association), including evidence of registration in the jurisdiction of organization (*e.g.*, trade register extract) and an IRS Non-Profit Determination or 501(c)(3) Letter (or equivalent), if applicable. |
| **Customer Identification Program – Documentation Requirements:** | *Government Pension Funds and other Governmental Organizations*: Provide a copy of the constitutional documents (*e.g.*, enabling legislation, trust agreement, charter) as well as evidence of governmental control and oversight that the subscription has been authorized. |

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| | |
|:---|:---|
| **Evidence of Authorization:** | *All Investors*: Provide satisfactory evidence of authorization, such as a list of authorized agents/officers/directors. Upon review of the below documents, the Company and/or the fund administrator may require additional documentation in order to satisfy its requirements for Know Your Customer and Anti-Money Laundering. |
| **Evidence of Authorization:** | *Individuals*: U.S. Natural Persons with a social security number are not required to provide a valid passport or driver's license at this time, although the Company may request it in the future.<br>Non-U.S. Natural Persons should provide a valid passport or driver's license containing the person's full name, photograph and country of citizenship. If the copy of the passport or driver's license does not contain the individual's current address, provide an additional government-issued identification document certifying the individual's name and current address. <br>Joint Account Holders should provide documentation for each investor. |
| **Evidence of Authorization:** | *Corporations*: Submit certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign the Subscription Agreement. Corporations must also provide a copy of the certificate of incorporation, or other information identifying the place of incorporation. |
| **Evidence of Authorization:** | *Partnerships*: Submit a certified copy of the partnership certificate (in the case of limited partnerships) or partnership agreement identifying the general partners empowered to sign the Subscription Agreement and resolutions authorizing the subscription. The general partner of a limited partnership must provide all the documentation noted herein (to the extent applicable) as if it were the Investor. |
| **Evidence of Authorization:** | *Limited Liability Companies*: Submit a certified copy of the limited liability company operating agreement or certificate of formation identifying the manager or managing member, as applicable, empowered to sign the Subscription Agreement and resolutions authorizing the subscription. |
| **Evidence of Authorization:** | *Foundations and Endowments*: Submit any related documentation identifying the individual(s) empowered to sign the Subscription Agreement and resolutions authorizing the subscription. |
| **Evidence of Authorization:** | *Government Pension Funds and other Governmental Organizations*: Submit documentation identifying the individual empowered to sign the Subscription Agreement. |
| **Evidence of Authorization:** | *Trusts*: Submit a copy of the trust agreement, certificate of trust or equivalent, a document identifying authorized signatories and proof of identification (as applicable) of the (i) settlor and/or grantor, (ii) trustee(s), and other controlling persons, (iii) trust beneficiaries (who receive 10% or more of the economic benefit of the trust) and (iv) any person ultimately beneficially owning 10% or more of such beneficiaries' equity, partnership, membership or other similar ownership interest. |
| **Evidence of Authorization:** | *Employee Benefit Plans*: Submit a certificate of an appropriate fiduciary certifying that the subscription has been authorized and identifying the individual empowered to sign the Subscription Agreement. |
| **Delivery:** | Completed copies of the Investor Questionnaire and completed and executed copies of IRS Form W-9 or W-8 (as applicable), and any required Customer Identification Program documentation should be delivered to the Company electronically (including with respect to any required certified copies) at @statestreet.com as soon as possible. |
| **Delivery:** | Inquiries regarding subscription procedures (including if the Investor Questionnaire indicates that any Investor's response to a question requires further information) should be directed to @carlyle.com. |

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ii

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| | |
|:---|:---|
| **Wire Instructions:** | In connection with an Investor's investment, and pursuant to the terms of the Subscription Agreement, all payments of the Subscription Amount (as defined below) must be made by bank wire transfer in immediately available funds in U.S. dollars at least five Business Days (as defined below) prior to the first day of the calendar month in which a subscription is to be effective (unless waived by the Adviser). Please wire funds to: |
| | Bank: ............................<br>ABA #: .........................<br>Account #: ....................<br>Bank Account Name: ...Carlyle Credit Solutions, Inc.<br>Reference: .....................«InvestorName» |

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<br>[remainder of page intentionally left blank]

iii

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**SUBSCRIPTION AGREEMENT**

Carlyle Credit Solutions, Inc.

c/o State Street Bank & Trust Co.

