Carlyle Secured Lending, Inc.

Previous wording

•our ability to maintain our status as a business development company (“BDC”); and

Current wording

•our ability to maintain our status as a business development company (“BDC”);

Previous wording

•the ability to realize the benefits of the CSL III Merger;

Current wording

•the ability to realize the benefits of the CSL III Merger; and

Previous wording

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”).

Current wording

We use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “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”).

Previous wording

Carlyle Secured Lending, 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 formed in February 2012, commenced investment operations in May 2013 and began trading on the Nasdaq Global Select Market, under the symbol “CGBD,” upon completion of our initial public offering in June 2017. Our principal executive offices are located at One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

Current wording

Carlyle Secured Lending, 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 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 were formed in February 2012, commenced investment operations in May 2013 and began trading on the Nasdaq Global Select Market, under the symbol “CGBD,” upon completion of our initial public offering in June 2017. Our principal executive offices are located at One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

Previous wording

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 215 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.

Current wording

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 240 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.

Previous wording

•Adjusted for purchase accounting adjustments, the adjusted net investment income per common share (a non-GAAP financial measure) was $0.35. Refer to the Adjusted Net Investment Income and Adjusted Net Income discussion within this section for further details.

Current wording

•Adjusted for purchase accounting adjustments, the adjusted net investment income per common share (a non-GAAP financial measure) was $0.36. Refer to the Adjusted Net Investment Income and Adjusted Net Income discussion within this section for further details.

Previous wording

•For the second quarter, dividends declared on common shares were $24.2 million, or $0.35 per share.

Current wording

•For the third quarter, dividends declared on common shares were $24.0 million, or $0.35 per share.

Previous wording

•Net investment income for the three months ended June 30, 2026 decreased from the comparable period in the prior year primarily driven by lower yields on investments. This was partially offset by a higher average outstanding investment balance due to net origination activity over the last twelve months.

Current wording

•Net investment income for the three months ended September 30, 2026 decreased from the comparable period in the prior year primarily driven by a lower average outstanding investment balance and lower yields on the loan portfolio. This was partially offset by a higher dividend from the Credit Fund and Structured Credit Partners.

Previous wording

•As of June 30, 2026, we held 263 investments across 177 portfolio companies and 31 industries for a total fair value of $2.4 billion.

Current wording

•As of September 30, 2026, we held 273 investments across 180 portfolio companies and 31 industries for a total fair value of $2.3 billion.

Previous wording

•As of June 30, 2026, non-accrual investments represented 1.2% and 0.6% of our portfolio based on cost and fair value, respectively.

Current wording

•As of September 30, 2026, non-accrual investments represented 2.2% and 1.1% of our portfolio based on cost and fair value, respectively.

Previous wording

•Total liquidity as of June 30, 2026 was $592.2 million in cash and unused debt capacity.

Current wording

•Total liquidity as of September 30, 2026 was $598.2 million in cash and unused debt capacity.

Previous wording

•During the three months ended June 30, 2026, we repurchased 1,110,122 shares of our common stock for an aggregate purchase price of approximately $12.5 million, resulting in accretion to NAV per common share of approximately $0.07.

Current wording

•During the three months ended September 30, 2026, we repurchased 570,583 shares of our common stock for an aggregate purchase price of approximately $6.1 million, resulting in accretion to NAV per common share of approximately $0.04.

Previous wording

•From July 1, 2026 through August 5, 2026, we repurchased 356,233 shares of our common stock for an aggregate purchase price of approximately $3.7 million resulting in $0.03 per common share of NAV accretion.

Current wording

•From October 1, 2026 through November 4, 2026, we repurchased 579,554 shares of our common stock for an aggregate purchase price of approximately $6.1 million resulting in $0.04 per common share of NAV accretion.

Previous wording

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 common share. For the three months ended June 30, 2026, we recorded basic earnings per common share of $0.00, declared a dividend of $0.35 per common share and earned $0.35 of net investment income per common share.

Current wording

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 common share. For the three months ended September 30, 2026, we recorded basic earnings per common share of $0.35, declared a dividend of $0.35 per common share and earned $0.36 of net investment income per common share.

Previous wording

For the three months ended June 30, 2026 and March 31, 2026, we declared dividends per common share of $0.35 and $0.40, respectively. As of June 30, 2026 and December 31, 2025, our NAV per share was $15.61 and $16.26, respectively.

Current wording

For the three months ended September 30, 2026 and June 30, 2026, we declared dividends per common share of $0.35 in each period. As of September 30, 2026 and December 31, 2025, our NAV per share was $15.65 and $16.26, respectively.

