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Carlyle Secured Lending, Inc.

For the period ended Mar 31, 2025. Filed May 6, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 6, 2025

CGBD$11.29+1.1%Stored close · as of Nov 9, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

OR

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

For the transition period to

Commission File No.814-00995

Carlyle Secured Lending, Inc.

(Exact name of Registrant as specified in its charter)

Maryland80-0789789
(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)

N/A

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

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

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par valueCGBDThe Nasdaq Global Select Market
8.20% notes due 2028CGBDLThe Nasdaq Global Select Market

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: Yes ☒ 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). Yes ☒ 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 filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo

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). Yes ☐ No☒

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at May 5, 2025 was 72,902,981.

INDEX

Part I. · Financial Information
Item 1. · Financial Statements
Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 20242
Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)3
Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (unaudited)5
Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)6
Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 20248
Notes to Consolidated Financial Statements (unaudited)40
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations83
Item 3.Quantitative and Qualitative Disclosures About Market Risk104
Item 4.Controls and Procedures105
Part II.Other Information
Item 1.Legal Proceedings106
Item 1A.Risk Factors106
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds106
Item 3.Defaults Upon Senior Securities107
Item 4.Mine Safety Disclosures107
Item 5.Other Information107
Item 6.Exhibits108
Signatures109
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