One Lincoln Street

Boston, MA 02111

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Subscription.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The undersigned (the "Investor") subscribes for and agrees to purchase shares of common stock, par value $0.01 per share, ("Shares" and each, a "Share"), of one or more classes of Carlyle Credit Solutions, Inc. (formerly TCG BDC II, Inc., the "Company," "we," "our" or "us") with subscription amounts for each class of common stock subscribed for by the Investor as set forth on the signature page below (collectively, the "Subscription Amount"). The Investor acknowledges and agrees that this subscription (i) is irrevocable on the part of the Investor, (ii) is conditioned upon acceptance by or on behalf of the Company, and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion. The Investor agrees to adhere to and be bound by all the terms and provisions of the Company's Confidential Private Placement Memorandum, including the information incorporated by reference therein, as amended, restated and/or supplemented from time to time (the "Memorandum"), the Company's Articles of Amendment and Restatement, effective April 18, 2015, as amended by the Articles of Amendment effective March 29, 2022 and the Articles of Amendment effective December 23, 2025, and as supplemented by the Class S Articles Supplementary effective December 23, 2025 and the Class D Articles Supplementary effective December 23, 2025, copies of which are attached hereto as Appendix A, in each case as amended, restated, supplemented or otherwise modified from time to time (the "Charter"), the Company's bylaws attached hereto as Appendix B, as amended from time to time (the "Bylaws"), the Amended and Restated Investment Advisory Agreement with Carlyle Global Credit Investment Management L.L.C., our investment adviser (the "Adviser") attached hereto as Appendix C, as amended from time to time (the "Advisory Agreement"), the Administration Agreement between the Company and Carlyle Global Credit Administration L.L.C., our administrator (the "Administrator") attached hereto as Appendix D, as amended from time to time (the "Administration Agreement," and together with the Memorandum, the Charter, the Bylaws and the Advisory Agreement, each as in the final form provided or made available to the Investor, the "Operative Documents"), together with this subscription agreement (the "Subscription Agreement"). Capitalized terms not defined herein are used as defined in the Memorandum. The Investor acknowledges and agrees that (i) in connection with the Private Offering contemplated by the Memorandum, the Company expects to enter into separate subscription agreements (the "Other Subscription Agreements," and, together with this Subscription Agreement, the "Subscription Agreements") with other investors (the "Other Investors," and together with the Investor, the "Investors"), providing for the sale of Shares to the Other Investors, (ii) the Company reserves the right to enter into Other Subscription Agreements that contain terms and conditions not found in this Subscription Agreement, subject to applicable law, and (iii) this Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Investors are separate sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Investor agrees to purchase Shares for the aggregate purchase price equal to its Subscription Amount, payable under the terms and subject to the conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Closings.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The closing of this subscription for an investment in the Company (the "Closing") will be deemed to take place as of the first day of the month (the "Closing Date") pursuant to an accepted subscription agreement (based on the net asset value ("NAV") per Share of the applicable class of common stock as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request including the full subscription amount 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 Adviser). On the date of the Closing Date, the Investor shall become a shareholder of the Company. The Company intends to conduct closings for Shares on a monthly basis; <u>provided</u>, <u>however</u>, that the Company may, in its sole discretion based on market and other conditions, conduct Closings on a less frequent basis. "Business Day" has the meaning ascribed to it in Rule 14d-1(g)(3) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Investor agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations contained herein, including without limitation the investor questionnaire (the "Investor Questionnaire"). Promptly after the Closing Date, the Company will deliver to the Investor or its representative, if the Investor's subscription has been accepted, a letter confirming the Company's acceptance of the Investor's subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that any Investor is permitted by the Company to make an additional subscription to purchase Shares on a date after its initial subscription has been accepted, such Investor will be required to enter into a separate Subscription Agreement with the Company, it being understood and agreed that such separate Subscription Agreement will be considered to be an Other Subscription Agreement for the purposes of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Purchase of Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All payments of the Subscription Amount must be made by bank wire transfer in immediately available funds in U.S. dollars at least five Business Days prior to the first day of the calendar month in which a subscription is to be effective (unless waived by the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Following the Closing, and after the Investor's payment of the Subscription Amount in accordance with this Section 3(a), the Company shall issue to the Investor a number of Shares of each applicable class of common stock equal to the applicable Subscription Amount for such class paid by the Investor and accepted by the Company divided by the applicable NAV per Share of such class, which will be communicated to the Investor by or on behalf of the Company following the determination of the such NAV. The NAV per Share of the applicable class applicable to a purchase of Shares at a given effective date will be available generally within 20 business days after the effective date of the Share purchase; at that time, the number of Shares of each applicable class based on that NAV per Share and the Investor's purchase will be determined and Shares shall be credited to the Investor's account as of the effective date of the Share purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)State Street Bank and Trust Company will act as transfer agent and registrar for the Shares (the "Transfer Agent"), unless and until either the Company or the Transfer Agent decides to terminate the agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Representations, Warranties and Covenants of the Investor.* To induce the Company to accept this subscription, the Investor represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms against the Investor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or affecting the enforcement of creditors' rights and remedies, as from time to time in effect; (ii) application of equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (iii) considerations of public policy or the effect of applicable law relating to fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Shares to be acquired hereunder are being acquired by the Investor for the Investor's own account for investment purposes only and not with a view to resale or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Investor understands that the Company (i) has elected to be treated as a business development company under the Investment Company Act; (ii) is a non-exchange traded, perpetual-life business development company, which is a business development company of indefinite duration whose shares are not listed for trading on a stock exchange or other securities market and whose shares of common stock are intended to be sold on a continuous basis; and (iii) has elected to be treated as a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation § 1.852-7. The Company has filed a registration statement on Form 10 (the "Form 10 Registration Statement") for its Shares with the U.S. Securities and Exchange Commission (the "SEC") under the Exchange Act. The Form 10 Registration Statement is not the offering document pursuant to which the Company is conducting this offering and does not include all information regarding the Company contained in the Memorandum; accordingly, Investors should rely exclusively on information contained in, or incorporated by reference in, the Operative Documents in making their investment decisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Restrictions on Offering and Sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Investor understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for sale, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a "Transfer") in any manner that would require the Company to register the Shares under the Securities Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. The Investor understands that the Company requires each investor in the Company to be an "accredited investor" as defined in Rule 501(a) of Regulation D of the Securities Act ("Accredited Investor") and the Investor represents and warrants that it is an Accredited Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Investor understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions and limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions in which the Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that all offerings and sales made outside of the United States will be made pursuant to Regulation S under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Restrictions on Transfer of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Investor acknowledges and agrees that the Investor may not Transfer any of its Shares unless (A) the Company provides its prior written consent, (B) the Transfer is made in accordance with applicable securities laws and (C) the Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix E. No Transfer will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Investor acknowledges that the Investor is aware and understands that there are other substantial restrictions on the transferability of Shares under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the fact that (A) there is no established market for the Shares and it is possible that no public market for the Shares will develop; (B) the Shares are not currently, and the Investor has no rights to require that the Shares be, registered under the Securities Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an exemption from such registration is available; and (C) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Company. The Investor understands that legends stating that the Shares have not been registered under the Securities Act or other applicable securities laws and setting out or referring to the restrictions on the transferability and resale of the Shares will be placed on all documents evidencing the Shares. The Investor acknowledges that its overall investments which are not readily marketable are not disproportionate to the Investor's net worth, it has no need for immediate liquidity in the Investor's investment in the Shares, has the ability to bear the economic risk of this investment, has the ability to retain its Shares for an indefinite period and at the present time and in the foreseeable future can afford to suffer the complete loss of the Investor's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding any other provisions of this Subscription Agreement, the Investor covenants that it will not Transfer all or any part of the Shares (or purport to do so) if such Transfer would cause (A) the Company or the Adviser to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), as amended, or any similar U.S. federal, state or non-U.S. law or regulation; or (B) the Shares to be held by a country, territory, entity or individual currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC") or any entity or individual that resides or has a place of business in, or is organized under the laws of, a country or territory that is subject to any sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Investor has been furnished and has carefully read this Subscription Agreement, each Operative Document, in each case as amended, restated and/or supplemented through the Closing Date of the Investor's subscription for Shares, Parts 2A (Brochure) and 2B (Brochure Supplement) of the Form ADV of the Adviser, a current copy of the Proxy Voting Policies and Procedures of the Adviser and, to the extent that the Investor is a natural person, a current copy of the Carlyle Credit Solutions, Inc. Privacy Notice. The Investor understands that the Company is required to file periodic reports such as Form 10-K, Form 10-Q and Form 8-K with the SEC pursuant to the Exchange Act and that such reports are available to the Investor at the SEC's website at www.sec.gov or upon request from the Company, and the Investor acknowledges that such reports are incorporated by reference into the Memorandum and it has had an opportunity to review such reports and ask questions of the

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Company's management with respect to such reports. The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, is able to bear the risks of an investment in the Shares (including loss of its entire investment in the Shares) and understands the risks of, and other considerations relating to, a purchase of Shares, including the matters set forth under the captions "Risk Factors," "Allocation of Investment Opportunities and Potential Conflicts of Interests," "Certain BDC Regulatory Considerations," "Material U.S. Federal Income Tax Considerations" and "Certain ERISA Considerations" in the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)To the full satisfaction of the Investor, the Investor has been furnished any materials the Investor has requested relating to the Company, the offering of Shares or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions of representatives of the Company concerning the terms and conditions of the offering and to obtain any additional information necessary to verify the accuracy of any representations or information set forth in the Memorandum and to make an informed investment decision with respect to an investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Other than as set forth in this Subscription Agreement, the Operative Documents and any separate agreement in writing with the Company executed in conjunction with the Investor's subscription for Shares, the Investor is not relying, and will not rely with respect to the Shares, upon any other information (including, without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine, website or similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or advertising), representation or warranty by the Company, its Adviser or any affiliate of the foregoing or any of their respective trustees, directors, officers, employees, partners, shareholders, advisors, attorneys-in-fact, representatives or agents, written or otherwise, in determining to invest in the Company, and expressly acknowledges that no such persons made any representations or warranties to it in connection therewith, and the Investor understands that the information contained in the Memorandum is not intended to convey tax or legal advice. The Investor has consulted to the extent deemed appropriate by the Investor with the Investor's own advisers as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in Shares and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in Shares, and believes that an investment in the Shares is suitable and appropriate for the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Investor is not a natural person, (i) the Investor was not formed or recapitalized for the specific purpose of acquiring any Shares in the Company, (ii) the Investor has the power and authority to enter into this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (iii) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares. If the Investor is a natural person, the Investor has all requisite legal capacity to acquire and hold the Shares and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Shares. The execution and delivery by the Investor of, and compliance by the Investor with, this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Shares does not violate, represent a breach of, or constitute a default under, any instruments governing the Investor, any permit, franchise, judgment, decree, law, statute, order, rule or regulation applicable to the Investor or the Investor's business or properties, or any agreement to which the Investor is a party or by which the Investor is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Investor: (i) is not registered or required to be registered as an investment company under the Investment Company Act; (ii) has not elected to be regulated as a business development company under the Investment Company Act; and (iii) either (A) is not relying on the exception from the definition of "investment company" under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than three percent (3%) of the outstanding voting securities of a business development company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Investor understands that the Company is not registered as an investment company under the Investment Company Act, and it acknowledges and agrees that the Company does not intend to register as an investment company under the Investment Company Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Representations for Non-U.S. Persons.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Investor is not a "U.S. Person" (as defined in Annex 1 herein) (a "non-U.S. Person"), the Investor has heretofore notified the Company in writing of such status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Investor will notify the Company immediately if the Investor becomes a U.S. Person at any time during which the Investor holds or owns any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Investor is acquiring the Shares for its own account for investment purposes only and is not subscribing on behalf of, or funding its commitment with funds obtained from, a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Except for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer or other professional fiduciary, all offers to sell and offers to buy the Shares were made to or by the Investor while the Investor was outside the United States and at the time the Investor's order to buy the Shares originated (and at the time this Subscription Agreement was executed by the Investor) the Investor was outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)If the Investor is, or is acting (directly or indirectly) on behalf of, a "Plan"<sup>1</sup> which is subject to Title I of ERISA or Section 4975 of the Code, or any provisions of any other U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to those provisions contained in such portions of ERISA or the Code (collectively, "Other Plan Laws"): (1) the Plan has not relied on, and is not relying on, the investment advice of any the Adviser or any of its employees, representatives or affiliates with respect to the Plan's investment in the Company and the decision to invest in the Company was made by a fiduciary (within the meaning of Section 3(21) of ERISA and the regulations thereunder, or as defined under applicable Other Plan Laws) (a "Fiduciary") of the Plan which is unrelated to the Adviser or any of its employees, representatives or affiliates and which is duly authorized to make such an investment decision on behalf of the Plan (the "Plan Fiduciary"); (2) the Plan Fiduciary has taken into consideration its fiduciary duties under ERISA or any applicable Other Plan Law, including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable), in authorizing the Plan's investment in the Company, and has concluded that such investment is prudent, (3) the Plan's subscription to invest in the Company and the purchase of Shares contemplated hereby is in accordance with the terms of the Plan's governing instruments and complies with all applicable requirements of ERISA, the Code and all applicable Other Plan Laws and does not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a similar violation under any applicable Other Plan Laws, and (4) the Plan Fiduciary acknowledges and agrees that (i) neither the Adviser nor any of its employees, representatives or affiliates has acted as a fiduciary with respect to the Plan, (ii) neither the Adviser nor any of its employees, representatives or affiliates will be a fiduciary with respect to the Plan as a result of the Plan's investment in the Company, pursuant to the provisions of ERISA or any applicable Other Plan Laws, or otherwise, and (iii) the Plan Fiduciary has not relied on, and is not relying on, the investment advice of any such person with respect to the Plan's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Investor agrees to notify the Company in writing in the event (i) the Investor either becomes or ceases to be a "benefit plan investor" within the meaning of Section 3(42) of ERISA, as modified by 29 CFR 2510.3-101(f)(2) or under any Other Plan Law (a "Benefit Plan Investor"), (ii) the Investor reasonably expects that the Investor will become or cease to be a Benefit Plan Investor, or (iii) if the Investor is an entity that is deemed to hold the assets of any of Plan pursuant to ERISA or any Other Plan Law, the percentage of such Investor's assets attributable to Plans either increases or decreases. The Investor also agrees to, within fifteen (15) Business Days of the receipt of a written request from the Company, provide a written update to the Company with regard to any of the foregoing. If the Company, in its sole discretion, determines that so doing would be useful in ensuring that equity participation in the Company is not significant within the meaning of 29 CFR 2510.3-101(f), the Company may require any Benefit Plan Investor to transfer some or all of its Shares for fair market value (as determined by the Company in its sole discretion) to an Investor other than a Benefit Plan Investor (whether an existing Investor or a new Investor). The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any such transfer.