Previous wording

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our operations. In addition, we use the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare our financial results with those of other business development companies that do not have similar financial impacts from asset acquisitions and have not had similar one-time or non-recurring events. We believe “Adjusted Net Investment Income”, “Adjusted Net Investment Income Per Common Share”, “Adjusted Net Income” and “Adjusted Net Income Per Common Share” are useful to investors as an additional tool to evaluate our ongoing results and trends without giving effect these considerations and these metrics are used to evaluate our economic earnings.

Current wording

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our operations. In addition, we use the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare our financial results with those of other business development companies that do not have similar financial impacts from asset acquisitions and have not had similar one-time or non-recurring events. We believe “Adjusted Net Investment Income”, “Adjusted Net Investment Income Per Common Share”, “Adjusted Net Income” and “Adjusted Net Income Per Common Share” are useful to investors as an additional tool to evaluate our ongoing results and trends without giving effect to these considerations and these metrics are used to evaluate our economic earnings.

Previous wording

(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 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 10.2% as of June 30, 2026.

Current wording

(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of September 30, 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 10.5% as of September 30, 2026.

Previous wording

The geographical composition of investments at fair value as of June 30, 2026 were as follows:

Current wording

The geographical composition of investments at fair value as of September 30, 2026 was as follows:

Previous wording

The industry composition of investments at fair value as of June 30, 2026 were as follows:

Current wording

The industry composition of investments at fair value as of September 30, 2026 was as follows:

Previous wording

As of both June 30, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our first lien and second lien debt investment portfolio was 2.1. As of both June 30, 2026 and December 31, 2025, six of our first lien and second lien debt investments were assigned an Internal Risk Rating of 4 or 5.

Current wording

As of both September 30, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our first lien and second lien debt investment portfolio was 2.1. As of September 30, 2026 and December 31, 2025, nine and six, respectively, of our first lien and second lien debt investments were assigned an Internal Risk Rating of 4 or 5.

Previous wording

On March 21, 2014, we closed on a senior secured revolving credit facility (the “Credit Facility”), which was most recently amended and restated on March 12, 2025, and may be further amended from time to time. The total commitments under the Credit Facility are $875,457 ($960,000 prior to the May 25, 2026 expiration of $135,000 of the commitments, of which $50,457 remained outstanding as of June 30, 2026 and matures on May 25, 2027), pursuant to the terms of the agreement, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of our portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that we may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased, subject to certain conditions, to $1,402,500 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $75,000 limit for swingline loans and a $30,000 limit for letters of credit. Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by us and Credit Fund II. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, stockholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature.

Current wording

On March 21, 2014, we closed on a senior secured revolving credit facility (the “Credit Facility”), which was most recently amended and restated on March 12, 2025, and may be further amended from time to time. The total commitments under the Credit Facility are $875,457 ($960,000 prior to the May 25, 2026 expiration of $135,000 of the commitments, of which $50,457 remained outstanding as of September 30, 2026 and matures on May 25, 2027), pursuant to the terms of the agreement, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of our portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that we may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased, subject to certain conditions, to $1,402,500 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $75,000 limit for swingline loans and a $30,000 limit for letters of credit. Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by us, Credit Fund II, and CSL III SPV. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, stockholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature.

Previous wording

On November 20, 2023, we completed a public offering of $85.0 million in aggregate principal of 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes”). On December 1, 2025, we redeemed the 2028 Notes at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest otherwise payable for the then-current quarterly interest period accrued to, but excluding, the December 1, 2025 (the “Redemption Date”). In connection with the redemption, the 2028 Notes were delisted from the Nasdaq Global Select Market (“Nasdaq”).

Current wording

On November 20, 2023, we completed a public offering of $85.0 million in aggregate principal of 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes”). On December 1, 2025, we redeemed the 2028 Notes at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest otherwise payable for the then-current quarterly interest period accrued to, but excluding, December 1, 2025 (the “Redemption Date”). In connection with the redemption, the 2028 Notes were delisted from the Nasdaq Global Select Market (“Nasdaq”).

Previous wording

In order to better define its contractual rights and to secure rights that will help us mitigate our counterparty risk, we have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with the derivative counterparty, Barclays Bank PLC (the “Counterparty”), in respect of forward currency contracts. Each ISDA Master Agreement is a bilateral agreement between us and the Counterparty that governs over-the-counter derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with the Counterparty permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. As of June 30, 2026, the total unrealized appreciation (depreciation) related to forward currency contracts governed by these agreements was $765.

Current wording

In order to better define its contractual rights and to secure rights that will help us mitigate our counterparty risk, we have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with the derivative counterparty, Barclays Bank PLC (the “Counterparty”), in respect of forward currency contracts. Each ISDA Master Agreement is a bilateral agreement between us and the Counterparty that governs over-the-counter derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with the Counterparty permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. As of September 30, 2026, the total unrealized appreciation (depreciation) related to forward currency contracts governed by these agreements was $876. There were no forward currency contracts outstanding as of December 31, 2025.

