Carlyle Secured Lending, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
CGBD$11.42+1.2%Stored close · as of Nov 10, 2026
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Item 15. Exhibits and Financial Statement Schedules
(a) Documents filed as part of this annual report
The following reports and consolidated financial statements are set forth in Part II, Item 8 of this Form 10-K:
| Report of Independent Registered Public Accounting Firm | 87 |
|---|---|
| Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting | 89 |
| Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024 | 90 |
| Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 | 91 |
| Consolidated Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023 | 93 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 94 |
| Consolidated Schedules of Investments as of December 31, 2025 and 2024 | 96 |
| Notes to Consolidated Financial Statements | 130 |
(b) Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
| 2.1 | Contribution Agreement, dated November 3, 2020, by and between TCG BDC, Inc. and Middle Market Credit Fund II, LLC (Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed by the Company on November 4, 2020) |
| 2.2 | Agreement and Plan of Merger among Carlyle Secured Lending III, Carlyle Secured Lending, Inc., Blue Fox Merger Sub, Inc., and (for the limited purposes set forth therein) CSL III Advisor, LLC and Carlyle Global Credit Investment Management L.L.C., dated as of August 2, 2024 (Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed by the Company on August 5, 2024) |
| 2.3 | Amendment to the Agreement and Plan of Merger among Carlyle Secured Lending III, Carlyle Secured Lending, Inc., Blue Fox Merger Sub, Inc., CSL III Advisor, LLC and Carlyle Global Credit Investment Management L.L.C., dated as of January 3, 2025 (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 3, 2025) |
| 3.1 | Articles of Amendment and Restatement (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013) |
| 3.2 | Articles of Amendment (Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K filed by the Company on March 22, 2017) |
| 3.3 | Articles Supplementary of TCG BDC, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed by the Company on May 5, 2020) |
| 3.4 | Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013) |
| 3.5 | First Amendment to the Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.4 to the Company’s Form 10-K filed by the Company on March 22, 2017) |
| 4.1 | Description of Registered Securities* |
| 4.2 | Registration Rights Agreement, dated as of May 5, 2020, by and between TCG BDC, Inc. and Carlyle Investment Management L.L.C. (Incorporated by reference to Exhibit 4.1 to the Company’s Form 10-Q filed by the Company on May 5, 2020) |
| 4.3 | Indenture, dated November 20, 2023, between Carlyle Secured Lending, Inc., as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed by the Company on November 20, 2023) |
| 4.4 | First Supplemental Indenture, dated as of November 20, 2023, between Carlyle Secured Lending, Inc. and The Bank of New York Mellon Trust Company, N.A. (Incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed by the Company on November 20, 2023) |
| 4.5 | Second Supplemental Indenture, dated as of October 18, 2024, between Carlyle Secured Lending, Inc. and U.S. Bank Trust Company, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A. (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed with the SEC on October 18, 2024) |
| 4.6 | Third Supplemental Indenture, dated as of October 7, 2025, between Carlyle Secured Lending, Inc. and U.S. Bank Trust Company, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A.(Incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed with the SEC on October 9, 2025) |
| 10.1 | Indenture, dated as of June 26, 2015, between Carlyle GMS Finance MM CLO 2015-1 LLC, as issuer, and State Street Bank and Trust Company, as trustee (Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed by the Company on August 12, 2015) |
| 10.2 | Dividend Reinvestment Plan for TCG BDC, Inc. (Incorporated by reference to Exhibit (e)(2) to the Company’s Form N-2/A filed by the Company on June 5, 2017) |
| 10.3 | Second Amended and Restated Investment Advisory Agreement, dated August 6, 2018, by and between the Company and Carlyle Global Credit Investment Management L.L.C. (Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on November 6, 2018) |
| 10.4 | Custodian Agreement, dated March 21, 2012, between Carlyle GMS Finance, Inc. and State Street Bank and Trust Company, as custodian (Incorporated by reference to Exhibit (j) to the Company’s Registration Statement on Form N-2 filed by the Company on May 19, 2017) |
| 10.5 | Administration Agreement, dated as of April 3, 2013 by and between Carlyle GMS Finance, Inc. and Carlyle GMS Finance Administration L.L.C., as administrator (Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013) |
| 10.6 | Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013) |
| 10.7 | Collateral Management Agreement, dated as of June 26, 2015, by and between Carlyle GMS Finance MM CLO 2015-1 LLC, as issuer, and Carlyle GMS Investment Management L.L.C., as collateral manager (Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q filed by the Company on August 12, 2015) |
| 10.8 | Contribution Agreement, dated as of June 26, 2015, by and between Carlyle GMS Finance, Inc., as the contributor, and Carlyle GMS Finance MM CLO 2015-1 LLC, as the contributee (Incorporated by reference to Exhibit 10.4 to the Company’s Form 10-Q filed by the Company on August 12, 2015) |