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;"Plan" is defined to include (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual retirement account or other arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder and (v) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements, pursuant to ERISA or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)If the investment in the Shares is being made on behalf of an employee benefit plan maintained outside of the United States primarily for the benefit of persons substantially all of whom are nonresident aliens (as described in Section 4(b)(4) of ERISA), (i) there is no provision in the instruments governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the Company, including operations of the Adviser as contemplated by the Advisory Agreement, or prohibit any action contemplated by the Operative Documents and related disclosure of the Company, including, without limitation, the investments which may be made pursuant to the Company's investment strategies, the concentration of investments for the Company and the payment by the plan of incentive or other fees, and (ii) the plan's investment in the Company will not conflict with or violate the instruments governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Investor was offered the Shares through private negotiations, not through any general solicitation or general advertising. If the Investor is a U.S. Person, the Investor was offered Shares in the U.S. jurisdiction listed in the Investor's permanent address set forth in the Investor Questionnaire and intends that the securities laws of that U.S. jurisdiction govern the Investor's subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Sanctions; Anti-Money Laundering Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Neither the Investor, nor any of its affiliates or direct or indirect beneficial owners: (A) is a Sanctioned Person<sup>2</sup> or incorporated, resident or located in a Sanctioned Country,<sup>3</sup> (B) is a person or entity identified as a terrorist organization by the United Nations, United States or European Union or (C) unless otherwise disclosed in writing to the Company prior to the Investor's subscription for the Shares, is a person who is a senior foreign political figure,<sup>4</sup> or any immediate family member<sup>5</sup> or close associate<sup>6</sup> of a senior foreign political figure as such terms are defined in the footnotes below. The Investor further represents and warrants that the monies used to fund the investment in the Shares (directly or indirectly) are not derived from, invested for the benefit of, or related in any way to: (I) any Sanctioned Person, (II) any Sanctioned Country, (III) property that is blocked under any laws, orders or regulations administered or enforced by OFAC ("OFAC Regulations"), or that would be blocked under OFAC Regulations if it were in the custody of a U.S. national, (IV) persons, entities, or governments to whom U.S. nationals cannot lawfully export services under export control laws and regulations administered by the U.S. Department of Commerce's Bureau of Industry and Security, (V) persons, entities, or governments with whom U.S. nationals cannot lawfully engage in transactions under OFAC Regulations, (VI) the governments of, or persons within, any country that has been designated as a "non-cooperative country or territory" by the Financial Action Task Force ("FATF") on Money Laundering or country or financial institution that has been designated by the U.S. Secretary of the Treasury as a "primary money laundering concern" or (VII) any source that the receipt of which, would cause the Company, the Adviser or any Investor to be in violation of Sanctions.<sup>7</sup> The Investor further represents and warrants that the Investor: (I) has conducted thorough due diligence with respect to all of its beneficial owners,<sup>8</sup> (II) has established the identities of all direct and indirect beneficial owners and the source of each of such beneficial owner's funds, (III) will retain evidence of any such identities, any such source of funds and any such due diligence and (IV) if it is itself a collective investment flow-through vehicle for unaffiliated third party investors, has implemented controls to monitor, or has engaged an internationally recognized financial institution

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;A "Sanctioned Person" is defined as any person, entity, or government that is the target of Sanctions, including without limitation (a) any person, entity, or government listed in any Sanctions-related list of designated persons maintained by OFAC, (b) any person or entity operating, organized or resident in a Sanctioned Country or (c) any person or entity owned 50% or more by any such person or entity, or persons or entities, described in the foregoing clause (a) or (b).

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;A "Sanctioned Country" is defined as a country or territory which is the subject or target of any comprehensive Sanctions (as of the Investor's investment in the Company), Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine.

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;A "senior foreign political figure" is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation and includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.

<sup>5</sup> &nbsp;&nbsp;&nbsp;&nbsp;An "immediate family member" of a senior foreign political figure typically includes the figure's parents, siblings, spouse, children and in-laws.

<sup>6</sup> &nbsp;&nbsp;&nbsp;&nbsp;A "close associate" of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the senior foreign political figure.

<sup>7</sup> &nbsp;&nbsp;&nbsp;&nbsp;"Sanctions" are defined as any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by (a) the United States government, (b) the United Nations, (c) the European Union or its participating member states, (d) the United Kingdom, (e) the respective governmental institutions and agencies of any of the foregoing, including without limitation, OFAC, the U.S. Department of State, the United Nations Security Council and/or Her Majesty's Treasury, or (f) any other government authority having jurisdiction over the Company.

<sup>8</sup> &nbsp;&nbsp;&nbsp;&nbsp;With respect to any Investor that is itself an employee benefit plan, employee benefit arrangement or a Government Plan (as defined in herein) with at least 5,000 plan participants, for purposes of this Subscription Agreement, the phrase "beneficial owner" (including any direct or indirect beneficial owner) shall not include (x) the Investor's plan participants and their beneficiaries or (y) one beneficiary if it is more than 10% of the plan.