Previous wording

Since inception of Credit Fund and through June 30, 2026, we and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On March 24, 2025, we and Credit Partners each received an aggregate return of capital on subordinated loans of $62,500. Since inception, we and Credit Partners each have received an aggregate return of capital on subordinated loans of $85,500. The cost and fair value of our investment in Credit Fund were $130,501 and $123,753, respectively, as of June 30, 2026 and $171,001 and $163,614, respectively, as of December 31, 2025.

Current wording

Since inception of Credit Fund and through September 30, 2026, we and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On March 24, 2025, we and Credit Partners each received an aggregate return of capital on subordinated loans of $62,500. Since inception, we and Credit Partners each have received an aggregate return of capital on subordinated loans of $85,500. The cost and fair value of our investment in Credit Fund were $130,501 and $124,314, respectively, as of September 30, 2026 and $171,001 and $163,614, respectively, as of December 31, 2025.

Previous wording

Our share of the dividends declared by Credit Fund was $5,750 and $5,000 for the three months ended June 30, 2026 and March 31, 2026, respectively. As of June 30, 2026 and March 31, 2026, our annualized dividend yield from Credit Fund was 17.6% and 15.3%, respectively. Below is a summary of Credit Fund’s portfolio as of June 30, 2026 and December 31, 2025:

Current wording

Our share of the dividends declared by Credit Fund was $6,000 and $5,750 for the three months ended September 30, 2026 and June 30, 2026, respectively. As of September 30, 2026 and June 30, 2026, our annualized dividend yield from Credit Fund was 18.4% and 17.6%, respectively. Below is a summary of Credit Fund’s portfolio as of September 30, 2026 and December 31, 2025:

Previous wording

On December 23, 2025, we, together with CARS, 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 interests as follows:

Current wording

On December 23, 2025, we, together with CARS, 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 through Class B and Class C membership interests as follows:

Previous wording

Our share of the dividends declared by Structured Credit Partners was $2,282 and $302 for the three months ended June 30, 2026 and March 31, 2026, respectively. As of June 30, 2026 and March 31, 2026, our annualized dividend yield from Structured Credit Partners was 18.7% and 10.7%, respectively. Below is a summary of Structured Credit Partners’ portfolio as of June 30, 2026:

Current wording

Our share of the dividends declared by Structured Credit Partners was $4,401 and $2,282 for the three months ended September 30, 2026 and June 30, 2026, respectively. As of September 30, 2026 and June 30, 2026, our annualized dividend yield from Structured Credit Partners was 20.3% and 18.7%, respectively. Below is a summary of Structured Credit Partners’ portfolio as of September 30, 2026:

Previous wording

The decrease in investment income for the three months ended June 30, 2026, as compared to the three months ended March 31, 2026, was primarily driven by a lower average principal balance of our total debt and income-producing investments and lower other income, partially offset by an increase in dividend income from Credit Fund and Structured Credit Partners. As of June 30, 2026, our portfolio at amortized cost increased to $2,414,341 from $2,306,378 as of March 31, 2026. As of June 30, 2026 and March 31, 2026, the weighted average yield of our total debt and income producing investments was 10.4% and 10.0%, respectively, based on amortized cost.

Current wording

The increase in investment income for the three months ended September 30, 2026, as compared to the three months ended June 30, 2026, was primarily driven by an increase in dividend income from Structured Credit Partners and Credit Fund, partially offset by a lower average principal balance of our total debt investments. As of September 30, 2026, our portfolio at amortized cost decreased to $2,393,515 from $2,414,341 as of June 30, 2026. As of September 30, 2026 and June 30, 2026, the weighted average yield of our total debt and income producing investments was 10.8% and 10.4%, respectively, based on amortized cost.

Previous wording

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 June 30, 2026 and March 31, 2026, eight and six of our debt and preferred equity investments were on non-accrual status, respectively. As of June 30, 2026 and March 31, 2026, non-accrual investments had a fair value of $13,765 and $20,617, which represented approximately 0.6% and 0.9% of total investments at fair value, respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2026 and March 31, 2026.

Current wording

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 September 30, 2026 and June 30, 2026, eleven and eight of our debt and preferred equity investments were on non-accrual status, respectively. As of September 30, 2026 and June 30, 2026, non- accrual investments had a fair value of $24,866 and $13,765, which represented approximately 1.1% and 0.6% of total investments at fair value, respectively. The remaining income producing investments were performing as of September 30, 2026 and June 30, 2026.