| 10.9 | Sixth Amended and Restated Limited Liability Company Agreement, dated as of March 18, 2025, between Carlyle Secured Lending Inc. and Credit Partners USA LLC, as members (Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed by the Company on May 6, 2025) |
| 10.10 | Agreement and Plan of Merger, dated as of May 3, 2017, between TCG BDC, Inc. and NF Investment Corp.(Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed by the Company on May 9, 2017) |
| 10.11 | First Supplemental Indenture, dated as of August 30, 2018, between Carlyle Direct Lending CLO 2015-1R LLC, as issuer, and State Street Bank and Trust Company, as trustee (Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q filed by the Company on November 6, 2018) |
| 10.12 | Second Supplemental Indenture, dated as of June 30, 2023, between Carlyle Direct Lending CLO 2015-1R LLC, as issuer, and State Street Bank and Trust Company, as trustee (Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed by the Company on August 8, 2023) |
| 10.13 | Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 21, 2014 and Conformed through Amendment No. 13 dated as of March 12, 2025, among Carlyle Secured Lending Inc., as borrower, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 18, 2025) |
| 10.14 | Third Supplemental Indenture, dated as of July 2, 2024 to the Indenture dated as of June 26, 2015 between Carlyle Direct Lending CLO 2015-1R LLC and State Street Bank and Trust Company as trustee (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed by the Company on July 9, 2024) |
| 10.15 | Second Amendment to Collateral Management Agreement, dated as of July 2, 2024, to the Collateral Management Agreement entered into by Carlyle Direct Lending CLO 2015-1R LLC and Carlyle Global Credit Investment Management L.L.C. (Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed by the Company on July 9, 2024) |
| 10.16 | Third Amended and Restated Investment Advisory Agreement, dated February 20, 2025, by and between the Company and Carlyle Global Credit Investment Management L.L.C. (Incorporated by reference to Exhibit 10.18 to the Company’s Form 10-K filed by the Company on February 25, 2025) |
| 10.17 | Preferred Stock Exchange Agreement, dated March 27, 2025, by and between Carlyle Secured Lending Inc. and Carlyle Investment Management L.L.C. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2025) |
| 10.18 | Lock-Up Agreement, dated March 27, 2025, by and between Carlyle Secured Lending Inc. and Carlyle Investment Management L.L.C (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2025) |
| 10.19 | Amended and Restated Registration Rights Agreement, dated March 27, 2025, by and between Carlyle Secured Lending Inc. and Carlyle Investment Management L.L.C (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2025) |
| 10.20 | Loan and Servicing Agreement, dated as of September 30, 2022, and conformed through Amendment No.4 dated as of March 27, 2025, among Carlyle Secured Lending Inc. (as successor to CSL III), as Holdings, Carlyle Secured Lending III SPV, L.L.C., as the Borrower, Massachusetts Mutual Life Insurance Company and the other Lenders from time to time party hereto, Wilmington Trust National Association, as the Administrative Agent, Barings Finance LLC (as successor to Massachusetts Mutual Life Insurance Company), as the Calculation Agent, Carlyle Secured Lending III, as the Portfolio Asset Servicer, Wilmington Trust, National Association, as the Collateral Custodian, and Wilmington Trust, National Association, as the Account Bank (Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2025) |
| 10.21 | Equity Distribution Agreement, dated March 28, 2025, by and among the Carlyle Secured Lending Inc, Carlyle Global Credit Investment Management L.L.C. and Carlyle Global Credit Administration L.L.C. and Oppenheimer & Co. Inc., B. Riley Securities, Inc., Citizens JMP Securities, LLC, Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2025) |
| 10.22 | Senior Secured Revolving Credit Facility Commitment Increase Agreement, dated July 10, 2025, among Carlyle Secured Lending, Inc. (the “Borrower”), the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent for said Lenders. (Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on August 5, 2025) |
| 10.23 | Amendment to the Sixth Amended and Restated Limited Liability Company Agreement, dated as of August 20, 2025, between Carlyle Secured Lending, Inc. and Credit Partners USA LLC, as members (Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed by the Company on November 5, 2025) |
| 10.24 | Second Amendment to the Sixth Amended and Restated Limited Liability Company Agreement, dated as of February 11, 2026, between Carlyle Secured Lending, Inc. and Credit Partners USA LLC, as members* |
| 19.1 | The Carlyle Group Policies and Procedures Regarding Material, Non-Public Information and the Prevention of Insider Trading* |
| 21.1 | List of Subsidiaries* |
| 23.1 | Consent of Independent Registered Public Accounting Firm* |
| 31.1 | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* |
| 31.2 | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended* |
| 32.1 | 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* |
| 32.2 | 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* |
| 97.1 | Incentive Compensation Recoupment Policy (Incorporated by reference to Exhibit 97.1 to the Company’s Form 10-K filed by the Company on February 26, 2024) |
| 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)* |
- Filed herewith.
(c) Consolidated Financial Statement Schedules
Separate financial statements of subsidiaries not consolidated:
None.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.