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licensed to provide financial services in FATF cooperative countries to conduct its controls to monitor (*x*) beneficial owners and ensure such beneficial owners are not Sanctioned Persons, and (*y*) suspicious activities and ensure that such activities are reported, as required, to appropriate government agencies. Pursuant to anti-money laundering laws and regulations, the Company may be required to collect documentation verifying the Investor's identity and the source of funds used to acquire Shares before, and from time to time after, acceptance by the Company of this Subscription Agreement, and the Investor warrants that it will make any such documentation available to the Company promptly after any request by the Company for such documentation. The Investor further represents and warrants that the Investor does not know or have any reason to suspect that (x) the monies used to fund the Investor's investment in the Shares have been or will be derived from or related to any improper, unethical or illegal activities, including, without limitation, money laundering activities, activities that are the target of Sanctions, or activities prohibited by applicable anti-corruption laws and regulations and (y) the proceeds from the Investor's investment in the Shares will be used to finance any illegal activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Investor will provide to the Company at any time during the term of the Company such information as the Company determines to be necessary or appropriate (A) to comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to requests for information concerning the identity of the Investor from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures, or to update such information. The Investor acknowledges and agrees that the Company may share the identity of the Investor with other Investors and prospective Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company and all payments and distributions to the Investor from the Company will only be made in the Investor's name and to and from a bank account of (1) a bank based or incorporated in or formed under the laws of the United States or (2) a bank that is regulated in and either based or incorporated in or formed under the laws of the United States or another "Approved FATF Country" and that is not a "foreign shell bank" within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be amended from time to time. For purposes of this Subscription Agreement, an "<u>Approved FATF Country</u>" means any country that is approved as a member of the Financial Action Task Force on Money Laundering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The representations and warranties set forth in this Section 4(q) shall be deemed repeated and reaffirmed by the Investor to the Company as of each date that the Investor is required to make a capital contribution or other payment to, or receives a distribution from, the Company. If at any time during the term of the Company, the representations and warranties set forth in this Section 4(q) cease to be true, the Investor shall immediately so notify the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Investor understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor cannot make the representations and warranties set forth in this Section 4(q). If an existing Investor cannot make these representations or fails to comply with information requests, the Company may require the sale of such Investor's Shares. The Investor further understands and agrees that the Company may be obligated to "freeze" the Investor's capital account (*e.g.*, by prohibiting additional capital contributions from the Investor or suspending other rights the Investor may have under the Operative Documents) and the Company may also be required to report such action and to disclose the Investor's identity to governmental authorities, self-regulatory organizations and financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)In the event that the Investor is, receives deposits from, makes payments to or conducts transactions relating to, a non-U.S. banking institution (a "Non-U.S. Bank") in connection with the Investor's investment in Shares, such Non-U.S. Bank: (1) has a fixed address, other than an electronic address or a post office box, in a country in which it is authorized to conduct banking activities, (2) employs one or more individuals on a full-time basis, (3) maintains operating records related to its banking activities, (4) is subject to inspection by the banking authority that licensed it to conduct banking activities and (5) does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate. The Investor agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations and/or if the Company determines in its sole discretion that such action is in the best interests of the Company, the Company may "freeze the account" of the Investor, either by prohibiting additional investments by the Investor, segregating assets of the Investor and/or suspending other rights the Investor may have under the Operative Documents and (B) the Company may be required to report such action or the Investor's failure to comply with information requests or to disclose confidential information relating to the Investor or its beneficial owners (including without limitation, disclosing the Investor's identity and investment history) to regulatory authorities, self-regulatory organizations and financial institutions, in certain circumstances without notifying the Investor that the information has been so provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)The Investor acknowledges that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act ("FATCA") and avoid the imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation from the Investor and, if and to the extent required under FATCA, the Investor's direct and indirect beneficial owners (if any), relating to or establishing any such owner's identity, residence (or jurisdiction of formation), income tax status, and other required information and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. The Investor agrees that it shall provide such information and documentation concerning itself and its beneficial owners, if any, as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA. The Investor acknowledges that, if the Investor does not provide the requested information and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption requests by the Investor and/or deduct from such Investor's account and retain amounts sufficient to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on account of the Investor's not providing all requested information and documentation in a timely manner. The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)The Investor acknowledges that the Company has entered into and intends to enter into one or more revolving credit facilities with one or more syndicates of banks or to incur indebtedness in lieu of or in advance of capital contributions. In connection therewith, each Investor hereby agrees to cooperate with the Company and provide financial information and other documentation reasonably and customarily required to obtain such facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)None of the information concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP)), as applicable, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Investor agrees that the certifications, representations, warranties, covenants and agreements in this Section 4 shall survive the acceptance of this Subscription Agreement and the dissolution of the Company, without limitation as to time. Without limiting the foregoing, the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation or warranty of the Investor contained in this Section 4 or any information provided by the Investor herein or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP)), as applicable, ceases to be true at any time following the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)The Investor agrees to provide such information and execute and deliver such documents as the Company may reasonably request to verify the accuracy of the Investor's representations and warranties herein or to comply with any law or regulation to which the Company, the Adviser, the Administrator or a portfolio company may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)The Investor acknowledges and agrees that, pursuant to the Charter and the Advisory Agreement, the Company and/or the Adviser have the power and discretion to make all investment decisions in accordance with the terms of the Charter and the Advisory Agreement. Accordingly, the Investor acknowledges that neither the Company, the Adviser nor any affiliate thereof has rendered or will render any investment advice or securities valuation advice to the Investor, and that the Investor is neither subscribing for nor acquiring any Shares in reliance upon, or with the expectation of, any such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)If the Investor is a "banking entity" within the meaning of Section 13(h)(1) of the Bank Holding Company Act of 1956, as amended (the "BHC Act") (12 U.S.C. § 1851(h)(1)) and applicable implementing regulations, the Investor acknowledges and confirms that: (a) the Investor is not located in the United States or organized under the laws of the United States or of any U.S. state and it is not organized or controlled by a banking entity that is organized under the laws of the United States or any state or other jurisdiction within the United States; (b) the Investor and all relevant personnel of the Investor involved in making the decision to invest in the Company are not located in the United States; (c) the Investor's investment in the Company will not be accounted for as principal directly or indirectly on a consolidated basis by any branch or affiliate of the Investor that is located in the United States or organized under the laws of the United States or any state or other jurisdiction within the United States; (d) the Investor's investment in the Company shall not be financed in whole or in part by any branch or affiliate of the Investor that is located in the United States or organized under the laws of the United States or any state or other jurisdiction within the United States; and (e) the Investor is making its investment in the Company

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pursuant to the authority granted in either Section 4(c)(9) or 4(c)(13) of the BHC Act and is authorized to do so, either because (x) it is a foreign banking organization that is a qualified foreign banking organization under Regulation K of the Board of Governors of the Federal Reserve System or (y) if it is not a foreign banking organization, it meets at least two of the requirements relating to assets, revenues or net income set forth in 12 C.F.R. § 248.13(b)(2)(ii)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)The Investor represents and warrants that neither the Investor nor any beneficial owner<sup>9</sup> of the Investor's Shares, has been or is subject to any "disqualifying event" (as defined in Rule 506(d)(1) under the Securities Act) (a "Disqualifying Event") during the time periods specified therein. The representations and warranties set forth in this Section 4(z) shall be deemed repeated and reaffirmed by the Investor to the Company as of each subsequent closing of the Company. Furthermore, the Investor agrees to provide the Company with (1) prompt written notice of the occurrence of a Disqualifying Event<sup>10</sup> with respect to the Investor or any such beneficial owner and (2) any information, documentation or certifications (including, if requested, a "bad actor" disqualification questionnaire) required by the Company, in its sole discretion, to permit the Company to comply with its obligations pursuant to Rule 506(d) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)The Investor acknowledges that no federal or state agency, and no agency of any non-U.S. jurisdiction, has passed upon the Shares or made any finding or determination as to the fairness of this investment. The Memorandum has not been filed with the SEC, any self-regulatory agency or with any securities administrator under state securities laws or the laws of any non-U.S. jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)The execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Investor is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the Investor, or violate any statute, regulation, law, order, writ, injunction or decree to which the Investor is subject. The Investor has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any,

<sup>9</sup> &nbsp;&nbsp;&nbsp;&nbsp;As used in this Section 4(z), "beneficial owner" or "beneficially own" shall mean "beneficial owner" or "beneficially own" within the meaning of Rule 13d-3 under the Exchange Act.