Previous wording

The decrease in other income for the three months ended June 30, 2026, compared to the three months ended March 31, 2026, was primarily driven by a decrease in prepayment fees.

Current wording

The increase in other income for the three months ended September 30, 2026, compared to the three months ended June 30, 2026, was primarily driven by an increase in amendment fees.

Previous wording

The decrease in base management fees was driven by lower average gross assets for the three months ended June 30, 2026 compared to the three months ended March 31, 2026.

Current wording

The increase in base management fees was driven by higher average gross assets for the three months ended September 30, 2026 compared to the three months ended June 30, 2026.

Previous wording

The decrease in incentive fees was driven by lower pre-incentive fee net investment income for the three months ended June 30, 2026 compared to the three months ended March 31, 2026.

Current wording

The increase in incentive fees was driven by higher pre-incentive fee net investment income for the three months ended September 30, 2026 compared to the three months ended June 30, 2026.

Previous wording

During the three months ended June 30, 2026, we recognized a net realized loss related to the restructuring of our investments in DCA Investment Holding LLC. 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.

Current wording

During the three months ended September 30, 2026, we recognized a realized gain related to our exit of our equity investment in Ampersand Partners Feeder AIV LP, and a realized loss related to the sale of our equity investment in SPF HOLDCO LLC, resulting in a net realized loss for the period. During the three months ended June 30, 2026, we recognized a net realized loss related to the restructuring of our investments in DCA Investment Holding LLC.

Previous wording

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.

Current wording

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, the impact of exits, and broader economic conditions.

Previous wording

The following table sets forth information regarding our consolidated results of operations for the three and six months ended June 30, 2026 and June 30, 2025:

Current wording

The following table sets forth information regarding our consolidated results of operations for the three and nine months ended September 30, 2026 and September 30, 2025:

Previous wording

The decrease in investment income for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily driven by a lower weighted average yield on our total debt and income producing investments. The increase in investment income for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily driven by a higher average outstanding investment balance, including assets acquired in the CSL III Merger and the Credit Fund II Purchase in the first quarter of 2025. As of June 30, 2026, our portfolio at amortized cost increased to $2,414,341 from $2,366,445 as of June 30, 2025. As of June 30, 2026 and June 30, 2025, the weighted average yield of our total debt and income producing investments was 10.4% and 10.9%, respectively, based on amortized cost.

Current wording

The decrease in investment income for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily driven by a lower average outstanding investment balance and lower yields on the loan portfolio. This was partially offset by an increase in dividend income from Structured Credit Partners and Credit Fund. The increase in investment income for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily driven by an increase in dividend income, partially offset by lower interest income due to a lower average outstanding investment balance during the 2026 period, as well as lower yields on the loan portfolio. As of September 30, 2026, our portfolio at amortized cost decreased to $2,393,515 from $2,442,191 as of September 30, 2025. As of

Previous wording

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 June 30, 2026 and June 30, 2025, eight and six of our debt and preferred equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $13,765 and $48,069, which represented approximately 0.6% and 2.1% of total investments at fair value as of June 30, 2026 and June 30, 2025, respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2026 and June 30, 2025.

Current wording

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 September 30, 2026 and September 30, 2025, eleven and six of our debt and preferred equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $24,866 and $23,508, which represented approximately 1.1% and 1.0% of total investments at fair value as of September 30, 2026 and September 30, 2025, respectively. The remaining income producing investments were performing as of September 30, 2026 and September 30, 2025.

Previous wording

The decrease in other income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was primarily driven by a decrease in prepayment fees and amendment fees. The increase in other income for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily driven by an increase in prepayment fees in the first quarter of 2026.

Current wording

The decrease in other income for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, was primarily driven by a decrease in prepayment fees, partially offset by an increase in amendment fees. The increase in other income for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was primarily driven by an increase in prepayment fees in the first quarter of 2026.

Previous wording

The decrease in interest expense and credit facility fees for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by a lower weighted average cost of borrowings during the three months ended June 30, 2026. The increase in interest expense and credit facility fees for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by a higher average principal balance during the six months ended June 30, 2026.

Current wording

The decrease in interest expense and credit facility fees for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025 was primarily driven by a lower weighted average cost of borrowings during the three months ended September 30, 2026. The increase in interest expense and credit facility fees for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025 was primarily driven by a higher average principal balance during the nine months ended September 30, 2026.

Previous wording

The decrease in base management fees for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was driven by a lower average gross assets for the three months ended June 30, 2026. The increase in base management fees for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was driven by a higher average gross assets for the six months ended June 30, 2026.

Current wording

The decrease in base management fees for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, was driven by lower average gross assets for the three months ended September 30, 2026. The increase in base management fees for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was driven by higher average gross assets for the nine months ended September 30, 2026.