<sup>10</sup> &nbsp;&nbsp;&nbsp;&nbsp;For purposes of Rule 506(d), promulgated under the Securities Act, a "Disqualifying Event" has occurred with respect to the Investor, or any beneficial owner of the Investor's Shares, if such person: (i) has been convicted, within ten years before the date hereof (or five years, in the case of issuers, their predecessors and affiliated issuers), of any felony or misdemeanor: (A) in connection with the purchase or sale of any security; (B) involving the making of any false filing with the SEC; or (C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; (ii) is subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the date hereof, that, as of the date hereof, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice: (A) in connection with the purchase or sale of any security; (B) involving the making of any false filing with the SEC; or (C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities; (iii) is subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that: (A) as of the date hereof, bars the person from: (1) association with an entity regulated by such commission, authority, agency, or officer; (2) engaging in the business of securities, insurance or banking; or (3) engaging in savings association or credit union activities; or (B) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within ten years before the date hereof; (iv) is subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Advisers Act that, as of the date hereof: (A) suspends or revokes such person's registration as a broker, dealer, municipal securities dealer or investment adviser; (B) places limitations on the activities, functions or operations of such person; or (C) bars such person from being associated with any entity or from participating in the offering of any penny stock; (v) is subject to any order of the SEC entered within five years before the date hereof that, as of the date hereof, orders the person to cease and desist from committing or causing a violation or future violation of: (A) any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Advisers Act, or any other rule or regulation thereunder; or (B) Section 5 of the Securities Act; (vi) is suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade; (vii) has filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within five years before the date hereof, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, as of the date hereof, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued; or (viii) is subject to a United States Postal Service false representation order entered within five years before the date hereof, or is, as of the date hereof, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

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required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ac)Sullivan & Cromwell LLP acts as U.S. counsel to the Company, the Adviser and their affiliates. The Investor acknowledges that, in connection with this offering of Shares, Sullivan & Cromwell LLP will not represent the Investor or any other investors in the Company in the absence of a clear and explicit written agreement to such effect between Sullivan & Cromwell LLP and such investor. In the absence of such an agreement, Sullivan & Cromwell LLP owes no duties to the Investor or any other investor in the Company (whether or not such counsel has in the past represented, or is currently representing, such Investor or any other investor with respect to other matters). No independent counsel has been retained by the Company, the Adviser or their affiliates to represent investors in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ad)The Investor representations and warranties set forth in this Subscription Agreement and the Investor information provided in the Investor Questionnaire shall be deemed repeated and reaffirmed by the Investor to the Company as of each date that the Investor is required to make a capital contribution to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*Representations of the Company.* To induce the Investor to accept this subscription, the Company represents as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company is empowered, authorized and qualified to enter into this Subscription Agreement, the Advisory Agreement and the Administration Agreement, and each of the persons signing this Subscription Agreement, the Advisory Agreement and the Administration Agreement on behalf of the Company has been duly authorized by the Company to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution and delivery of this Subscription Agreement, the Advisory Agreement and the Administration Agreement by the Company and the performance of its duties and obligations hereunder and thereunder do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Company is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the Company, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Company is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company is not in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in this Subscription Agreement, the Advisory Agreement and the Administration Agreement, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement or understanding, or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to which its properties are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default or violation would materially adversely affect the business or financial condition of the Company or impair the Company's ability to carry out its obligations under this Subscription Agreement or the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)There is no litigation, investigation or other proceeding pending or, to the knowledge of the Company, threatened against the Company that, if adversely determined, would materially adversely affect the business or financial condition of the Company or the ability of the Company to perform its obligations under this Subscription Agreement, the Advisory Agreement and the Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Shares to be issued and sold by the Company to the Investor hereunder have been duly authorized and, when issued and delivered to the Investor against payment therefore as provided in this Subscription Agreement, will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.*Public Pension Fund Reform Code of Conduct.* If the Investor is a retirement plan established or maintained for its employees (current or former) by the Government of the United States, the government of any State or political subdivision thereof, or by any agency or instrumentality of any of the foregoing (a "Government Plan"), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company certifies to such Government Plan that, as of the date hereof, all provisions of the Public Pension Fund Reform Code of Conduct adopted by The Carlyle Group, predecessor to The Carlyle Group Inc. (formerly, The Carlyle Group L.P.) ("Carlyle"), on May 14, 2009 (as such Code may be amended, modified or supplemented from time to time, the "Code of Conduct") are in full force and effect and that Carlyle, after making such inquiries as are required by the Code of Conduct, is in compliance therewith and will continue to remain in compliance with Paragraph 3 thereof throughout the term of the Company. Notwithstanding the foregoing, the Government Plan acknowledges that Paragraphs 19 through 23 of the Code of Conduct are inapplicable to the

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Company and that conflicts of interest matters are addressed in the Memorandum, as contemplated by Paragraph 24 of the Code of Conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Government Plan acknowledges and agrees pursuant to Paragraph 15 of the Code of Conduct that confidential or sensitive information about the Government Plan may be disclosed in connection with the activities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Government Plan acknowledges that (i) the disclosures made by Carlyle pursuant to the Code of Conduct (including, *inter alia*, disclosures of political contributions by, and certain other information regarding, certain Carlyle personnel, disclosures of third-party compensation paid by Carlyle in connection with an investment by a public pension fund and an annual certificate of Carlyle's compliance with the Code of Conduct) are made available for review on the Company's website (http://www.carlyle.com); (ii) such disclosures will be updated regularly and will remain available for review on such website; and (iii) a copy of the Code of Conduct is available upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)notwithstanding Section 18 of the Code of Conduct, neither the Company nor Carlyle nor their respective affiliates shall be subject to such Government Plan's regulations and internal rules and policies that are not otherwise applicable to such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.*Distributions.* (a) Cash distributions in respect of the Investor's Shares shall be made to, the bank account specified in Section A.6 of the Investor Questionnaire; and (b) in-kind distributions to the Investor in respect of its Shares shall be made to the brokerage account specified in Section A.7 of the Investor Questionnaire. The Investor may thereafter specify a different account in writing to the Company upon at least ten (10) Business Days prior written notice, so long as such account is in compliance with the Investor's representations in paragraphs 8(q)(iii) and 8(r) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.*Further Advice and Assurances.* All information which the Investor has provided to the Company, including the information in the Investor Questionnaire, is true, correct and complete as of the date hereof, and the Investor agrees to notify the Company immediately if any representation, warranty or information contained in this Subscription Agreement or any of the information in the Investor Questionnaire, becomes untrue at any time. The Investor agrees to provide such information and execute and deliver such documents with respect to itself and its direct and indirect beneficial owners as the Company may from time to time reasonably request to: verify the accuracy of the Investor's representations and warranties herein (including, without limitation, the absence of any Disqualifying Event); otherwise determine the eligibility of the Investor to purchase Shares; establish the identity of the Investor and the direct and indirect participants in its investment in Shares; to the extent applicable, effect any transfer and admission; and/or comply with any law, rule or regulation to which the Company, the Adviser and/or their affiliates may be subject, including, without limitation, compliance with anti-money laundering laws and regulations or for any other reasonable purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.*Power of Attorney.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Investor, by its execution hereof as security for its obligations hereunder, hereby irrevocably appoints the Company, with full power of substitution, as the Investor's true and lawful representative, agent and attorney-in-fact to make, execute, sign, acknowledge, verify, swear to, record, deliver and file, in the Investor's name, place and stead:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any and all filings required to be made by the Investor under the Exchange Act with respect to any of the Company's securities which may be deemed to be beneficially owned by the Investor under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a business development corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)all other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to the Investor and the Company, the foregoing power of attorney:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is coupled with an interest and shall be irrevocable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)may be exercised by the Company either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors executing an instrument, by a single signature of the Company acting as attorney-in-fact for all of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of the Investor or the assignment by the Investor of the whole or any fraction of its Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)shall not revoke any prior powers of attorney executed by the Investor (including any powers of attorney contained in any documents executed pursuant to a power of attorney); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)may not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written agreement between the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.*Indemnity*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Investor understands that the information provided herein (including the Investor Questionnaire) will be relied upon by the Company for the purpose of determining the eligibility of the Investor to purchase Shares in the Company. The Investor agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor to purchase Shares in the Company. To the fullest extent permitted under applicable law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator, and their affiliates and each partner, member, officer, trustee, director, employee, and agent thereof (each an "Indemnified Person" and together, the "Indemnified Persons"), from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document provided by the Investor to the Company or in any agreement executed by the Investor in connection with the Investor's investment in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Indemnified Person not being a party to this Subscription Agreement may enforce any indemnity expressly granted to it pursuant to this Agreement in its own right as if it were a party to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding any term of this Subscription Agreement, the consent of or notice to any person who is not a party to this Subscription Agreement shall not be required for any termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Subscription Agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.*Miscellaneous.* This Subscription Agreement is not transferable or assignable by the Investor without the prior written consent of the Company. Any purported assignment of this Subscription Agreement will be null and void without such consent. The cover page and headings of the sections of this Subscription Agreement are inserted for convenience only. When the words or phrases "include" or "including" and words or phrases of similar import are followed by a list of one or more items, such list shall deemed to be illustrative only and shall not be deemed to be an exclusive listing. The word "shall" shall be construed to have the same meaning and effect as the word "will." The representations and warranties made by the Investor in this Subscription Agreement (including the Investor Questionnaire) shall survive the closing of the transactions contemplated hereby and any investigation made by the Company. The Investor Questionnaire, including without limitation the representations and warranties contained therein, is an integral part of this Subscription Agreement and shall be deemed incorporated by reference herein. This Subscription Agreement may be executed in one or more counterparts, all of which together shall constitute one instrument. For the avoidance of doubt, a person's execution and delivery of this Subscription Agreement by electronic signature and electronic transmission (jointly, an "Electronic Signature"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Subscription Agreement by or on behalf of such person and shall bind such person to the terms of this Subscription Agreement. The parties hereto agree that this Subscription Agreement and any additional information incidental hereto may be maintained as electronic records. Any person executing and delivering this Subscription Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Subscription Agreement, as may be reasonably requested by the Company. **Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof. To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription Agreement shall be a federal or state court located in the state of Maryland, and each party hereto, to the fullest extent permitted by law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and** 

------

**consents to process being served in any such action, suit or proceeding, without limitation, in accordance with Section 14 addressed to the party at the party's address specified herein or in the Investor Questionnaire. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.*Amendments and Waivers.* This Subscription Agreement may be amended (either generally or in a particular instance and either retroactively or prospectively) with the consent of the Investor and the Company; <u>provided</u>, that the Company may, in its discretion, waive any representations, warranties or other requirements contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.*Confidentiality.* The Investor acknowledges that the Memorandum and other information relating to the Company has been submitted to the Investor on a confidential basis for use solely in connection with the Investor's consideration of the purchase of Shares. The Investor agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company), the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company (including, without limitation any future information provided to the Investor as to the Company's estimated net asset value or net asset value per share, asset levels, financial performance or other financial or operating results prior to the filing of such information with the SEC), in whole or in part, or (b) disclose the Memorandum or any other such information relating to the Company to any person who is not an officer or employee of the Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information related to the Company if the Investor has required its investors to enter into confidentiality undertakings no less onerous than the provisions of this Section 13), except to the extent (1) such information is in the public domain (other than as a result of any action or omission of Investor or any person to whom the Investor has disclosed such information) or (2) such information is required by applicable law or regulation to be disclosed. The Investor further agrees to return the Memorandum and any other information relating to the Company if no purchase of Shares is made or upon the Company's request therefore. The Investor acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this Section 13 by it, and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.*Notice.* All notices, consents, requests, demands, offers, reports, and other communications (collectively, "Notices") required or permitted to be given pursuant to this Subscription Agreement shall be in writing and shall be given, made or delivered by personal hand-delivery, by facsimile transmission, by electronic mail, or by air courier guaranteeing overnight delivery, addressed as set forth below. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by facsimile transmission or by electronic mail; <u>provided</u>, that if such service or transmission is not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business Day. Notice otherwise sent as provided herein shall be deemed given on the next Business Day following timely delivery of such Notice to an air courier guaranteeing overnight delivery.

If to the Company, to:

Carlyle Credit Solutions, Inc.<br>One Vanderbilt Avenue, Suite 3400 <br>New York, New York 10017<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;<br>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;@carlyle.com

and, if to the Investor, to the address set forth in the Investor Questionnaire. The Company or the Investor may change its address by giving notices to the other in the manner described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.*Necessary Acts, Further Assurances.* The parties shall at their own cost and expense execute and deliver such further documents and instruments and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.*No Joint Liability Among the Company, the Adviser, and the Administrator.* The Company shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Adviser or the Administrator under or in connection with this Subscription Agreement. The Adviser shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company or the Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company or the Adviser under or in connection with this

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Subscription Agreement. There shall be no joint and several liability of the Company, the Adviser, and the Administrator for any obligation under or in connection with this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.*Independent Nature of Investors' Obligations and Rights; Third-Party Beneficiaries.* The obligations of the Investor hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by the Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert with respect to such obligations or the transactions contemplated by this Subscription Agreement. This Subscription Agreement is not intended to confer upon any person, other than the parties hereto, except as provided in Section 10, any rights or remedies hereunder.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the date set forth below.

Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class I Shares Subscription Amount (Minimum initial investment: $1,000,000; minimum subsequent investment: $500, unless waived)

$&nbsp;&nbsp;&nbsp;&nbsp;

Class S Shares Subscription Amount (Minimum initial investment: $2,500; minimum subsequent investment: $500, unless waived)

$&nbsp;&nbsp;&nbsp;&nbsp;

Class D Shares Subscription Amount (Minimum initial investment: $2,500; minimum subsequent investment: $500, unless waived)

$&nbsp;&nbsp;&nbsp;&nbsp;

INDIVIDUAL, JOINT IN TENANCY, INDIVIDUAL IRA INVESTOR:

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

(Print Name)

<u>&nbsp;&nbsp;&nbsp;&nbsp;</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)

PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR:

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

(Print Name of Entity)

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)

&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

(Print Name and Title)

[*Signature Page to Carlyle Credit Solutions, Inc. Subscription Agreement*]

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Agreed and accepted as of the _____ day of __________:

CARLYLE CREDIT SOLUTIONS, INC.

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| | |
|:---|:---|
| By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: | Class I Shares Subscription Amount Accepted: <br>$_________________________<br>Class S Shares Subscription Amount Accepted:<br>$_________________________<br>Class D Shares Subscription Amount Accepted:<br>$_________________________ |

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[*Signature Page to Carlyle Credit Solutions, Inc. Subscription Agreement*]

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**INVESTOR QUESTIONNAIRE**

**Note: Questions regarding this questionnaire should be directed to direct.lending@carlyle.com.**

***All Investors must complete this section.***

***<u>IN ADDITION, ALL INVESTORS MUST REVIEW AND SIGN THE SUBSCRIPTION AGREEMENT THAT HAS BEEN PROVIDED SEPARATELY.</u>***

A.General Information:<sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Investor Name, Address and Date of Birth / Date of Entity Formation:

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Investor Category (please check all that apply):

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| | |
|:---|:---|
| Individual | Retirement or Benefit Plan (please specify type):___________________________ |
| Joint Account Holders<sup>12</sup> | IRA-EIN |
| Partnership | IRA-SSN |
| C-Corporation | LLP |
| S-Corporation | LLC |
| Estate | Nominee-EIN |
| Grantor Trust | Nominee-SSN |
| Trust-EIN (a trust with an EIN in this format: 12-3456789) | Fiduciary |
| Trust-SSN (a trust with an EIN in this format: 123-45-6789) | Non-profit, Endowment or Foundation |
| Exempt Organization | Other (please specify):________________ |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Social Security Number or Taxpayer Identification Information (For Joint Account Holders, please provide the appropriate Taxpayer Identification Number for each account holder):

___________________________________________________________________

<sup>11</sup> &nbsp;&nbsp;&nbsp;&nbsp;Under the law and regulations of the FATCA, the Organization for Economic Cooperation and Development's Common Reporting Standard, and any comparable Automatic Exchange of Information regime, participating financial institutions are required to collect certain tax-related information and/or documents from each Investor or account holder. In certain circumstances we are required to report specific information to the appropriate tax authorities in order to comply with such obligations.

<sup>12</sup> &nbsp;&nbsp;&nbsp;&nbsp;If we are to hold the Shares as one or more beneficial owners acting jointly, including as tenants in common ("Joint Account Holders"), we give each of the representations, warranties, acknowledgements and confirmations in this Subscription Agreement both for ourselves and also separately on behalf of each of the Joint Account Holders, and consequently, where appropriate, references to "we" or "the Investor" shall be deemed to be references to each of the Joint Account Holders set out above as well as to ourselves and we shall provide the Company with all other information and documentation as it may request in relation to said Joint Account Holders prior to accepting our Subscription Agreement (including, without limitation, requiring each Joint Account Holder to complete a separate Investor Questionnaire).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Contact Person(s), Custodial Arrangements and Broker/Dealer Information: Please provide the following information, as applicable:

**Primary Contact Person for this Account, for business relationship matters and investment decision making:**<sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;Name:________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Street Address: _________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Country: ______________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Telephone: ____________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Fax: __________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Email: ________________________________________________________________________

**Custodial Arrangement (if applicable):** 

&nbsp;&nbsp;&nbsp;&nbsp;Name of Custodian: ______________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Custodian Phone Number: _________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Custodian Address: ______________________________________________________________

*To be completed by the custodian above*:

&nbsp;&nbsp;&nbsp;&nbsp;Custodian Tax ID Number: _________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Custodian Account Number: ________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Custodian Authorization: ___________________________________________________________

**Broker/Dealer (if applicable):** 

&nbsp;&nbsp;&nbsp;&nbsp;Name of Broker Dealer or Registered Investment Adviser Firm: ______________________________

&nbsp;&nbsp;&nbsp;&nbsp; Financial Representative: ___________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Mailing Address: __________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Phone Number:___________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Advisor/CRD Number: _____________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Branch Number: ___________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Email:___________________________________________________________________________

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

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

Financial Representative Signature&nbsp;&nbsp;&nbsp;&nbsp;Date (MM/DD/YYYY)

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

Principal Signature (if applicable)&nbsp;&nbsp;&nbsp;&nbsp;Date (MM/DD/YYYY)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Please indicate below if the Investor elects to opt out of the Company's dividend reinvestment plan.**

&nbsp;&nbsp;&nbsp;&nbsp;Opt Out

An Investor automatically participates in the Company's dividend reinvestment plan (the "DRIP"), unless the Investor affirmatively elects to opt out of the DRIP by notifying State Street Bank and Trust (the "Plan Administrator") in writing, including by checking "Opt Out" to this Question A.5. A participant in the DRIP may terminate its participation in the DRIP at any time by sending a written notice to the Plan Administrator. A participant in the DRIP holding Shares through an intermediary may elect to receive cash by notifying the intermediary (who should be directed to inform the Plan Administrator). An Investor is free to change this election at any time. If, however, an Investor requests to change its election

<sup>13</sup> &nbsp;&nbsp;&nbsp;&nbsp;If space is required to list contact persons in addition to the primary contact, please provide the information in a separate attachment to this questionnaire.

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within 10 days prior to a distribution, the request will be effective only with respect to distributions after the 10-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**For distributions of cash, please wire funds to the following bank account:**

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Name |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Location |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Name |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Routing Number |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further credit to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Please indicate in the space below the brokerage account to which distributions in-kind to the Investor should be credited securities:**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firm Name |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City, State, Postal Code |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Name |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC Number: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Is the Investor a U.S. Person as defined in Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), a copy of which definition is attached hereto as Annex 1 to this Questionnaire?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Related Parties, Beneficial Ownership and Nominee Arrangements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.To the best of the Investor's knowledge, does the Investor control, or is the Investor controlled by or under common control with, any other investor or prospective investor in the Company?

&nbsp;&nbsp;&nbsp;&nbsp;**Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No**

**If the question above was answered "Yes," please indicate the name of such other investor in the space below:____________________________________________________________**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Will any other person or persons have a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial owner of equity interests in the Investor), and/or is the Investor acting on behalf of an unrelated third party? (By way of example, and not limitation, "nominee" Investors or Investors who have entered into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired herein would check "Yes".)

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

------

If the response to the question above was answered "Yes," please describe the arrangement below:

____________________________________________________________________________________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Does the Investor have one or more Ultimate Beneficial Owners (as defined in Annex 1) who (i) are entitled to 10% or more of the proceeds from this investment or (ii) hold 10% or more of the control rights of the Investor?

&nbsp;&nbsp;&nbsp;&nbsp;Yes\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Is the Investor or any of the Ultimate Beneficial Owners publicly traded or a regulated entity?

Yes\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

If questions 9(iii)-(iv) were answered "Yes," please identify such person(s) in the space below:<sup>14</sup>

Name: ________________________________________________________

Street Address: ________________________________________________________

City, State, Zip: ________________________________________________________

Country: ________________________________________________________

Citizenship: ________________________________________________________

Note: For verification of the Beneficial Owner, U.S. Natural Persons with a social security number are not required to provide a valid passport or driver's license at this time, although the Company may request it in the future. Non-U.S. Natural Persons should provide a valid passport or driver's license containing the person's full name, photograph and country of citizenship. If the copy of the passport or driver's license does not contain the individual's current address, provide an additional government-issued identification document certifying the individual's name and current address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Is the Investor or will the Investor be a person (including an entity) that has discretionary authority or control with respect to the assets of the Company or an "affiliate" of such a person? For purposes of this representation, an "affiliate" is any person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise a controlling influence of the management or policies of such person.

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Accredited Investor Status (*Natural Persons Only*)**

The Investor represents and warrants that the Investor is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act, and has checked the box or boxes below which are next to the category or categories under which the Investor qualifies as an accredited investor:

&nbsp;&nbsp;&nbsp;&nbsp;(A) A natural person with individual net worth (or joint net worth with spouse or spousal equivalent) in excess of $1 million, excluding the value of the primary residence of such natural person and any indebtedness that is secured by the person's primary residence, except for the amount of indebtedness that is secured by the person's primary residence that exceeds, at the time of the sale of securities, (i) the estimated fair market value of the primary residence or (ii) the amount of indebtedness outstanding sixty (60) days before the sale of securities, other than as a result of the acquisition of the primary residence.

&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;A natural person with individual income (without including any income of the Investor's spouse) in excess of $200,000, or joint income with spouse or spousal equivalent in

<sup>14</sup> &nbsp;&nbsp;&nbsp;&nbsp;If additional space is required, please provide the information in a separate attachment to this questionnaire.

------

excess of $300,000, in each of the two (2) most recent years and who reasonably expects to reach the same income level in the current year.

&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;A natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status, including Licensed General Securities Representative (Series 7), Licensed Investment Adviser Representative (Series 65) and Licensed Private Securities Offerings Representative (Series 82).

***If you are a U.S. or Non-U.S. natural person, you may skip all the remaining questions. Entities should continue to the next section.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Entities must complete this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Please identify one individual with significant responsibility for managing the Investor ("Control Person"):<sup>15</sup>

Name: ______________________________________________________

Address: ______________________________________________________

Date of Birth: ______________________________________________________

Tax ID Number:<sup>16</sup> ______________________________________________________

Role: an executive officer or senior manager, e.g., CEO, CFO, COO, Managing &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member, General Partner, President, Vice President, Treasurer; or

any other individual who regularly performs similar functions.

Note: For verification of the Control Person, U.S. Natural Persons with a social security number are not required to provide a valid passport or driver's license at this time, although the Company may request it in the future. Non-U.S. Natural Persons should provide a valid passport or driver's license containing the person's full name, photograph and country of citizenship. If the copy of the passport or driver's license does not contain the individual's current address, provide an additional government-issued identification document certifying the individual's name and current address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Is the Investor (i) an "investment company" registered under the Investment Company Act or (ii) has the Investor elected to be regulated as "business development company" pursuant to Section 54 of the Investment Company Act?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Is the Investor a private investment company which is not registered under the Investment Company Act in reliance on:

Section 3(c)(1) thereof?&nbsp;&nbsp;&nbsp;&nbsp; Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

Section 3(c)(7) thereof?&nbsp;&nbsp;&nbsp;&nbsp; Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Please indicate whether or not the Investor is, or is acting (directly or indirectly) on behalf of, (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not subject to ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual retirement account or arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general

<sup>15</sup> &nbsp;&nbsp;&nbsp;&nbsp;This information is required in accordance with Financial Crimes Enforcement Network (FinCEN) Customer Due Diligence Rule, effective May 11, 2018: https://www.govinfo.gov/content/pkg/FR-2016-05-11/pdf/2016-10567.pdf.

<sup>16</sup> &nbsp;&nbsp;&nbsp;&nbsp;For U.S. persons, please provide the social security number.

------

account assets, if such general account assets are deemed to include the assets of any employee benefit plan or plan for purposes of Title I of ERISA or Section 4975 of the Code, or (v) an entity which is deemed to hold the assets of any of the foregoing described in clauses (i), (ii), (iii) or (iv) above (each of the foregoing described in clauses (i), (ii), (iii), (iv) and (v) being referred to herein as a "Plan").

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.If the answer to Question B.4 above is "Yes", please indicate whether or not the Plan is subject to Title I of ERISA or Section 4975 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.If the answer to Question B.5 above is "Yes", please indicate what percentage of the Plan's assets invested in the Company are considered to be the assets of "benefit plan investors" within the meaning of Plan Asset Regulations:<sup>17</sup>

Percentage: ______

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.If the Investor is investing the assets of an insurance company general account, please indicate what percentage of the insurance company general account's assets invested in the Company are the assets of "benefit plan investors" for purposes of Title I of ERISA or Section 4975 of the Code:

Percentage: ______

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Is the Investor a "BHC Investor"<sup>18</sup>?

&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Accredited Investor Status

The Investor represents and warrants that the Investor is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act, and has checked the box or boxes below which are next to the category or categories under which the Investor qualifies as an accredited investor:

&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust may be an equity owner).

&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.

&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), or registered pursuant to the laws of a state.

&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;An investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;An insurance company as defined in Section 2(a)(13) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;A broker-dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

<sup>17</sup> &nbsp;&nbsp;&nbsp;&nbsp;"Plan Asset Regulations" shall mean the regulations issued by the U.S. Department of Labor at Section 2510.3 101 of Part 2510 of Chapter XXV, Title 29 of the U.S. Code of Federal Regulations, as amended by Section 3(42) of ERISA, as amended, from time to time.

<sup>18</sup> &nbsp;&nbsp;&nbsp;&nbsp;A "BHC Investor" is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the "BHC Act"), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly, in business in the United States and which in any case holds Shares for its own account.

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&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;An investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;A business development company as defined in Section 2(a)(48) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;A Small Business Investment Company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;A Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act.

&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;&nbsp;&nbsp;A private business development company as defined in Section 202(a)(22) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;&nbsp;&nbsp;A corporation, an organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, Massachusetts or similar business trust, partnership, or limited liability company, in each case not formed for the specific purpose of acquiring Shares, with total assets in excess of $5 million.

&nbsp;&nbsp;&nbsp;&nbsp;(M)&nbsp;&nbsp;&nbsp;&nbsp;A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(N)&nbsp;&nbsp;&nbsp;&nbsp;An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA") if the decision to invest in the Shares is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

&nbsp;&nbsp;&nbsp;&nbsp;(O)&nbsp;&nbsp;&nbsp;&nbsp;A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

&nbsp;&nbsp;&nbsp;&nbsp;(P)&nbsp;&nbsp;&nbsp;&nbsp;An entity, of a type not listed in (A) through (O) above, not formed for the specific purpose of acquiring the Shares offered, owning investments in excess of $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;(Q)&nbsp;&nbsp;&nbsp;&nbsp;A "family office" as defined in Rule 202(a)(11)(G)-1 under the Advisers Act: (i) with assets under management in excess of $5,000,000; (ii) that is not formed for the specific purpose of acquiring the Shares offered; and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

&nbsp;&nbsp;&nbsp;&nbsp;(R)&nbsp;&nbsp;&nbsp;&nbsp;A "family client", as defined in Rule 202(a)(11)(G)-1 under the Advisers Act of a family office meeting the requirements of (Q) above and whose prospective investment in the Company is directed by such family office pursuant to (Q)(iii).

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**Annex 1 to Investor Questionnaire**

**GLOSSARY OF DEFINED TERMS**

A.<u>DEFINITION OF ULTIMATE BENEFICIAL OWNER</u>

"Ultimate Beneficial Owner", "Beneficial Owner" or "UBO" means the natural person(s) who ultimately owns or controls the Investor and/or the natural person(s) on whose behalf a transaction or activity is being conducted. The following non-exhaustive list of natural person(s) qualifies as a UBO for each type of entities as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)For a limited liability company, public limited company, other than a company listed on a regulated market that is subject to disclosure requirements consistent with European Union law or subject to equivalent international standards which ensure adequate transparency of ownership information or a 100% subsidiary thereof, European public limited company, European cooperative, or other (non-Dutch) legal entity comparable to a limited liability company or a public limited company, each natural person(s) who:

&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)holds a direct or indirect interest of 10% or more in the capital of the entity, through ordinary shares, bearer shares or otherwise;

&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)is a direct or indirect beneficiary of 10% or more of the assets of the entity;

&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;(3)can exercise directly or indirectly 10% or more of the voting rights in the general meeting of the entity;

&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;(4)can exercise actual control over the entity; 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;(5)has special control over 10% or more of the assets of the entity.

In the event that no natural person is identified as a UBO of the Investor in accordance with the criteria above, the natural persons in the senior management positions of the Investor (including the statutory board or being an executive member of the statutory board of the Investor) qualify as a UBO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)For associations, foundations, cooperatives, mutual insurance companies and other comparable legal entities (each, an "Alternative Legal Entity"), each natural person(s) who:

&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 case of the liquidation of the Alternative Legal Entity, is directly or indirectly entitled to 10% or more of the assets of the Alternative Legal Entity;

&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)is directly or indirectly entitled to 10% or more of the profits of the Alternative Legal Entity;

&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;(3)regarding decision making regarding changes in the articles of association, is directly or indirectly entitled to a share in the vote of 10% or more; 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;(4)can exercise actual control over the Alternative Legal Entity.

In the event that no person is identified as a UBO of the Investor in accordance with the criteria above, the natural persons in the statutory board or being an executive member of the statutory board (or equivalent) of the Investor qualify as a UBO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)For partnerships or other comparable legal constructions, each natural person(s) who:

&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 case of the liquidation of the partnership, is directly or indirectly entitled to 10% or more of the assets of the partnership;

&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)is directly or indirectly entitled to 10% or more of the profits of the partnership;

&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;(3)regarding decision making regarding changes in the partnership agreement or the execution thereof (other than the management of the partnership itself), is directly or indirectly entitled to a share in the vote of 10% or more; 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;(4)can exercise actual control over the partnership.

In the event that no person is identified as a UBO of the Investor in accordance with the criteria above and no suspicion of money laundering or terrorist financing activities exists, or if uncertainty remains regarding the identity of the UBO of the Investor, the partners of the partnership (other than silent/limited partners) qualify as a UBO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For trusts or other comparable legal construction, each natural person(s) who:

&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)is the founder or settlor;

&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)is a trustee;

&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;(3)if applicable, is a protector;

&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;(4)is a beneficiary, or in the event the beneficiaries cannot be ascertained, the group of persons in whose interest the trust has been established or is conducted; 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;(5)can exercise actual control over the trust.

B.<u>DEFINITIONS OF UNITED STATES AND "U.S. PERSON"</u>

"United States" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia.

The term "U.S. Person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any natural person resident in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Any partnership or corporation organized or incorporated under the laws of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Any estate of which any executor or administrator is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Any trust of which any trustee is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Any agency or branch of a foreign entity located in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Any partnership or corporation if: (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act of 1933, as amended, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) promulgated under the U.S. Securities Act of 1933, as amended) who are not natural persons, estates or trusts.

Notwithstanding the foregoing paragraphs (1) through (8), the following are not "U.S. Persons":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if: (i) an executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect to the assets of the estate; and (ii) the estate is governed by foreign law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Any trust of which any professional fiduciary acting as trustee is a U.S. Person, if a trustee who is not a U.S. person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.An employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Any agency or branch of a U.S. Person located outside the United States if: (i) the agency or branch operates for valid business reasons; and (ii) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans.

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**APPENDIX E**

**TRANSFER RESTRICTIONS**

No Transfer of all or any fraction of the Investor's Shares may be made without (i) registration of the Transfer on the Company books and (ii) the prior written consent of the Company. In any event, the consent of the Company may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer would not violate the Securities Act, the Investment Company Act or any state (or other jurisdiction) securities or "Blue Sky" laws applicable to the Company or the Shares to be Transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Transfer would not be a "prohibited transaction" under ERISA or the Code or the regulations promulgated thereunder or cause all or any portion of the assets of the Company to constitute "plan assets" under ERISA, certain Department of Labor regulations or Section 4975 of the Code.

The Investor agrees that it will pay all reasonable expenses, including attorneys' fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares, prior to the consummation of such Transfer.

The Company shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee and the transferor.

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

**CERTIFICATION**

I, Alex Chi, certify that:

1. I have reviewed this quarterly report on Form 10-Q 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: May 14, 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 quarterly report on Form 10-Q 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: May 14, 2026

---

| |
|:---|
| /s/ Thomas M. Hennigan |
| **Thomas M. Hennigan<br>Director, President, Chief Financial Officer and Chief Risk 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-Q of the Company for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), 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-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: May 14, 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-Q of the Company for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), 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-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: May 14, 2026 |
| /s/ Thomas M. Hennigan |
| **Thomas M. Hennigan<br>Director, President, Chief Financial Officer and Chief Risk Officer<br>(Principal Financial Officer)** |

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\*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.

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